Entrepreneurs who identify and provide what people need and want are rewarded greatly in today's society. This exchange is a critical component of the free-market philosophy that has resulted in widespread prosperity (although unfortunately not for everyone). Successful business owners are well compensated for their ability to provide what society desires. Even if many of them are still stingy with their money, these people can make good philanthropists.
Charitable acts are performed with no expectation of immediate financial gain, but they are not without their own rewards. Here are four major ways that giving to charitable causes can benefit successful business people and even you.
1. Gaining community respect and a good reputation.
Leaders of a company can identify community needs or ask prominent local organizations what they need help with, and then make targeted contributions. Customers' and prominent community members' relationships can be extremely valuable to the company in the future. When businesses assist others, those individuals are more likely to support the company in return. Building a reserve of goodwill in your community ensures that people will be there to support you and speak out on your behalf in the future.
Facebook is a now-classic example of this. The company's relocation to the old Sun Microsystems campus in Menlo Park a few years ago sparked community concerns about the impact of all those new Facebook employees on the city and its infrastructure. Some speculated that it would cost the city more than it would benefit it in the long run. Facebook invested millions of dollars in the area, such as improving bike trails to reduce traffic impacts from all of the new workers who come in and out of the area every day.
The company also famously donated $120 million to schools near the campus, a move that sparked both positive and negative reactions from those who felt the social giant "bought off" the community (haters are gonna hate, as they say).
2. Making your neighborhood a better place to live.
Giving back improves a company's image in the eyes of the community and results in a better place to live and work for the company, its employees, and the people who already live there. By improving local parks or donating to schools, employees' children have better and safer places to learn and play. Donating to local nature parks provides everyone with a relaxing and enjoyable place to camp or hike in.
The Facebook example also applies here. The school donations will have a nearly incalculable impact on the children who already live in the neighborhood. Some of the East Palo Alto schools that are still receiving these donations were long-suffering elementary, middle, and high schools with a fraction of the money, computers, and other resources that similar schools in Beverly Hills-like Atherton had just a few miles away. Who knows how many of the students in those schools will go on to lead much more successful lives as a result of Zuckerberg's decision to open his pocketbook?
Furthermore, companies that contribute to environmental causes or green initiatives contribute to a healthier and more beautiful environment in the immediate vicinity. The Ocean Conservancy is a good example, partnering with companies on cause-related marketing agreements to help raise awareness and funds for their ocean protection work. The American Forest Foundation collaborated with a company called HardWood Bargains, as well as hundreds of others, to develop a program with the goal of planting 50 million trees in the United States alone.
3. Good leaders are respected by their employees.
It is unfortunate that some startup founders and other business owners do not properly address employee happiness. Many team leaders go through the motions without giving much thought to how to improve employee cohesion or job satisfaction in general. Working for a company that gives back to the community can help to alleviate these issues. Making your company a positive force in the community can increase employee respect for their corporate leaders, which can only benefit you. It's also a nice feeling that can make you want to work there even more. The daily grind is taxing. Employees require all the encouragement they can get. Morale is critical to the success of any business, and this is one of the best ways to boost it.
4. Networking and connections
A successful character on the hit TV show Mad Men once said, "Philanthropy is the gateway to power." Philanthropic organizations frequently include a who's who of the world's most powerful people. When one joins these organizations, one come into contact with these people. These connections are a valuable resource for any entrepreneur or businessperson. What you can accomplish and what opportunities you can seize are determined by the people you know. People in these organizations develop mutual trust and respect for one another, which are important factors in business.
Successful corporate leaders understand that promoting favorable public perceptions of your company, boosting internal morale, and improving the community in which you live are all good reasons to make positive contributions to your community. To be honest, lubricating the wheels of local politicians with hundreds of millions of dollars isn't going to hurt either. All businesses should make philanthropy a core component of their business model.
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