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Tips on how to setup a charitable partnership for your business
By Mark de Grasse | November 14, 2008
Even with the economy the way it is, it’s still possible to incorporate social causes into your business plan. Some people may view charity as something only large corporations or successful companies can get involved in, however, the sooner you include charity into your business the sooner you can benefit from it.
Advantages for businesses, no matter how small the business may be, are realized immediately and in the future. Some of them include a positive public image, the ability to distinguish a business from competitors, and additional devotion from both consumers and employees.
Ways to Donate
When starting a business, it may be difficult to give a significant portion of revenues to charity, but it is always possible to give something. If incorporated into the sale price of each item or service from the start, managing small donations will be much easier in the long-term. Businesses can donate a fixed per-unit rate or a percentage of revenues or profits to charity on a regular basis, say monthly or yearly.
Another option is to make some kind of product donation. Any type of product could be incorporated into a fundraiser for charities and other community organizations such as schools. One of the best examples of a product give-away approach is Toms Shoes. For every pair of shoes sold, the company gives a pair to a child in need. Their entire culture revolves around charity and is embodied in their slogan, Shoes for a Better Tomorrow.
How do you choose a charitable organization?
When deciding on a charitable cause to associate with your business, there’s a few questions you can ask to determine the cause with the most beneficial effects to both your business and the community in general.
1. Does this organization help people who could use my product?
2. What is this organization trying to achieve?
3. What organization can I associate myself with that will endorse me the most?
Once an acceptable cause is determined, verifying the organization is a good idea. Go to charitywatch.org to see how the organization is rated as a charity.
The financial impact of associating a cause with your business could be slight when starting a business and eventually ramped up to benefit more people. Affecting the lives of the needy and the benefits of a positive social image will eventually overshadow the associated expenditures.
Topics: Entrepreneurs |
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