Entrepreneurs normally earn a lot of money during their lifetime when their small businesses succeed. Most of them feel it is their moral obligation to promote social equality within their community. This is the reason why many of them are willing to help those less fortunate through donations. On the other hand, some owners prefer working with philanthropic organizations to resolve various social issues. In doing so, they do not hesitate to offer their time and resources to the organizations. In the process, business owners earn respect and goodwill from their stakeholders.
Mark Strome – How can small businesses create a corporate philanthropy program?
Mark Strome is an American philanthropist and business owner with two decades of experience in hedge fund investments. He currently holds the position of Chairman of Strome Investment Management. The company provides consultancy services to prominent individuals and trusts seeking to increase their net worth. He is also the brainchild behind the creation of several popular national and international companies. These include Pulse Biosystems, Mireina, Reflexivity Entertainment, and Kayne Anderson. He is also the patron of The Strome Family Foundation. This is a philanthropic organization promoting arts, medical research, and primary education.
Mark Strome explains many business owners may want to make philanthropy a part of their organizational culture. To do so, they need to first formulate a suitable strategy outlining their philanthropic endeavors. In doing so, they should keep in mind the following tips:
- The owners should create a philanthropic council with their employees to discuss various social issues;
- Select those issues to which the employees have a personal connection and are likely to support;
- Encourage the employees’ family members and customers to attend the philanthropic council through special events;
- Take steps to educate the council members on underlining causes giving rise to potential issues that might be faced;
- Hold a discussion with the council members to come up with solutions to the social issues;
- Invite local charities to attend the philanthropic council meetings to discuss the validity of the solutions;
- Recognize and reward employees who volunteer to implement the solutions at the grassroots level;
- Circulate information on the good work the employees volunteer to do in the local newspapers; and
- Finally, take necessary steps to make philanthropy an integral part of the business culture;
How do businesses benefit from philanthropy?
He says entrepreneurs may realize that conducting philanthropic work for the community also benefits their businesses. It enhances their brand reputation in the eyes of their customers, trading partners, and other stakeholders. Moreover, owners also notice an improvement in their employees’ productivity when they do charitable work. The owners can even avail attractive tax exemptions when they donate money to credible philanthropic organizations.
Mark Strome concludes by saying owners can enhance the businesses’ reputation by incorporating philanthropy in their work culture. For this, they need to come up with a suitable strategy to create a corporate philanthropy program. Then they have to encourage their employees to participate in it and work with local charities. Only then can they make a difference in the lives of the less fortunate in society.