19 Jan Corporate philanthropy : The secret to successful businesses
The social image of a business is just as important as its profit, and it should not be ignored.
Corporate philanthropy is the desire by a corporation to donate money to a cause with the desire to promote their welfare. It seems counterintuitive for a business to give away money or resources. That is, after all, what business is all about – accruing money and resources. However, it is not that simple.
Corporate philanthropy is, quite simply, charitable donations or charitable work done by businesses. Sometimes businesses handle this directly, but other times, they may have a corporate charity. Either way, corporate philanthropy has to do with corporate social responsibility and corporate citizenship because it is the act of contributing to the community. Most people consider it the responsibility of a business to donate and contribute on at least a small scale. This can be done through cash donations, charity events or the volunteering of employees’ time.
There has been a shift in both public and private sectors where attitudes toward business have changed. People want to see businesses acting with hearts and morality. It is no longer acceptable to simply chase the dollar bill in spite of any and all negative effects that this may have on the environment, people or the community. This shift also makes it much more important for businesses to be transparent with the public and to be “citizens” of their community and of the world (this is called “corporate citizenship). Many consider the “3 P’s” (People, Planet and Profit) when discussing a business’ responsibilities.
Though some may say that all of this is merely a distraction from what businesses should be doing – making money. We have all heard the phrase, “It’s just business. Nothing personal.” But this is no longer holding true as businesses that consider the personal side, take sustainable measures which keep their business successful in the long run.