Global Resources Advises on Corporate Philanthropy

Adding corporate philanthropy is an important – yet often confusing – practice. Many business owners turn to the business consultants such as those at Global Resources LLC to help establish corporate giving. There are many benefits a company can reap from engaging in corporate responsibility, as long as the philanthropic endeavors are integrated properly. 

If you’re considering becoming more socially responsible and integrating philanthropy into your business, be aware that there are common risks, if not done strategically. 

• Budding social butterflies - One of the risks involved is that a company's leadership can end up getting overly focused on the social side of philanthropy and subsequently lose track of the business platform.
• Direct giving can hamper goals - On the downside, philanthropy that is direct, or created through pure donations of money can make it difficult for a business to actually change what it wants to change in the community, if the receiving charity is not properly vetted before a financial contribution is made.  Some charities which portray a worthwhile community purpose may have an extraordinarily high operating expense relating to their fundraising activities which limits the impact of the corporate giving by the business owners.
• Time, cost and decisions - If a business decides to take a more direct route by investing money in the community itself, then there are other issues which must be taken into account. The business must form a team and decide how much money to give and where it should be given to produce the most impact. Decisions affect not only the length of the project, but also any marketing that goes along with it. In the end, the company must be prepared to spend time, money and decision-making power on a project, if it wants to have an impact beyond a financial contribution.  All factors, both time, money and resources should be evaluated to make a prudent decision as to the best way for a business to engage in corporate philanthropy.

To learn more and / or to schedule your complimentary appointment with the business experts at Global Resources LLC, call us at 855-338-0266.