A business' moral compass and its use in the for-profit setting

In spite of indications of recovery, forecasts from industry key opinion leaders and analysts point to the fact that economic growth will remain slow for a time. With corporations, small businesses, and individual consumers reeling from the effects of a stunted economy, it is understandable how philanthropic projects have also suffered.

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The Philanthropy News Digest recently featured a report by the Chronicle of Philanthropy that made comparisons of donation highs reached before the recession and in 2012. The Chronicle found that donations in 2012 were significantly lower than in 2007.

Given that businesses are still striving for profit amid unfavorable conditions, it becomes necessary to ask if philanthropic efforts are still worth investing in.

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Seasoned business leaders maintain that philanthropic ventures will always be important. While companies may need to invest and sacrifice a little for a project that fits its corporate image and goals to serve as its moral compass, the act of giving back can create advantages in a world driven by profits. Proving oneself to be a good corporate citizen builds trust and good will that may be advantageous in the future.

The challenge to businesses remains. In a less than ideal economic condition, there are still many ways for businesses to give back without spending too much of what little funds it has. Most of the time, business leaders can find good solutions for this conundrum merely by building a more sustainable business strategy.  

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