Boosting philanthropic efforts with limited resources

With the slow growth of the economy and with various industries striving to recover from the recession, many companies have also stepped up their efforts in order to keep up their philanthropic projects in spite of having scarce resources to spare.

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Certainly, the general opinion on donating one’s time and resources is that it is an integral part of a sustainable business strategy. It is something that must be included in business plans regardless if a business is booming or is experiencing financial difficulty, like the current situation faced by many.

The previous year, 2012, was a year of many difficulties for many companies. Philanthropic ventures have consequently suffered, and the Chronicle of Philanthropy has found that financial aid and donations from organizations in 2012 were significantly lower than in 2007, which is the period before the recession.

Still, financial difficulties have not stopped many companies and wealthy individuals from giving back to society. In the same way that they have let their companies to prosper in spite of several challenges along the way, many able business people have found ways to continue with their altruistic projects in spite of limited resources.

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Due to the economic downturn and the slow recovery, companies have become more focused in their charitable efforts.

Some have chosen to support fewer causes in a bigger way. Companies may emulate such a strategy by selecting and contributing only to a few causes. They can make their choices based on corporate values and the company’s image.

Employee engagement programs are also a wise choice to boost a company’s charitable ventures. Companies can match donations and encourage volunteerism among its ranks, a move which furthers the company’s philanthropic goals and may also be seen as an employee benefit.

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Check out on this Alex von Furstenberg blog for more stories on philanthropic ventures from around the nation.

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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