6 Ways to Do Well by Doing Good
Nowadays, being a leader in a company is more than just turning in profits and attracting great talent. It’s also about creating a company that truly cares about the community.
The process begins by asking a few questions, such as what is the “greater good” the business is trying to achieve? How does the company’s everyday mission tie into the “greater good?” What type of activities or contributions don’t align with the company’s values?
Related: Do Good Business by Doing Good
Finding the answers to these questions can lead the company down its desired path of contributing to something bigger than itself. Try out these tips to start truly doing well by doing good:
1. Create a company that solves a real pain point for people. All companies can go beyond just thinking about making a profit. A tech company can solve a real pain point, not just a convenience pain point. For example, curing a disease, or creating items that ease challenges and better people’s lives, such as the ReWalk.
2. Give a percentage of the company’s equity to charity. As a new entrepreneur, the ability to support charities with extra time or money is a stretch. However, the option of donating only once a business is sold and profitable gives all parties involved a great opportunity down the road.
For instance, if a company donates one percent of the business to charity at a value of $10 and then the company is sold for $10 million, that small one percent is now worth $100,000. Additionally, when going this route, the nonprofit gets 100 percent of the proceeds with no taxes.
3. Give a job opportunity to someone who isn’t as likely to get other offers. Doing well by doing good may mean giving someone a chance when they need it most. Whether they come from a less privileged educational background or have numerous other circumstances working against them, it doesn’t mean they shouldn’t get a great opportunity to work for a promising company.
Consider partnering with a local shelter or outplacement firm that can suggest some trustworthy individuals who just need a jumpstart. Everyone needs a platform to prove they can do something great -- be the catalyst to bringing hope and a bright future to someone who may be struggling to find it.
4. Give a nice percentage of profits to charity. Salesforce CEO Marc Benioff is known for his personal dedication to philanthropy and has long promoted giving a percentage of profits from successful companies to charity. He was recently quoted at the CODE Conference suggesting, “Every company needs to have a philanthropy strategy, even from the start.”
5. Take on pro-bono projects. Consider what the team can offer to a charity and how the relationship can benefit its cause and needs. Whether it’s promoting the charity in general to receive more funds from the public, coordinating a large fundraiser or helping with financials, these are all very coveted skills that are sometimes more valuable than dollars.
6. Give employees free days off to volunteer in the community. Set a specific amount of days or hours that employees can dedicate to volunteering and suggest a simple policy to make sure they are actually able to take the time off and use it. The hours should be during the typical work day so employees can take time away from the office, contribute to the community and possibly even find inspiration in giving back.