Ending Soon! Save 33% on All Access

6 Ways to Do Well by Doing Good Being a leader nowadays is more than just turning in profits and attracting great talent.

By Zach Cutler Edited by Dan Bova

Opinions expressed by Entrepreneur contributors are their own.

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.

Related: Contribute to the Greater Good by Taking These 3 Easy Initiatives

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.

Related: A Plea for More Executives to Do Pro Bono Work

Zach Cutler

Founder & CEO, Cutler PR

Zach Cutler is an entrepreneur and founder and CEO of Cutler PR, a tech PR agency in New York and Tel Aviv. An avid tech enthusiast and angel investor, Cutler specializes in crafting social and traditional PR campaigns to help tech startups thrive.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Business News

Elvis Presley's Granddaughter Fights Graceland Foreclosure, Calls Paperwork 'Forgeries'

The 13.8-acre estate was scheduled to be sold in a public foreclosure auction on Thursday. Presley's granddaughter and heir, Riley Keough, is fighting to save Graceland in court.

Growing a Business

Want to Expand Your Market Overseas? Here's Everything You Need to Know About Global Logistics in 2024

With rising geopolitical tensions and changing market conditions it can be hard for businesses to navigate supply chain logistics even in a post-pandemic world. Here are three tips from the CEO of an international customs brokerage.

Business News

Target Is Lowering Prices on Thousands of Items — Here's Where You Can Expect to Save

The news was announced ahead of Target's Q1 2024 earnings call, expected to occur Wednesday at 10 a.m. EST.

Business News

Kickstarter Is Opening Up Its Platform to Creators and Making Big Changes to Its Model — Here's What's New

The company noted it is moving beyond traditional crowdfunding and making it easier for businesses to raise more money.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.