Research has demonstrated that giving money, time and effort for a worthy cause greatly enhances personal happiness and improves our world.
We often forget, however, that philanthropy can also improve businesses’ bottom lines. We make ourselves feel great through giving back, but I’ll use some personal examples to illustrate how philanthropy can provide a surprising boost for your company.
Aligning interests
As a private equity leader, the notion of aligning interests resonates with me. Whatever your business, there is a worthy cause that needs your support and can support your needs. Some of the largest companies in the world engage in charity for strategic reasons and smaller enterprises can do it, too.
I’m still excited about the recent success of VeloSano, a charity cycling event I worked with the Cleveland Clinic to launch this year. All proceeds support cutting-edge cancer research. Cancer touches us all personally, so you might wonder how and why businesses got involved. Alignment of interests!
VeloSano had great partners like the Cleveland Indians, Horseshoe Casino, Jones Day, KeyBank and MCPc. Many other companies built teams, provided support, sponsored rest stops, volunteered or chipped in some other way. In addition to attaching their brands with a great cause, sponsors and many other involved companies were able to engage their employees, achieve wellness goals and engage with customers and prospects. Happier employees on top of all that is a big bonus!
Strutting your stuff
Many sponsors gained loyal customers thanks to interactions at the event. VeloSano got a great boost from media providers.
The Adcom Group, a marketing firm, developed a moving video for our opening ceremony, showing its capabilities to an audience that included many prospective clients.
Our NBC affiliate supported VeloSano both on air and with riders. Yonanas and BOOM reached new customers with donations of their products.
Chef Rocco Whalen cooked great food. Panera Bread nourished volunteers. Bike shops provided discounted products and donated countless mechanic hours.
Finding inspiration
Another great aspect of philanthropy is getting involved with people who are passionate and entrepreneurial in their amazing ability to do so much with so few resources. Here, I think of institutions like the Greater Cleveland Food Bank, which can turn every $1 it receives into eight meals.
All businesses must do more with less to increase profitability, and ironically nonprofits can be ideal places to learn how.
I also love working with artistic causes like the Museum of Contemporary Art, Jazz Studies at Oberlin College, The Rock and Roll Hall of Fame and others because they involve creative, talented and brilliant people who have a unique perspective.
Getting started
Whatever cause works for you and your business, getting started is easy. I encourage you to find a worthy and meaningful cause for you, your employees and your customers.
Think of how you can apply the resources of your company to boosting that cause, and how those efforts might help drive growth at your company. By doing well and doing good, the benefits of philanthropy are endless.
