Philanthropy is good business

By Bethany M. Griffith

“If there be any truer measure of a person by what he does, it must be by what he gives.” Robert South

While many of us are involved with charities or philanthropic opportunities personally, involving your business in giving back has the power to create a positive impact on both the charities you give to, and your business. Building and executing a philanthropic plan for your business allows you to identify and share your core values, to engage employees, to enhance team dynamics, and to build your community.

The process of determining an intentional philanthropic plan for your company will naturally facilitate vital conversations about the core values of your organization. Based on these values, you can create a strategy to give back. Along with helping your organization identify values internally, your philanthropic work allows you to share your values with those outside the organization. Publically sharing your values provides potential clients and future employees with a glimpse of what your organization is about and can attract likeminded individuals. To start the process, consider the following: 1) what issues are important to your team, 2) what resources do you have available, and 3) what are your long-term goals for giving?

Philanthropy creates a platform to engage employees in meaningful work and allows teams to work together in a different environment from their typical day. Employees desire a connection with the company they work for; contributing to a cause that both employees and employers care about can make employees feel more engaged in their work and more committed to the company.

As a business owner, you are likely already active in your local community, which gives you firsthand knowledge about the needs and priorities within the community. To maximize your impact, focus on the intersection of your company’s core values and the needs of your community when creating a plan for charitable involvement. Whether your business is committed to giving time, money, talent, (or some combination), giving back can be a key element to building a strong culture.

Companies have unique resources that allow a variety of philanthropic opportunities.

1. Give your time: Volunteer as a group to work at a food bank such as Harvest Hope or spend an afternoon flexing your muscles with Habitat for Humanity. By offering your employees the chance to work together outside their normal routines, you create an opportunity to build more collaborative teams and grow leadership skills. A philanthropic project is also a great way to include family members in working to help others. Allow employees to take a day or two off work (without using their leave) to volunteer.

2. Give your money: Whether donations to a food drive, school supplies, or a fundraising goal by combining efforts in the office, you can make a big impact. Consider creative giving strategies like a matching program for employee donations.

3. Give your talent: Companies have the chance to share their expertise and unique skills with charitable organizations. From marketing, to web design, to financial analysis, consider how your skills could benefit a charity. To explore your opportunities, check out A Billion + Change, a national campaign to mobilize pro bono and skills-based volunteerism.

Once you have created a plan for giving back, take time to periodically assess the plan. Use your assessment to consider what is working well, what you could do to improve the plan, and to share the outcome of the past year’s efforts. Philanthropy is a public expression of private values. What is your company expressing?

For more tools and resources on creating your philanthropic plan, visit www.BusinessDoingGood.com.

Bethany Griffith is a magna cum laude graduate of the University of South Carolina with a BS in Economics and Finance. Bethany began her Abacus career in 2007 while a student as USC and joined the team full-time following graduation. Bethany received the CFP(R) designation in 2012 and recently completed her Certificate in Family Business Advising with the Family Firm Institute. 

Abacus is a financial advisory and investment counsel firm known for its passion in creating success for clients and family businesses through skillful listening and smart financial decision-making. Managing over $830 million on behalf of its 190 clients, Abacus consists of a team of multi-disciplinary experts who work collaboratively to serve its clients.