Making the decision to donate to a charity can be a tough one for businesses. There are so many factors to consider, from figuring out which charities align with your company’s values to deciding how much money you’re able to give. In this guide, we’ll walk you through some key things to think about when making philanthropy decisions for your business, as advised by Yitzhak D Stern. Let’s get started!
Guidelines on Making the Right Philanthropy Decisions
Here is what Yitzhak D Stern suggests for corporate philanthropy:
1. Know Your Company’s Values
Before you start giving away money, it’s important to have a clear understanding of your company’s core values. What are the things that are most important to your business? What causes does your company care about? Once you know your company’s values, you can start to narrow down the list of potential causes to support.
2. Consider the Needs of Your Community
Another important factor to consider when making corporate philanthropy decisions is the needs of your community. What are the issues that are most important to the people who live and work in your community? What kinds of organizations are making a difference in those areas? Supporting causes that are important to your community can help you build goodwill and improve your company’s image.
3. Look for Causes That Align With Your Business
In addition to supporting causes that are important to your community, you should also look for causes that align with your business. For example, if you sell health products, you might want to consider supporting a local hospital or health clinic. If you’re in the business of selling environmentally-friendly products, you might want to support a local environmental organization. Supporting causes that are related to your business can help you build a positive reputation and attract new customers.
4. Make Sure You Have a Plan
Once you’ve decided which causes you want to support, it’s important to have a plan for how you’re going to give. You’ll need to set a budget and decide how you’re going to raise the money. You’ll also need to decide how you’re going to measure the success of your philanthropic efforts. Having a clear plan will help you stay on track and make sure that your corporate philanthropy is effective.
4. Set a Budget for Corporate Philanthropy
Once you’ve decided which causes to support, it’s important to set a budget for your corporate philanthropy. How much money can you realistically afford to give away each year? What kinds of activities do you want to support? Having a clear budget will help you stay on track and avoid overspending.
5. Keep Track of Your Progress
Finally, it’s important to keep track of your progress when it comes to corporate philanthropy. How much money have you given away? What kinds of impact have you made? Keeping track of your progress will help you see the difference you’re making and ensure that your philanthropy is having the desired effect.
We hope you gained some inspiration from Yitzhak D Stern’s guidance on taking corporate philanthropy decisions. We truly hope that this guide helps you achieve your corporate philanthropic goals as quickly as possible.