Businesses are already aware of their role in meeting the needs of society. Particularly in developing countries in the coming decades, there is a wealth of opportunities for businesses to both prosper and develop their philanthropic practices. In order to grow a business, companies need to anticipate the significant economic and demographic shifts that will undoubtedly take place and align profitable ventures with philanthropic strategies.
With poverty and inequity continuing to present challenges for sustainable development in inclusive business practices, it is vital for individuals to recognize the role of philanthropy in moving businesses forward. Utilizing philanthropy will enable sustainable livelihoods in communities that need them most, offering synergy between a company’s day-to-day operations and larger developmental goals. Ultimately, there are key success factors for inclusive businesses that stem from the realization that societal and economic changes are taking place that can harness profit and support a community’s needs.
3 Key Factors for Successful Philanthropy
For companies looking to implement both inclusive business strategies and philanthropy, there are three key factors for doing so. First, a business should analyze its fundamental strengths and competencies, which can give insight into the company’s overall portfolio. Working towards consistent philanthropic goals will appeal to your clients, customers and supporters.
Second, a business should work with non-profit agencies, government agencies, civil society groups and other inclusive organizations that can share their expertise in regards to charity and profitability. Third, a business must engage with local networks in order to better understand the local and regional markets at play. With all of these factors, inclusive businesses can contribute holistic, helpful solutions to emerging economies from a philanthropic point of view.
How Employees Can Make Individual Contributions
Every person involved in a company needs to be aware of their impact on profitability, even if it comes down to something as inconsequential as using a credit card for a small loan for the company. Any expense that the business is making is money being taken away from philanthropic efforts. Know how you directly affect the profitability, and you will be more informed in terms of how you can improve your efforts.
Besides being aware of the costs of your services and the return, you can also do your part to network with fellow inclusive business organizations that are involved in philanthropy. It can be difficult to find a reliable network that has the same goal in mind—especially in developing areas. But as long as you are working hard to create a lasting network, you will be in better shape down the road to utilize your connections for the benefit of charity, growth and expansion.