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Description
For almost any company, getting involved in community efforts is a great idea for every reason, according to business development specialist Michael Guld, president, The Guld Resource Group (www.guldresource.com), Richmond, Va.
"Studies have shown it can improve company morale, as employees feel good about helping others and working for a company that cares. In addition, it can be beneficial for business, as customers are faced with a proliferation of choices for products, services, and companies, They will support the ones they feel best about, and patronize those that support their communities or support their causes," Guld says.
More and more companies are realizing the tangible and intangible benefits of "cause marketing," Guld explains. "It has become increasingly popular for companies to leverage the resources of for-profits with the needs of nonprofits. Cause marketing provides a great source of funds and support they otherwise may not have received. To be maximally successful, nonprofits, for-profits, and individuals each have to win. I call it the 'triple win.'"
Planning for success
Jared Larrabee, senior consultant for the Houston, Texas, branch of Deloitte Consulting LLP, uses a different term to describe the effect of corporate community involvement: a "virtuous cycle."
"A virtuous cycle is one that benefits all the involved parties," Larrabee says. "It benefits those who volunteer to do the community work, the company providing the volunteers and the community they are serving."
For companies, making the most of those benefits requires a well-planned community involvement effort, Larrabee says. The No. 1 goal for companies should be choosing a charitable initiative that fits well with overall company strategies.
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For large companies, the first step in choosing or designing the right initiative should be examining what's already going on inside the company.
"Many larger... |
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