Making a profit is great, but helping others is greater. When you have finally begun to make a return on your investment, you can start to think about what ways there are to benefit the company. Have you considered giving back after you’ve made this profit? If you’ve made investments into the business, and you are satisfied with the progress of the company, giving back to others can take many forms, but it can also benefit the business in numerous ways. So let’s find ways for you to develop a conscience.
Investing Into Social Enterprises
It’s nothing new, socially responsible investing, but when you put money into a social enterprise, it’s a great way to get good publicity. Whatever your opinion is on publicity, if you find yourselves aligning with local charities or companies on a local level, this gives you an in on the ground floor. It’s a great way to keep abreast of the latest talent, especially via the social enterprise route, and also by working with local charities, you are giving back to the community that helped nurture your business in the first place.
Starting A Non-Profit Organization
If you have firmly become established in your industry, the next step to really give back would be to form subversion of a non-profit organization. You can take inspiration from the various organizations out there, like the Saud bin Saqr Al Qasimi Foundation which focuses on so many different aspects of Ras Al Khaimah, a northern emirate in the United Arab Emirates. It focuses on social developments, cultural development as well as economic development. It also focuses on fine arts. The great thing about a non-profit organization is that it can be a logical extension of your interests and where you want to give back. If you find that in your local area the arts are underappreciated or underfunded, you can use your capital to give this a boost. Or on the other hand, you could take the philanthropic approach, like the Tony Robbins Foundation, and work at improving the community, but also focus on developing the youth of tomorrow via leadership programs.
Building A More Ethical Model In Business
Building an ethical mindset isn’t just about the charitable dealings; it can be about improving your business by focusing on the very people that make it what it is. Building an ethical business culture should be a priority because it’s the image most want to project outwards. And in fact, when you are looking at improving your business image as a whole, while being charitable is amazing PR, you still have to work at being ethical in every single practice. The best way to do this would be to communicate with your customers and find what they are doing right now, in terms of their buying patterns, and what makes a consumer make the shift to ethical products. There is a trend that younger people are making the switch and so, if you’re looking to develop a charitable attitude and ethic, if your employees don’t think of you as the embodiment of “charity”, then maybe you have to focus on them first?
It’s simple to start a charitable approach, but it’s in the execution where it makes all the difference. Because a business can get into the habit where it is all internalized, externalizing the profit can be a difficult thing to implement. It’s important to get inspiration from your contemporaries and your mentors, so you know what they have done to give back. We can spend so long building up a business that we can purely focus on our own actions and when it comes to giving back, we can find it difficult. But there are so many ways for us to give back, not just in the clichéd charity sense, but by starting something that can benefit people in your local community or within your business.
Making a profit is hard to come by now, and as such, once we’ve got to the point where we have made a profit, and we are in the clear, it’s time to start spreading further outwards. While we can focus on getting more products, when it comes to operating with a more ethical approach, this is in the best interests of our customers. And, obviously, it doesn’t hurt the fact that if you are doing something for the benefit of others, it makes you look good. But don’t do it purely to look good, do it because you want to! There are so many ways to give back.