Philanthropy is a way to make the changes you want to see in the world. If there’s an issue you’re particularly passionate about, you can use your funds to address it.
According to a study by Citibank, the global value of philanthropy is estimated to be $2.3 trillion. So not only can the practice fix some deeply damaging societal issues, but it also has the power to change lives in a small local area or even across the entire world.
However, it’s by no means a straightforward pursuit, so we’ve taken a look at how you can ensure your efforts have the best effect possible.
Avoiding a Lack of Impact
Most business people know that you can’t just throw money at a problem and expect it to go away and not return. It’s the same with philanthropy.
It’s important to conduct thorough research into the issue you’re trying to impact, getting a real understanding of the work that needs to be done and the figures involved.
Once you have this base level of knowledge, you can work out a strategic approach that focuses on the most important areas first. This initial research will also enable you to measure and evaluate the impact of your efforts, so you can make any necessary tweaks quickly.
Steering Clear of Controversy
While there are no financial benefits to philanthropy, making donations should be seen as a form of investment. It’s therefore important to seek legal advice to protect yourself and your business.
Engaging in any form of giving with another organisation will tie your reputation together. So if you donate to a charity that is later found to be circumventing rules or misusing funds, your or your business may be affected by some of the public backlash.
It’s also essential to ensure that your operations don’t form part of the problem you’re supposedly trying to fix.
Sustainability and Long-Term Impact
For philanthropy to make a lasting change, it needs to tackle the root of the issue and not just the symptoms it causes.
Wherever your efforts are targeted, they should aim to set up a self-sustaining structure so that continual investment isn’t needed. Aim to lift the communities you’re seeking to help, rather than keep them relying on donations.
Over time you’ll likely have a lot of data to store, so ensuring that remains secure is also paramount. Having sufficient data protection protocols and cybersecurity measures in place will help protect against leaks that could disrupt the work you’re trying to do.
Read Next: Strategies for Small Company Growth: 6 Essential Tips for Success
