As December arrives, so does the season of giving, a time for planning the year ahead. However, the integration of giving and planning remains uncommon in our world.
Traditionally, businesses viewed charity as an afterthought, a way to assist the less fortunate. But expectations are rapidly changing. Clients, armed with more information, now inquire about giving choices. Entrepreneurs strategically building their businesses should extend that strategy to their giving practices. After all, giving shouldn’t strain the very organizations we aim to support.
During my involvement in VISION 2020, an educational program with the Toronto Foundation, I learned that 66% of donations in Canada go to only 1% of charities. This insight prompted me to rethink how I applied this knowledge in my daily life.
At The Covenant Group, we guide entrepreneurs in strategically constructing their businesses. Similarly, we advocate for strategic giving. This approach not only benefits your business but also amplifies the impact of your contributions.
Previously, entrepreneurs often postponed giving until wealth accumulation. However, the line between business and ‘doing good’ has blurred. Many companies now tackle societal issues within their business models. For instance, CoPower enables Canadians to invest in clean energy and was acquired by VanCity, a credit union not typically associated with such acquisitions.
Dot Health, a Toronto-based tech company, consolidates Canadians’ health data. Founder Huda Idrees found that her company’s mission attracted top talent willing to forgo roles at higher-paying firms.
Purpose has evolved into a strategic element for companies. Certified B Corporations exemplify this shift by integrating social responsibility into their structures. Such firms enjoy various benefits, notably a workforce dedicated to the shared mission.
When people believe in your mission, they bring their full selves to work, fostering high performance. Today, being socially responsible is an expectation rather than an afterthought due to increased transparency via social media.
Building an ethical reputation and demonstrating tangible improvements in people’s lives have become imperative. Your organization should be mission-driven, aligning with today’s emphasis on purpose.
Failure to align actions with your mission risks reputation and talent loss. Integrating your mission into your company’s culture cultivates high performance.
As you plan the year ahead and develop your business, consider aligning every aspect with your organization’s mission and vision. Strategically intertwining philanthropic ideals with day-to-day activities bolsters your organization’s integrity.
In summary, integrating giving into your business strategy is no longer optional. Clients and the talent you seek expect a commitment to making the world better. When people invest their time in your organization, it’s their choice whether to bring not only their time but also their energy, creativity, and intelligence. Make these considerations part of your strategic alignment moving forward.
If you’re new to The Covenant Group, we offer top-tier business coaching programs that have a track record of boosting revenue and getting better results.
Whether you’re a seasoned entrepreneur or a motivated professional with big ambitions, I’d be delighted to engage in a conversation. Simply respond to this email, and we’ll set up a suitable time to chat.