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How To Add Philanthropy To Your Business And Create A Win-Win

How To Add Philanthropy To Your Business And Create A Win-Win

Consumers are looking more and more to buy from socially responsible and philanthropic businesses. The Cone Cause Evolution study found that “83% of Americans wish more of the products, services and retailers they use would support causes.”

TOMS Shoes is just one example of a business following this model. By giving away a pair of shoes for every pair they’ve sold, TOMS has undoubtedly increased their bottom line, while giving away over 10 million pairs of shoes.

But it’s not only for large businesses with a sophisticated plan for corporate giving. More businesses could (and should) make a greater impact, as well as increase their their bottom line, by integrating philanthropy into their business model. Here’s why and how.

Your business will stand out from competitors

As mentioned above, customers latch on to powerful stories that involve social movements. Incorporating this into your business makes customers feel good about buying from you. Every time they do, they’re helping a cause.

Customers may be more loyal when they know this, too. The Cone Cause study above explains, “Forty-one percent of Americans say they have bought a product because it was associated with a cause or issue in the last year.” Businesses supporting causes clearly have an edge when they incorporate important causes and issues their customers care about.

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Motivation for employees

According to the Cone study, “Employees who are very involved in their company’s cause program are 28 percent more likely to be proud of their company’s values and 36 percent more likely to feel a strong sense of loyalty than those who are not involved.”

If employees feel their work is meaningful and makes a difference, they may work harder. Incorporating a giving program where employees are involved may create a more engaged and motivated workforce, which benefits both charity and your own bottom line.

Save on taxes

Depending on how you incorporate philanthropy into your business, you may be able to take a tax deduction. This is often true if you’re supporting a certified charitable organization.

The Small Business Association lists what you can write off, which includes:

  • Money. Cash contributions to charitable organizations are typically deductible.
  • Donation of goods. You can typically deduct the value of any goods you donate, including products you sell.
  • Volunteering. While you can’t deduct for the value of your time, other expenses can be deducted.

There may be even more tax deduction opportunities, so be sure to check with a tax accountant on what you can deduct.

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More media coverage

Erin Giles, a business owner and proponent of turning your business into a movement, received major media coverage just one year into launching her business. With Entrepreneur.com, Inc.com, Forbes.com, USA Today, and other major publications picking up her story, she was able to both further her business as well as her philanthropic movement, End Sex Trafficking Day.

While you don’t want to do good only to take advantage of press, it’s another nice bonus to giving back.

You’ll feel good

There’s something powerful about helping a cause. To start, if you’ve ever felt good after giving, that’s no surprise. This study from the Harvard Business School found giving to charity can make you happier.

If you read the title and decided to read this article, you likely agree with me that helping the world is an awesome feeling. But why limit it just to our personal lives? Integrating philanthropy into business can make your impact much more powerful and your work more rewarding, too.

How to do more with philanthropy

Once you’ve made the decision to include more philanthropy, you need a plan to do it right to really achieve a win-win.

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Share your story

While giving to charity and talking about it might seem tacky or like you’re bragging, I don’t buy this if you’re truly genuine in wanting to help. By talking about it more, you’ll hopefully garner even greater support.

Communicate to customers and clients clearly what you’re doing and why. Who are you helping?

Don’t use weak language like, “We donate a portion of all revenue to charity.” That’s boring and unlikely to get much support from anyone. Consumers want to know more about the charities you’re supporting, so give them all the details you can. Who are you supporting? How are you supporting them? And most importantly, why are you doing it? Outline all these things clearly in your marketing.

Pick a cause related to your business

Picking your cause is much more powerful if it already relates to what you’re doing. TOMS shoes didn’t decide to give away free t-shirts for a reason. Their business is shoes, so that’s what they give.

Customers likely already have some sort of attachment to the product you sell, and doing something related to that can mean they’ll care more about the cause you’re supporting, too.

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Be genuine in making an impact

While incorporating philanthropy can help your bottom line, that’s not the only objective. Don’t launch a philanthropic campaign for selfish reasons. Customers can sniff out fakes.

Some campaigns we’ve seen by large businesses just aren’t as convincing to me, especially when they exploit “cause marketing” merely to benefit their bottom line.

Maybe their intentions were good, but you still need to be careful it doesn’t come off as a marketing ploy. Go all-out in your efforts to support charity, and everyone will win at the end of the day.

Has your business incorporated philanthropy? If yes, how?

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How To Add Philanthropy To Your Business And Create A Win-Win

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Last Updated on July 2, 2020

13 Common Life Problems And How To Fix Them

13 Common Life Problems And How To Fix Them

In life, we encounter problems as we breathe. But it doesn’t get to us until we feel a major impact, and that’s when it becomes a source of concern, hurt, or sorrow.

Life problems, depending on their magnitude, can be clogs in the wheel of progress, and we may not be able to attain our full potential if we don’t learn to place our problems in the proper perspectives as suggested in Robert Schuller’s Tough Times Never Last.

In this article, I have identified some common areas where you will most likely face problems as you make progress towards reaching your full life potential. I have also suggested practical approaches in handling, managing, and solving such problems.

1. Financial Crisis

We live in an uncertain world and a financial crisis may come at different stages of life. While you should always anticipate and prepare for a financial crisis, it may still catch you off guard or the magnitude may be far more than any preparation you have made over the years.

It could be that you lost your job or a major investment, got slammed with a lawsuit that threatens your savings, or have your livelihood be affected by a major disaster. So what do you do when you are in a financial mess?

Solution

To overcome a financial crisis, you will have to come to terms with the crisis. Acknowledge and accept the situation and begin recovery by setting your financial priorities right.

The next thing to do is to identify the cause of the crisis. If it’s due to a job loss, then your effort should be directed at getting a new job. If it is having multiple debts, look for ways to consolidate your debt so that your monthly debt repayment can be consolidated into one instead of being burdened with multiple payments.

You can also sell some of your assets to raise money to save the situation, or look for a better job if you are earning less at your current job. Don’t hesitate to ask for help from family and friends if you need to.

2. Health Crisis

Another major problem that might come up in your life is a health crisis. This is not far-fetched because our body systems work round-the-clock, even when we are sleeping. As a result of this, and if you don’t maintain routine health habits, health deterioration might begin to set in. Things might even get serious if you don’t attend to it early.

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Solution

When you are facing a major health crisis, the first thing to do is to consider lifestyle changes. This includes cutting down on junks, eating healthy diets, exercising, breathing fresh air, taking some sun, etc.

Apart from the lifestyle changes, you have to seek quality medical help and make sure you get different opinions about the state of your health so you can get the best affordable care.

3. Relationship, Marriage, and Family

There may not be anything as sweet as love and family life, but it can also be the source of pain for some. Human imperfections in a relationship can cause a major crisis in life. This has been a stumbling block to many on their path to fulfillment.

Solution

The best thing to do is to prevent relationship problems from happening, but if they do happen, you need to face reality and begin to take steps towards addressing them. Do your best to keep the lines of communication open as this can help in strengthening your struggling relationship. Talk about the challenges with your partner and look for common grounds.

You can also arrange to see a counselor together or read books that address the specific challenges you are facing. The worst thing you can do is to end a relationship and that’s only when you have exhausted all other options.

4. Workplace

The workplace is supposed to be a place where we dutifully render the services for which we’ve been hired.

However, it is not impossible to face animosity at work—dealing with toxic people who would rather not see any good in what you do. It might be caused by differences in background, attitudes, and unhealthy competition that can result in personal conflicts. This can create undue stress and reduce productivity.

Solution

Be as professional as possible when dealing with toxic people. Be kind and show understanding, and try to avoid personal confrontation.

You can even try to reach out to the persons and invite them over for a coffee and get to understand their worldview. This can help you to connect with them at their level so that you can avoid unnecessary stress for yourself.

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5. Career Pressure

In your quest to become more successful, you will likely encounter work-related pressure. Such can come when trying to stabilize your career or climb the career ladder. It can also come as a result of overworking and having no life. Career pressure is one of the most common life problems.

Sometimes, it may be that the promotion you are working hard to get is not coming or positions you are qualified for are being offered to others. The pressure can get more intense when you find that most of your colleagues are moving ahead of you.

Solution

Check to find if you have personal or attitudinal problems. Some attitudinal problems can put you at a disadvantaged end. It may be poor communication, poor personal grooming, or poor relationship and networking skills. If it is any of these problems, then work on improving yourself in those areas.

You can also observe your colleagues who are succeeding and take note of what they are doing differently.

6. Unfair Treatment

We are in a world where some people often think they have some privileges over others and may want to exercise this thinking and treat others unfairly. If you find yourself in an environment where you are being oppressed or treated badly because of your race, gender, or current status, this can make you feel really bad and can also affect your psyche and productivity.

Solution

There is the temptation to decry your treatment, defend yourself, and demand a change immediately, but you should really wait for the right opportunity to do that.

When the time is right, reach out directly to the person or authority involved, and make it private. Meanwhile, you should be factual about the instances of your unfair treatments. Don’t just say it that you are being treated badly; give several undeniable instances.

Once you’ve made your grievances known politely, keep being you. If things don’t change, you can cocoon yourself in that environment. If you have an option to leave, you can do so as well.

7. Emptiness and Boredom

When you are in a rut, everything becomes normal, dull, unproductive, and yet difficult to change. This can lead to feelings of emptiness and boredom. This may not seem like a serious life problem, but it can have a great impact on your life.

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Solution

To overcome boredom and emptiness, break out of your routines, and deliberately create a new experience for yourself. If you can’t leave your job to find a new one, start doing other things that reflect your true passion. Sometimes, the things that give us the needed drive in life are not our day jobs.

8. Confusion

Confusion is described as a change in mental status in which a person is not able to think with their usual level of clarity.[1]. It is inherent in forgetfulness and lack of concentration.

It can be caused by different things including medical and environmental factors. It can also be due to the experience of a loss, a heartbreak, or abuse.

Solution

Don’t allow the situation to deteriorate into something more serious. Try to snap out of whatever experiences you have had that is causing confusion. Seek medical help if necessary or talk to a psychologist.

9. Friendship Problems

We need friends in our lives to rob minds and hang out together and even help us when we run into trouble. But many people have found themselves in serious trouble as a result of the company of friends they keep. They’ve experienced jealousy, backstabbing, and betrayal of trust. Some friends have even used the information freely provided in times of friendship to betray trust.

Solution

Don’t open up on everything to friends. Keep some information only to yourself. If you notice that a friend is working against you, confront them with the truth. Limit your interaction with them or get rid of such toxic friends completely.

10. Haunting Past

We all have pasts, and we might have done some crazy stuff in the past before we begin to live a more civilized and decent life. But sometimes, the past comes back haunting. It’s even worse when life problems of the past haunt you back and become problems of the present.

It may be that what you have done is now striking your conscience, keeping you awake at night. Or someone who knows about it is trying to use it against you, and it is standing in the way of your progress.

Solution

Be true to yourself and forgive yourself. If it is an issue with another person, you can reach out to the person to settle with them. If it is a secret that is now being leaked out, own up to it, take responsibility, and move on.

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11. Safety and Security

You may find yourself in an environment where there have been unexplained murder, gun violence, police brutality, insurgencies, and other life-threatening situations. This can make you feel like you might be the next victim. What should you do in this situation?

Solution

Ensure that you watch where you go and keep your home secure. You can also get involved in a neighborhood community watch to collectively find solutions to the threat. If the situation persists, you can move to a more secure location.

12. Failure

Failure can bring disappointment and can also slow the pace of progress. But failure is also part of life, and we have to learn to deal with it. But what do you do when an experience of failure weighs you down?

Solution

You can read a book or biography to get inspired by other people’s success stories.

13. Grief

No one loves to grief but we can’t totally shield ourselves from it. The loss of a loved one is painful and, if not properly handled, can lead to an emotional breakdown.

Solution

Take your time to express emotions. You can also pen an emotional tribute to the individual. Writing can help us bring out the feelings that cannot be expressed otherwise, and it helps us breathe a sigh of relief.

You can also cope with your grief by helping them to realize some of their unfulfilled dreams or do something in their honor. Lastly, while you think about your loss, you will still have to move on, accepting the fact that life is transient.

The Bottom Line

Problems are what make life worth living. They help us adapt to become tougher as we adapt to different situations. Always remember that whatever problem you are facing has a solution or, at least, a manageable approach.

Therefore, never allow your challenges to stop you from fulfilling your true potentials in life.

More Tips to Help You Get Unstuck

Featured photo credit: Danka & Peter via unsplash.com

Reference

[1] Medicinet: Confusion: Symptoms & Signs

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