Enterprise series: a simple guide to corporate philanthropy
Corporate philanthropy is increasingly high on business agendas. It can be a way for leaders to give back to the local community, engage their people and create a sense of purpose for their organisation.
In our recent webinar, the panel discussed their experiences of setting up charitable foundations. We also heard from Moore Kingston Smith’s new charity partner, St Giles, on how charities benefit from partnerships with businesses and how to make partnerships as impactful as possible.
Top tips on corporate philanthropy
- Corporate philanthropy is beneficial to a business because it resonates so well with employees and potential hires. To get the best results, you need to keep the business updated with the causes you are supporting and the impact you are having.
- Don’t underestimate the importance of giving back. It’s a rewarding experience and you will learn a lot.
- It’s not just about the big numbers. Sometimes the smallest donations can make a huge difference to someone’s life.
Charitable foundations
- Ensure there is strong support from within your organisation to set up and run the charity.
- Ensure you understand the reporting requirements and always adhere to your charitable objectives.
- Produce annual accounts that show the impact that your charity has made.
Charity partnerships
- Go for the long term. Multi-year partnerships make a huge difference to charities, supporting their sustainability and ensuring long-term impact to the communities they serve. Guaranteeing your support for two, three or even more years will guarantee impact and social value in your philanthropy.
- Strategic support is very helpful: while funding is vital to ensuring charities can deliver their work, including pro bono and strategic support to your partnership helps charities to address skills gaps in their organisations, increase their capacity and grow.
Contact us to find out more about how you can implement corporate philanthropy in your organisation.