Creating a successful business means finding the right balance between profit and purpose. That doesn’t always mean having to leave our heartfelt causes on the sidelines – charities can benefit from sound corporate practices just as much as for-profit entities. From establishing efficient fiscal operations to using marketing strategies geared towards recruiting passionate supporters, this blog post by Mark R Graham examines how businesses of both sizes are engaging in philanthropy with an eye toward success. By considering practical ways that companies can give back while also acquiring a return on their investments, charity is transitioning from something done simply out of goodwill into a smart financial move. Read on to learn more about “The Business Of Charity” and discover how social organizations across the globe are benefiting by learning some simple lessons in business!
Mark R Graham On The Business Of Charity: Where Purpose And Profit Meet
According to Mark R Graham, the business of charity is an increasingly popular concept, where entrepreneurs combine their passion for making a difference with the potential to make a profit. Rather than just donating money to a cause, business owners are creating their own organizations that combine both purpose and profitability. This approach has become increasingly attractive as it allows companies to create something larger and more sustainable than simply giving away money.
In this model, businesses can have multiple sources of revenue through various philanthropic activities such as fundraising events, merchandise sales, donor contributions, and grants from governments or other entities. Additionally, these businesses often take advantage of tax breaks associated with charitable donations in order to further support their cause. The rewards for combining purpose and profit can be immense; not only does it allow for greater success and sustainability, but it can also inspire other businesses to be more socially responsible.
One example of this model is the charity Watsi, an organization that provides medical access to individuals in developing countries. Since its founding in 2012, Watsi has successfully raised over $2 million in funding from donors around the world. Additionally, they’ve been able to take advantage of corporate partnerships with companies such as Google and Microsoft to further increase their reach. In 2017 alone, Watsi was able to provide healthcare access to over 2 million patients across 20 countries.
Another great example, as per Mark R Graham, is Charity Water, a non-profit organization that works towards providing clean drinking water for people living in areas without access to clean water sources. Since 2006, Charity Water has successfully raised over $350 million and funded clean water projects for over 12 million people in 42 different countries.
Mark R Graham’s Concluding Thoughts
According to Mark R Graham, it’s clear that businesses are becoming more conscious of the social impact they can have by combining purpose and profit through these models. Not only does this approach benefit those in need, but it also creates an opportunity for entrepreneurs to build successful and long-lasting companies that make a positive difference. It is estimated that giving to charity will increase by 3.8% annually from 2020-2025, reaching nearly $420 billion in the US alone in 2025, with 88% of donations coming from individuals. This data indicates that businesses that combine purpose and profit are on the right track to not only making a meaningful contribution to society but also enjoying the financial benefits of doing so.