3 Tips for Successful Corporate Philanthropy

Los Angeles resident Julia Cominos earned her MBA from Malibu, California’s Pepperdine University and leads organizations to optimize their corporate operations as an established strategist and business development consultant. Julia Cominos has also directed multiple organizations to contribute within their external communities by developing apprenticeships and scholarships, driving charitable donations, and introducing philanthropic programs.

Contributing to philanthropic causes can be a valuable component of a sustainable business plan when implemented properly. Consider the following tips when deciding on how to approach corporate philanthropy.

1. Devise a philanthropic strategy. Philanthropic activity begins with an idea rather than money which is why any plan to give should define how the philanthropy will be executed, for example in terms of providing financial aid or volunteering time or resources. This plan should also determine what issues the business is choosing to address and why, and how the act of supporting a specific cause will align with its own core values. 

2. Manage philanthropic activity as a business and customer relationship. Companies that invest in their grantees through philanthropic giving should treat each grantee as a customer to maximize the relationship and the chance of achieving a positive impact. A sustainable relationship and beneficial outcome between company and grantee is more likely to develop when communication and feedback between the two parties is honest and intentional.

3. Assess philanthropic efforts. Companies should employ program monitoring and evaluation to determine if their philanthropic efforts are operating with optimal efficiency and resulting in a positive outcome that is worthy of continued support.