Giving Compass' Take:

• Bryan Citrin discusses six ways that businesses can incorporate philanthropy into their culture to increase impact, increase revenues, and boost employee morale.

• What could philanthropic engagement do for your business? How can partnerships increase the impact of CSR initiatives? 

• Learn about why successful people in business prioritize philanthropy.

You don't need to be a billionaire or even a millionaire to cultivate a culture of philanthropy in your business. This is something every business should incorporate early on to some degree, regardless of size or revenues. Alongside the benefits of directly impacting a cause, philanthropy can increase employee morale, customer loyalty and sales revenues, and inspire other businesses to do the same.

With that being said, here are six things entrepreneurs can do to build a generous culture of philanthropy.

  1. Encourage your team to give. Consider matching contributions up to a specific amount given by employees to their favorite 501(c)(3) for each fiscal year.
  2. Encourage company trips or local community involvement. Encourage your team to spend time serving the community. For example, you could host a company trip to help a charity.
  3. Better utilize your resources. Start a fair trade product line or utilize fair trade products if you are a service organization.
  4. Use your influence to challenge other influencers. One of the benefits of being an entrepreneur is that you know other people who are entrepreneurially inclined and have the influence to challenge them.
  5. Donate a percentage of sales. Consider donating a portion of each sale back into specific causes or set it aside for different community organizations to apply for.
  6. Diversify your causes. Instead of just picking one big project, why not pick multiple? Find local causes in one's community that could benefit rather than partnering with a larger nonprofit.

Read the full article about ways to create a philanthropic culture in your business by Bryan Citrin at Forbes.