Many business leaders tend to focus on the bottom line rather than giving back to the community—especially in economic turbulence. But giving back is an investment not only in the community but also in long-term goals and core values. I believe companies whose values and mission are centered around the community can be the most successful and withstand the test of time.

Certain industries are naturally more ingrained in the community, such as real estate, retail and hospitality. However, there is space for businesses of all sizes and industries to make an impact. Through incorporating philanthropic efforts into my own company, I’ve seen that business leaders can create profitable and meaningful operations that benefit stakeholders and the community. The key is implementing strategic fundraising and social responsibility initiatives, as well as empowering employees to take ownership.

While there are many benefits to being philanthropic and socially responsible, for me, an important benefit has always been the personal touch philanthropy adds to a workplace and the true impact organizations can make.

Another powerful benefit is your company’s brand perception. Reputation is everything, and leaving a positive impression can give any company a competitive advantage. In my experience, philanthropic efforts can also help brands foster better relationships in the community. Consequently, more opportunities for partnerships and giving with nonprofits and community organizations come into the picture. Creating an impact and being responsible are valued by communities, employees, partners, consumers and more.

Corporate responsibility has a unique way of bringing together people across all departments and industries. As such, another key benefit of philanthropy is the added networking opportunities it can provide. Aligning with like-minded people and organizations creates new business opportunities and camaraderie. This allows both executives and employees to expand their networks and find fulfilling working relationships, all of which can lead back to building a giving culture within your organization.

Read the full article about corporate philanthropy by Eric Barvin at Forbes.