The meaning of corporate donations refers to the contribution of money by an institution to another organization that furthers the objectives of the contributor. There are 2 kinds which have specific considerations, they are- charity and political donations. Most of the companies do this kind of charity to build their brand image and do good to the community.
Protect your reputation
When you give charity to a firm with your time and money involved, you are likely to get your reputation attached there. However, you can’t figure whose unscrupulous. When you get into corporate donations, few steps have to be kept in mind to protect your image, they are-
- Give priority to the values of the firm
- Consider the values of charity
- Communicate with the industry
- Do your research well
- Meetings with press
- Analyze their strategies
- Get feedback from your employees
- Talk about your strategy
How to get corporate donors?
Instead of approaching businesses with calls, it’s better to research first and make a meticulous plan. Find your partners who will respond to your queries, few things to keep in mind while surfing with potential contacts-
- Consider your connections
- Board members and staff
- Social media enthusiasts and mail subscribers
- Your loyal users of the service they take
- Suppliers
- Supporters of charity
- Similar companies like you
- Domestic businesses
Kinds of donations
Corporate donations can be both cash or non-cash. Cash basis is self-explanatory with giving money recurrently to NGOs. It can take a lot of ways. Non-cash is when they provide commodity in exchange for money like providing them computers, chairs or tables, vehicles, clothing, food, etc.., it could be anything. Most of the time this kind of donation is useful to the receivers.
Conclusion
Almost every company’s charity is spread across the firm. The managers do it so that they can make an impact as it portrays the company’s brand image. Corporate donations give a lot of merits to the enterprise and the world as well.