Philanthropy is no longer a matter of social sector; it has become the beloved of the corporate sector. The corporate sector has started adopting philanthropy on a large scale.

Aman Mehndiratta is a successful entrepreneur and investor. He knows how to do a profitable and socially responsible business at the same time. He has prepared a business model which has dual aspects. In the first place, it gives high returns and on the other hand, it manages to give back to the society.

Now, curiosity must be prevailing here. Why businessmen like Aman Mehndiratta are adopting such kind of ideas in their business? What are the advantages of philanthropy in business?

So, we are here to calm your curiosity.

We have to understand, what philanthropy is all about. How it is beneficial for society and business?

In the simplest words, we can explain philanthropy as a desire to promote the welfare of others without any selfish thoughts. If carried out in the proper way, philanthropy can do wonders in a society. Aman has a notion for it, ‘Do good and the good will come to you. The meaning is, we should always do good to others without expecting anything from them. The karma will do good to us in return.

Approach to the corporate giving

Companies are always on the search mode for ideas that make for good business. This is the main reason behind investing millions in advertising, marketing, product innovations, and technology advancements. These investments can help a lot for improving profitability.

Some business big guns still think that philanthropy in business is a waste. What is the need to spend hard earned money on something that cannot give profitable returns??

While to some business leaders, corporate giving may seem something extra. This seems like something in which you should be engaged in only if you have spare money, time, and interest to do so.

In today’s competitive market, this thought process is an obvious thing but this cannot be denied that companies who have embraced corporate giving as one of their business practices got positive results. They have reaped rewards far beyond what they thought was possible.

This has turned philanthropy as an inevitable corporate activity. These should be considered as an essential part of the business.

Merits Of philanthropy in business

• Positive emotions: Look, people are not robots. Emotions do affect them. Most customers make decisions based on their state of mind or emotions. Emotions like inspiration, empathy, goodwill, and enthusiasm can make customers connect with your brand. These things drive customers to feel more authentic about the brand.
• Adding greater meaning to your business: Everybody knows that every company is in business to make money. So, having a vision and a social duty gives your company a broader sense of purpose. When the company builds itself around doing good, this infuses the passion for its products, services, employees, customers, and shareholders. This manifests the work of employees. This drives innovation and creativity which leads to business growth.
• Employee engagement: The engagement of employees in the core mission of the business is a must. Nowadays, employees do not only want to take a paycheck. They want more than that; they want to believe in their company’s initiatives. Engaging themselves in the core of business has now become their need. This can be achieved only when the company has a philanthropic approach towards the community.