All of us started our businesses for different reasons, but I bet most of you reading this right now want to have a business that brings about a positive community impact.
There’s also this unspoken expectation for black and brown business owners to return to our communities and (almost single handedly) provide financial and other resources to our neighborhoods.
But how do you give back when you don’t have a surplus of profit? Is it possible to give back even if you’re not operating in the black? Yes! It is totally possible for your business to impact the local community before you earn lots of money.
You’re not alone in your desire. According to one survey, small businesses donate 250% more than larger businesses to local non-profits and community causes, and a staggering 75% of small business owners donate an average of 6% of their profits to charitable organizations annually. As of 2019, 81% of small businesses plan on giving back to their community in 2019.
Not only is giving back great for local charities and youth organizations, but it also boosts morale amongst employees and strengthens camaraderie and leadership.
The good news is that you can still make a community impact even if you’re not yet profitable. I sat down with Kelly Loyd of the CEO School to share some ideas about building philanthropy into your business practices that won’t cost you a penny.
Watch the video to get a few of my tips and then let me know what you think!
Also, if you haven’t yet checked out my episode on the Awarepreneurs Podcast, do it right after you watch the video below. My conversation with Paul Zelizer covers the importance of being a social justice oriented entrepreneur and why it’s better for you and your customers.