Entrepreneurs often forget that their success is not just about personal glory, becoming famous, and making boatloads of money. It’s about overcoming the challenges of becoming an entrepreneur, boosting your workers’ morale and helping them achieve their dreams, and giving hope to the same industry where you built your business. Businesses have to give back to their customers, their market, and the industry where they belong. It’s a cycle that will help keep economies afloat even during these very trying times.
Be a Mentor
There are two ways to give back to the community and the people who have supported your business throughout the years. The first one is to join mentorship programs in local high schools. You can share with the students how you managed to grow your company despite or because of being a good and diligent student. They can benefit from hearing personal and first-hand stories about what life like is in reality.
The second one is to become a franchise consultant. Seeing as there are a lot of investments being made in franchises today, why don’t you give your two cents about it, too? Your experience as an entrepreneur can help a lot of people who want to start their own businesses. Guide them through the process and help them make better decisions.
Keep Your Goals
What were your company’s goals when you first started? These goals will shape the industry where you belong. Keeping these goals and following them through is one way of giving back to an industry that has been kind to you. If you promised to follow environmental-friendly policies, keep that promise. Your market is going to hold you to it; the same way that it demands you to deliver quality products and services.
Donation is a very simple way to give back. You don’t even have to donate money. You can donate old equipment, furniture, excess inventory, and other assets to non-profit organizations. These programs are designed to help others in need. Find an organization whose mission and vision fit your own.
These donations can turn someone’s life around. You are paying forward the support that your market gave you. If you have the means, a monetary donation is always welcome.
Consider Profit Sharing
You alone cannot grow your company. Your employees helped you build it from the ground. What better way to show your appreciation but through profit-sharing? Aside from paying them their salaries, you can also give them a cash bonus every time you hit your quota or for every milestone that your company meets.
Make sure that you are in a good financial position. You should already have a return on investment (ROI), so any revenue you share with your employees is from your earnings. This is a great way to boost your employees’ morale.
Your business should support the local market. How can you do that? Shop local. Find suppliers locally. Instead of importing your materials from other parts of the country or the world, why not strike a deal with a local supplier? This will keep the local economy thriving. It needs constant and stable economic activities to support local employment, which will then result in higher purchasing power.
Giving back should be a part of a company’s social responsibility. It will not only improve your company’s reputation in the eyes of your consumers, but it will also help you build better relationships with your business partners and with the community where you belong. If you think about it, the idea of giving back is so simple that companies should not have to be reminded.