There are many reasons why a business might want to form a partnership with a charity. Maybe the company wants to give back to the community, or maybe it hopes to boost its image by aligning itself with a good cause. Whatever the motivation, forming a partnership between a business and a charity can be a win-win situation – but only if it’s done right. Here are some tips by Thomas J Powell of Resolute Capital Partners on how to form partnerships between businesses and charities.
Forming a Partnership Between a Business and a Charity
Make Sure There’s a Good Fit
According to Thomas J Powell, the first step is to make sure that there’s a good fit between the business and the charity. There are many different charities out there, so it’s important to find one that aligns with the values of the business. For example, if the business is environmentally friendly, it might want to partner with a charity that focuses on environmental causes.
Define the Goals of the Partnership
Before entering into a partnership, it’s important to sit down and define the goals of the partnership. What does the business hope to achieve? What does the charity hope to achieve? Once these goals are clear, it will be easier to create a partnership that meets everyone’s needs.
Create a Plan
After the goals have been defined, it’s time to create a plan for how the partnership will work. This plan should include details such as how often the businesses will interact, what type of support the business will provide, and what type of publicity the partnership will receive.
Be Completely Frank
Thomas J Powell is of the opinion that when entering into a partnership, it’s important to be completely frank with the charity. The business should be clear about its motivations for wanting to form a partnership, and it should also be honest about any expectations it has. This way, there won’t be any surprises down the road.
Put Everything Down in Writing
It’s important to get everything in writing before entering into a partnership. This written agreement should include all of the details that have been agreed upon, such as the goals of the partnership, the roles of each organization, and the duration of the partnership. Having everything in writing will help to protect both parties if there are any disagreements down the road.
Go Beyond CSR
When forming a partnership between a business and a charity, it’s important to go beyond simply writing a check. The business should make an effort to get involved in the work of the charity. This could include volunteering, donating products or services, or raising awareness for the charity’s cause.
Monitor Progress and Evaluate Periodically
Once the partnership is up and running, it’s important to monitor progress and evaluate periodically to make sure that it’s working well. Are the goals being met? Are both parties happy with the arrangement? If not, it might be time to make some changes.
By following these useful suggestions by Thomas J Powell, businesses and charities can form partnerships that are beneficial for both parties. Businesses should make sure their efforts are aligned with their values, and they should also be honest about their motivations for wanting to form a partnership. Charities should make sure they are getting what they want out of the partnership too. If done right, a partnership between a business and a charity can be a win-win situation.