How to ensure philanthropy is at the heart of your business model

In a world where the wealthy are the powerful, too often there is a tendency to get caught up in the ‘necessary’ moral ambiguities it takes to become the next billionaire-Bezos. I founded We the Wild, a successful plant care brand, with a goal to create a business with philanthropy at its heart. It’s our secret sauce, our key to success, and it can be yours too, writes Josh Armstrong founder and director of We the Wild Plant Care.

What is a philanthropic business model?

It’s simpler than it sounds. Philanthropy in itself means to be charitable and ‘do good’ for the benefit of society. For burgeoning businesses, it can be small changes that contribute to the greater good (think sustainability, diversity, charity support or volunteer work). Implementing goals into the heart of your business, isn’t just a nice to have, it’s become a necessity.

But why does it matter?

Because your customers care! Almost THREE QUARTERS of millennials and Gen Z’s (our future) are willing to spend more on sustainable products*. That’s a tonne of extra business and revenue for your company.

And as small businesses, we really do hold the power to make change. Small business contributes approximately 34 per cent of industry added value^ to the Australian economy. If every one of us made incremental positive changes, and, with consumers placing higher values on philanthropy, demonstrating that you care could be the business boost you’ve been looking for.

It sounds kind of hard…

Start small, by finding just one simple way of altering your operations to benefit the broader community. It could be shifting your bank accounts to an ethical provider, spending a few hours a month volunteering time for a cause or looking at ways to leverage your customer base to raise money. From there, you’re on your way towards a stronger and more loyal customer base, dedicated employees and greater success. You just need to have a ‘why’.

How do I define my philanthropic goals?

Once you’ve made a simple change, start thinking about building a philanthropic mission that is important to you, your employees and your customers. At We the Wild, environmental activism is a cause we’ve committed to supporting from the outset! By implementing tree planting initiatives, building a circular supply chain and reinventing our workforce to include those that are motivated by this mission, we’ve been able to differentiate ourselves from our competitors (who use harmful chemicals) while supporting real environmental change. I’m proud of how we’re building a thriving business centred on philanthropy. And it all started with a plan.

Test, learn and communicate!

Find out what works, improve that, and then let the world know! Communicate them on your social channels, in annual reports, on your website – wherever you can! Even if this means summarising your goals with a short, snappy slogan. At We the Wild, we put our mission of “bringing innovative products that are better for plants, people and the planet” everywhere!

Remember, trying and failing, is better than never trying at all, so don’t be afraid to experiment!

Resources

*https://www.aph.gov.au/About_Parliament/Parliamentary_Departments/Parliamentary_Library/pubs/rp/rp1920/SmallBusinessSectorAustralianEconomy

^ https://www.nielsen.com/wp-content/uploads/sites/8/sites/3/2019/04/Global20Sustainability20Report_October202015.pdf

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