How to Do Good and Make Good Money in the Process

In the world today, it’s important that entrepreneurs keep something in mind: Our customers and clients expect us not only to provide excellent products and services, but to also be good corporate citizens.

This is partially backlash against all of the unscrupulous business practices and greedy behavior that contributed to our economy taking a nose dive. And it’s, in part, due to a general shift toward positive values – as a whole, we simply want a better world for our families and the people we share this planet with.

But here’s the problem many business owners face when they take “doing good” into consideration. Focusing on being a good corporate citizen without caring about profit is a losing end game. The goal of business is to make money. But focusing on making money without considering your role as a corporate citizen is increasingly becoming a losing game as well. You have to strike a balance.

Here are some tips on how to be a good corporate citizen and still make good money in the process:

Think of the Triple-Bottom Line

If you’re a bottom-line kind of person, don’t worry. You should know that being a good corporate citizen is not entirely motivated by altruism. It’s good for business, too. Whether you promote or strictly adhere to the idea of the triple-bottom line isn’t necessarily important. What is important, if you want to be a good corporate citizen, is that you incorporate “people, planet, and profit” into your business decision making.

Partner With Charity

If you haven’t read Andrew Carnegie’s The Gospel of Wealth yet, read it. His ideas are a driving force behind one of the most critical ways business benefits society in this country. When you partner with charities, you’re able to directly help where needed, establish a reputation for giving back, potentially gain positive publicity, align your business with your values, and of course receive the tax benefits.

Get Involved

In addition to donating money, getting your business and your employees directly involved with non-profits and good causes provides opportunities you wouldn’t otherwise have. You may learn new skills, expand your network, and build strong relationships with other volunteers, community leaders, and politicians.

Stake Your Claim

More and more businesses are officially declaring themselves good corporate citizens by publicizing “green” practices, penning corporate social responsibility statements, or securing specific certifications. Doing so is likely to attract a growing market segment that seeks “responsible” companies (known as LOHAS consumers). Only move in this direction if your commitment is authentic. Otherwise, it will surely backfire on you.

Practice Ethical Behavior

It’s as simple as the golden rule: treat others as you would like to be treated. Be fair, honest, just, and transparent. Don’t mislead, lie to, or exploit people. Be careful who you align yourself with – suppliers, vendors, joint venture partners, employees – and see to it that they practice ethical behavior as well, or cut ties. A clean reputation is good for business, but once you tarnish your reputation as a good corporate citizen, it’s difficult to rebuild it.

Make a Positive Impact

Strive to do work that contributes positively to society and it will generate returns for you. By providing life-changing services, creating jobs for people, and supporting innovation, your profit-generating business itself makes you a good corporate citizen. Always strive for the positive to outweigh the unavoidable negative.

There are many approaches to establishing your business as a good corporate citizen. You may strive to become a good corporate citizen proactively and publicly or choose to focus on avoiding the potential negative impact of your business. Either way, remember that being a good corporate citizen is good for your soul, and it’s also good for business.

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