I sat all alone behind my computer and I died of laughing .
I recently launched a promotion at my firm, Course Pilot Financial, where we will commit in 25% or our management fee for all new account in perpetuity to the National MS Society. I did so in support of my aunt who was diagnosed with multiple sclerosis last year. To me this is a classic case of doing well while doing good. Sure, I will make a reasonable profit but I will be helping a cause that I believe in completely. The clients that respond to the promotion will get access to professional financial management while also supporting the search for a cure. It is a win-win. The profit potential makes it possible for us to make such a generous commitment.
I am interested the community`s thoughts on this approach. What other examples of doing well while doing good do you have to share?
Michael.. Just a couple of thoughts..
I like the idea and actually within in my extended family I have 4 family members diagnosed with MS, so I very sensitive to the issue.
As a prospective customer, I would wonder how competitvely priced your services may be if you are able to donate 1/4th of what you are charging me to charity in perpituity. You are essentially saying " I can discount my product by 25% and still make a living." I think you can get the same affect but saying that you are donating a "a % of the proceeds will be donated to National MS Society" with out disclosing the actual amount.
Having donated parts of proceeds in the past, a few questions that you may need to be prepared to answer are:
1) Whose name will the donation be made? Who gets the tax advantage of the donation?
2) What is the expense ratio of the charity?
3) Are they recognized by Give.org as being accountable? What % of the donation is actually actually consumed as part of the operation vs what goes to research?
4) What if I want those proceeds to go to my charity (another charity) as opposed to this on?
and it is sad to say, 5) Can I have the discount in lieu of the donation? If not, why?
Good luck! I hope I`m wrong on 5 from where you`re from.. heard this too many times during my campaigns.
Thank you for the great feedback. I appreciate the nuggets of wisdom.
My fee structure is very competitive in the marketplace. The donation offer is for a limited time during the fundraising period. As with many businesses, volume business can be served at a lower cost.
1. The donations will be made in the name of my firm as it is our fee that will be donated.
2. The expense ratio of the National MS Society is listed at 6% for administrative costs and 15% for fundraising.
3. Give.org does recognize the National Multiple Sclerosis Society. The details can be found at http://charityreports.give.org/Public/Report.aspx?CharityID= 597
4. For the time being I am focusing the charitable energy of my firm to this one cause and fundraising endeavor.
5. We have fee schedule that we adhere to. If we take on a new client in response to a promotion we honor the promotion. It is much the same as any non-charitible based promotion that a firm may run to generate new business.
I hope this helps. Thank you again for the great questions.
I work with a company whose mission is do well while doing good. It`s the company`s mission to donate over $1 billion to non-profit organizations around the world. For more information, go to www.ourgvrewards.com