By Kieron James
12 Apr 18
We believe there’s a bit of wonderful in everybody. Small acts make a huge difference. In our opinion, this is exemplified not just by our hard-working fundraisers and their generous supporters, but by our corporate sponsors - we like to call them Wonderful Partners.
And if you’re wondering how to get the biggest bang for your CSR buck, you should join us.
What is CSR?
Corporate Social Responsibility, or CSR, is a term that we hear more and more often and is a concept which is front of mind for many businesses (large and small). Most of us have an idea of what CSR means - corporations take responsibility to ensure that as well as generating profit, they are making a positive impact in communities in which they operate.
Is it really important?
As a non-profit fundraising platform, you’d expect us to nod fervently. But we do understand that most companies exist to generate profit. Anything that distracts, or at face value might even impact negatively on the bottom line, would seem misguided. However, it’s well documented that positive CSR makes sound business sense.
Don’t take our word for it. Many studies have found that corporate responsibility and sustainability deliver amazing returns on investment. To save you ploughing through the research, this analysis of over 200 studies has built a detailed picture of just how impactful CSR really is. Researchers found that corporate responsibility could boost a company’s market value by 6%, with the figure leaping to 50-80% higher than competitors’ market value if companies forge strong relationships with stakeholders like environmental and social NGOs.
Direct increases in revenue were also found, with researchers saying that positive CSR may allow a premium on price of up to 20%. Nearly two-thirds of the general public felt stronger loyalty to brands considered responsible and sustainable. Right now, CSR budgets are often used to make simple donations to charities or community projects. This is a trend which is predicted to continue - and it’s a great thing, but can we make it a truly wonderful thing?
Why support our work?
Having established that you should be allocating a budget to CSR, let’s think about what it would mean to support our work. By placing some (or all!) of your CSR budget with us, your cash could be working much harder. And that’s important - not just because your business wants to effect as much positive change as possible - but also because, as business people, it’s second nature to look for the greatest possible ROI.
Nobody at the Wonderful Organisation gets paid. Our support team is seconded from other businesses so our principal costs of operating the service are card-processing fees and application/web hosting. Right now, these run at around 2.5%. In simple terms, every £100 we receive in donations costs about £2.50 for us to process. These are the fees which are covered by our partners.
The Wonderful 40x multiplier
How we turn £100 of corporate sponsorship into £4,000 for charities.
Consider Company A and Company B which both have £100 to allocate to CSR activities.
Company A donates £100 to a charity researching cures for cancer. £100 reaches a very worthy cause and is, of course highly appreciated.
Company B places £100 with the Wonderful Organisation to help meet our costs. A Wonderful fundraiser, let’s call her Nia, is running the London Marathon to raise money for the same charity. By using the Wonderful website, Nia has managed to collect £4,000 in donations from colleagues, friends and family supporting her amazing effort. And, thanks to the £100 passed to us by Company B, we are able to process ALL of those donations at no cost to the charity. The charity now receives £4,000 - all because Company B covered our 2.5% cost.
What's more, the impact of Company B's CSR activity extends way beyond a 'passive' donation, enabling Nia to be wonderful and all of her supporters to understand that Company B is responsible, philanthropic and supports the community in which it operates.
So, let's do this!
It’s hard to argue with transforming £100 into £4,000. And there’s no doubt that it is not just what you spend that counts, but how you spend it. Think about the existence of sites like benefacto.org, which helps you boost how much good you do. And look at articles like this one measuring which companies have the best CSR reputations - assessed on the positive impact their efforts are perceived to have. This is important - as we’ve established, it directly affects your company’s bottom line and your relationship with customers.
At Wonderful, you’ll even be able to target your support so that it aligns with your CSR goals. For example, you could ensure that the money allocate to us is used to process donations to charities working to fight homelessness, or to causes within your geographic area.
So if you’re wondering about the best way to invest in Corporate Social Responsibility, consider becoming a Wonderful Partner. We know that dedication to CSR makes good business sense, but it’s pretty clear that partnering with the Wonderful Organisation makes the best business (and charitable) sense.
If you'd like to support our work, please call Kieron James on 03456 808 808 or email [email protected].