Corporate social responsibility is becoming more important and by supporting certain charities, not only are you helping others immensely, it can also benefit your biotech brand by building stronger relationships with investors that may lead to larger financial gain.

In a recent article, Architectural firm owner Michelle Cuthbert, provides some keen insights on how to decide which charities your business should support. Here is a brief summary that we think is relevant to biotech companies.

First Steps

Clarify your biotech business’ values: What is your mission statement? Most companies use their mission statement as a philosophy that outlines their task. This can help you naturally connect to a potential charity.

Find out where your biotech investors are donating: Review your customers to identify which charities, causes, and non-profits they support. Demographic and characteristic attitudes may provide you with more of an understanding about your customers and investors. This can help you have a greater view and identify what is important to them and what they support.

Don’t forget your employees: You should always consider your employees concerns and feelings as well. Something that your biotech company can all identify with and care about can lead to positive energy around the entire campaign.

Quick Tips for Picking a Charity

Determine the criteria for the potential charity: Think about such factors as the size of a charity, how many years the organization has been around, and if your charity you’re looking at does work locally, nationally or internationally.

Narrow it down: Find charities that meet your biotech company’s criteria and focus – an organization that matches with your company well. Sometimes having a committee can help narrow your choices down. GuideStar.org is an example of a website that has a search function to helps you to narrow through its database by criteria and standards.

Compare mission statements: Choose organizations whose mission statements complement or share the same ideals as your biotech company.

Make sure organizations are registered with the IRS and have verification that meets the criteria for tax-exempt organizations. If you decide on an organization that doesn’t meet these objectives, your company’s donation may not be tax deductible.

Transparency and accountability is very important in obtaining funding from any contributor in the non-profit world. Foundations require the organizations to keep a record of financials to make sure that everything is spent as guaranteed.

Trustworthy non-profits will discuss their programs and finances. GuideStar.org suggests keeping away from non-profits that use pressure tactics to gather funding.

Click on the following link to read Michele’s article, “How to: Decide Which Charities Your Business Should Support”.