Corporate-nonprofit partnerships have become increasingly important in the world of social impact. For nonprofits, these partnerships offer an opportunity to access new resources, including funding, expertise, and networks. For corporations, it’s a way to engage in social responsibility initiatives and improve their company’s positive impact on the world. This is especially important because both Millennials and Gen Zs expect companies to be socially responsible and drive revenue to companies that have clear and authentic CSR initiatives. Here is useful guidance on how nonprofits can create mutually beneficial partnerships and long-lasting relationships with corporations.
1. Develop partnership standards: It’s important to know internally exactly what you’re looking for in a partner and what your goals are for your corporate partnerships. Creating guidelines and standards that outline the benefits of the partnership for both parties, as well as the specific goals and outcomes that it will achieve, will ensure the process is personalized to your nonprofit and that you are choosing the right company. Make sure to include a detailed plan for how the partnership will be implemented and managed.
2. Seek out potential partners with shared goals and values: Look for companies that have a history of supporting causes related to your nonprofit’s work, as well as companies that have a strong presence in your community or industry. A great example of this is Starbucks’ partnership with Feeding America – the largest hunger-relief organization in the United States that helps to fight food insecurity. Aligned with both organizations’ goals, this partnership works together to create financial support, employee engagement, and allows Starbucks to donate unsold food from their locations. When a nonprofit and a corporation share similar values, the partnership feels authentic to the outside world. Look for companies whose mission and values align with your nonprofit’s work.
3. Reach out to potential partners directly to initiate the relationship: Once you’ve identified a list of potential corporate partners that you feel would be a right fit, it’s now time to reach out to them to solidify the relationship. Tap your board members to see if they have connections to the company and if they do, ask them to make introductions. Once you get to speak with them about your interest in partnering, be sure to highlight why you believe the organizations are a great fit and offer clear and tangible ways your nonprofit can bring value to their organization. Communicate your strategy, vision, and goals, and set up further meetings and discussions about how you can work together to meet these goals.
4. Foster strong relationships: Once you’ve agreed to work together, put in the effort to make the connection a success. Make sure to communicate regularly and openly with your partner and be responsive to their needs and concerns. Be willing to collaborate and compromise to ensure that both parties achieve their goals. For example, it’s a win-win when nonprofits create content for their corporate partners’ websites, annual reports, and social media networks that explains the relationship and the way in which the company is supporting the nonprofit’s work. Doing so gives the corporate partner permission to talk about their giving without feeling awkward for taking credit. It also gives the nonprofit greater exposure to the corporate partner’s audiences, thus spreading its mission and good work to more people who may want to contribute.
Corporate-nonprofit partnerships can be a powerful way to achieve greater social impact and make our world a better place.
