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A Guide for Starting a Private Foundation or Philanthropic Business

February 20, 2020 by Guest Author

By Kayla Matthews

Today’s consumers are becoming increasingly conscious of their spending habits and keep close tabs on where their money is actually going.

This has led many companies to reconsider their philanthropic efforts and begin supporting charitable causes. And, if you’re one of these businesses looking to boost both your revenue and your giving, investing in a private foundation or philanthropic businesses may be the move.

The Benefits

There are a number of advantages to becoming a philanthropic business or starting your own private foundation. One such advantage is an improved reputation. The public will likely notice the goodwill your company generates and will form a favorable opinion of your brand. This may lead to increased sales and even create a new market, especially in impoverished communities or those without prior knowledge of your products or services.

Moreover, if you donate to a local cause or organization, you’re taking company profits and reinvesting them into the same community that invested in you.

Another benefit of becoming a charitable business is your efforts will likely attract top talent. Younger workers are looking for more than just a paycheck — they want to make a difference. So, naturally, they wish to work for a business that values charitable giving. In fact, 79% of employees want to work for a company that contributes to society. And 55% would choose to work at a socially responsible company, even if it meant a lower salary.

Are You Ready?

So, if you want to attract both customers and employees by giving back to the community, it’s time to seriously consider whether you’re ready to start your own private foundation. Of course, one of the most important things to think about is the amount of money you can dedicate to such efforts. If you’re going to create an in-house volunteer team or commit to donating to a certain charity, there is no minimum cost requirement. However, you must still determine how much you can afford to allocate to philanthropy efforts.

And, in regard to starting a private foundation, traditional guidelines suggest a $1 million to $2 million investment. However, this amount may differ depending on your company’s size and monetary situation. And your initial investment will likely not amount to this large sum. Rather, your business and fellow donors will donate to work toward this goal over time.

It is important to note, though, there is a payout requirement for private foundations. This requires non-operating foundations to distribute 5% of their fair market value of investment assets to charitable efforts each year.

Starting Your Own

Once you’ve decided how much money you can afford to invest in philanthropic efforts, it’s time to begin putting your plan into action. Here are a few important things to keep in mind when creating a charitable giving initiative.

Decide on a Foundation Type

One of the first steps to becoming a philanthropic business is deciding what kind of giving you’ll be taking part in. There are a few options to choose from — partner with a non-profit, start a private operating foundation or a private non-operating foundation. These are three very common avenues your business may choose to take.

Partnering with a non-profit may be the simplest since you’re simply joining a cause instead of creating your own. However, this still entails a fair amount of time, planning and organization. For example, you’ll want to dedicate time to find an ideal nonprofit with which to partner, recruit and manage volunteers, — and willing employees — define volunteer roles, develop an orientation program and actually go volunteer.

Similar to a nonprofit partnership is a private non-operating foundation, which grants money to charitable organizations. And, as previously mentioned, regulations require these foundations to pay out a certain amount of money each year in grants. A private operating foundation, on the other hand, distributes funds to its own charitable programs. This type of foundation must either spend at least 85% of its income, or its minimum investment return, on direct charitable expenditure — excluding grants.

Know the Tax Requirements

The IRS requires all private foundations to submit an annual 990PF tax return since your business won’t be considered a public charity. However, you’ll still be tax-exempt as long as you donate the minimum required amount according to your foundation type.

In order to receive your tax-exempt status, you’ll need to file the correct paperwork and fill out Form 1023 which will inquire as to your foundation’s financial information, grant-making guidelines and other details. Additionally, the IRS may have questions about your application, so be well-organized and prepared to thoroughly answer any inquiries.

About the Author: Kayla Matthews writes about communication and workplace productivity on her blog, Productivity Theory. Her work has also appeared on Talent Culture, MakeUseOf, The Muse and Fast Company.

Featured Photo by Sandy Millar on Unsplash

How Businesses Can Create an Ethical Culture in the Age of Technology

January 16, 2020 by Guest Author

By Kayla Matthews

In a world where big tech companies like Google can store more data on its users than most can imagine, technology seems to change faster than we can ask the right questions. When businesses rely on technology to get work done, the lines about what’s right, what’s efficient and what’s safe can get blurred.

There’s no question that technology impacts work culture. It can mean good things, like automating monotonous tasks so employees can spend more time on creative and meaningful work. Without good ethics in place, technology can also mean risking privacy and cutting corners. So, how can employers develop an ethical work culture alongside modern innovations? Here are some things to consider.

Privacy

The question surrounding employee privacy at work does not yet have a definitive answer. Is it ethical to ask for an applicant’s personal social media account and password during the hiring process? Is it okay to fire someone for a questionable off-duty post on Instagram? Should we access our employee’s browsing history on company equipment?

Many state courts uphold employer’s rights to monitor employees, but not across the board. The New Jersey Supreme Court has ruled that employees have a reasonable expectation of privacy when checking their personal email, even on company equipment.

One issue surrounding privacy is how we monitor our employees. Most companies restrict access to specific sites on their premises, as well as view the online history of their employees. These tactics can help prevent members of an organization from doing illegal or unethical activities, but they can also raise issues of privacy.

Some workplaces also use video monitoring. Recording video communication can be a great tool to improve workflow and ensure your consumers are getting top-notch customer experience. But employees may feel like it is an invasion of privacy without the right structure.

What Ethical Privacy Looks Like:

When choosing to view employees’ browsing history, it is critical to set a policy. Employees should know how you’ll access data, why you collect it and what you will do with this information. A good system can also prevent managers from misusing this data.

If you’re monitoring communications to prevent workplace harassment, most employees will see supervision as a way to keep them safe. When you’re open about your practices, ethical employees won’t have to worry.

You can also watch your customer support team or sales reps’ video conferences with customers. We’re all used to getting the “to ensure quality service, this call may be recorded” reminder whenever we dial the help desk, and this can work with video calls, too. If you do monitor video conferences, it’s critical to do so ethically:

Be honest with your team: Let them know their video calls are being recorded. It can feel like an invasion when employees are monitored without their knowledge.
Limit use: Your employees expect a reasonable level of privacy. Don’t record their activities when they’re not on a customer call, or don’t have their camera on.
Use videos to improve: Make sure recordings are used as a tool for employees and something that can help them grow. Utilize video recording to test out new sales pitches, or to model great service in training videos. As long as you frame it properly, you can also use videos for performance reviews and to offer advice.

Software

One ethical dilemma surrounding software is how we access it. Now more than ever, anything from Adobe Photoshop to word processors can be pirated. For cloud-based services, it’s tempting to give the entire team access to a single paid membership when you only pay for a limited number of people.

Software as Service providers, or SaaS, have unique ethical questions to answer. The pressure to be the first-to-market leads many software developers to rush product development.

In this case, they may not question if the software might be damaging to the public or misused by consumers. Software can also collect a lot of data on its users. When companies host this data insecurely, they risk data breaches.

What Ethical Software Use Looks Like

Use proper licensing: Some software requires you to buy a different license for commercial use than for personal use. Some have a set number of people that can use a specific license. When using software for your business, make sure you have downloaded it legally and are using the proper license. Also, buy as many memberships as you need for the number of users who will access it.
Create a code of ethics: With the emerging SaaS market, software companies need to think about the work they do and how it affects others. A solution for the tech industry is to develop an ethical code.A company-wide policy can encourage honesty and respect in the software development process. Whether you’re a tech company or not, fostering a culture where employees can speak up when they feel something isn’t right creates a better workplace for everyone.

What an Ethical Culture Means for Your Business

We are more connected than ever before. Electronic devices and innovative tech make our lives easier in so many ways, whether it’s faster communication or transforming industries.

As an employer, keeping ethical questions in mind as you make decisions for your business creates transparency with your team. It shows you trust your employees and builds a better workplace where collaboration and innovation can thrive.

Featured photo by Mimi Thian on Unsplash

Should Your Office Go Green?

December 5, 2019 by Guest Author

By Kayla Matthews

Environmental friendliness is increasingly popular topic, and more and more businesses and consumers are coming to value sustainability and green practices. Business that want be eco-friendlier can use sustainable policies and practices to reduce waste and make their offices greener — and they can reap some major benefits for doing so.

Below, we’ll cover some of the main advantages of going green, and how you can make your office space eco-friendlier and more sustainable.

Why Go Green?

Going green can secure offices a few different benefits. Businesses money by reducing waste and trimming operation costs. Implementing office sustainability initiatives — like programs that reduce waste or the amount of energy your office uses — can help office managers spend less on keeping the lights on and the office heated.

Buildings with eco-friendly certifications, like the ENERGY STAR certification, are more likely to find tenants and go for higher prices on the market and are generally seen as more valuable than less sustainable buildings.

Going green can benefit your employees’ health — green cleaning products are less likely to contain chemicals that are irritating or harmful to the health of your employees.

A green office space could also be a huge boon if you want to advertise your brand as being sustainable or eco-friendly.

Customers, especially those from younger generations, prefer to shop at businesses that align with their values — and more and more often, those values include sustainability and consideration for the environment. These customers want to feel like they are making a positive change in the world with their purchases and habits. As a result, sustainability sells — customers are willing to pay a premium for products from brands with eco-friendly images.

The biggest benefit of going green, however, is itself — with green policies, you’ll be reducing your office’s carbon footprint, creating less waste and helping to preserve the environment.

How Your Office Can Go Green

Going green isn’t the result of one policy change — instead, it will take a combination of many smaller tweaks and policy changes that come together to reduce waste and encourage sustainability.

An office can become greener by swapping out less efficient equipment for newer or more green models. For any given piece of office equipment, there’s likely a green alternative — desktops can be traded for more energy-efficient laptops, traditional light bulbs can be replaced with LED light bulbs and so on.

Smart thermostats and office temperature systems can intelligently manage the heating and cooling of your office in a way that will reduce energy use. For example, these systems can detect the parts of the office that are currently occupied and only heat or cool those areas, or automatically shutting off the temperature control when no one is in the building.

Smart power strips can intelligently put devices into sleep mode or shut down all devices when a main device is turned off. These power strips can be good for powering office computers at desks or cubicles, as most other devices can be safely powered down for the day once the computer is shut down.

Outfitting your office with products and materials designed to be sustainable and eco-friendly can help you reduce your office’s consumption of water and energy. You may also be able to ditch some products altogether — going paperless can significantly reduce both office waste and resources needed.

You can also provide training for employees on how they can help the office become more sustainable. For example, if your office is part of a recycling program, you may need to train your employees about special recycling procedures — like how plastic containers that held food need to be rinsed out before being recycled.

Greening the Office

More and more offices are going green, taking advantage of new technology and products to help reduce office waste and resource consumption.

When it comes to making an office green, businesses have a range of strategies to choose from — including adopting energy-efficient equipment, smart technology or switching to more sustainable products.

Photo by Crew on Unsplash

30 Ways to Thank Your Employees for Their Hard Work

October 31, 2019 by Guest Author

By Kayla Matthews

Running a company or department is no small task, but making time for employees is always essential. The mark of a good leader is one who encourages and inspires — aim to do this for your colleagues.

Your workers perform at their greatest when they feel appreciated and acknowledged, which leads to overall improvements within the organization. You have a world of options on how to thank your employees, so go with ones that function best for boosting company morale.

1. Listen to Their Suggestions

If you don’t already have an established rewards policy, create one by getting your employees’ input. Listening to their suggestions can extend to regular business operations as well — no one wants to feel ignored at their job.

2. Send Emails

Send emails expressing your appreciation for exemplary work on a project or new business venture. Personalizing them for each person involved shows the extent of your gratitude.

3. Acknowledge Them During Company Events

Company events bring together colleagues, friends and family. Recognize your employees in front of their loved ones to show your appreciation.

4. Allow Flexibility

Eighty percent of U.S. workers prefer a flexible schedule, whether it be at-home work or a coworking space. Implement remote work within your rewards program if possible.

5. Write an Article

If you want to disseminate information, write an article. You’ll get eyes on your company while promoting your best and brightest.

6. Give Awards

Being acknowledged makes anyone feel proud, but giving employees awards goes the extra mile. Awarding commemorative gifts to hard-working employees can help emphasize their achievements.

7. Provide Free Food

Most people adore free food, and your employees are no different. Provide snacks around the office or set up a food and beverage station.

8. Give Bonuses

Everyone loves extra money in their pockets. Give bonuses to workers who’ve been performing at their peak.

9. Host a Celebration

Holiday parties are the norm, but you don’t have to wait until then to celebrate. Host an event after a major team accomplishment.

10. Allow Extra Time Off

Close the office the day before a holiday or let everyone out early one Friday a month.

11. Offer Paid Family Leave

Family planning can be difficult with a lack of workable options — 89% of civilians make do with unpaid leave — but you can give your employees a break by offering paid family leave.

12. Pay for Lunch

Take colleagues out to lunch on the company’s dime or have food brought to the office.

13. Write Notes

A handwritten note feels even more personal than an email or article, and your employees will know you put in thought into it.

14. Acknowledge Birthdays

Have a celebration for them during the lunch break or provide small gifts.

15. Plan a Company Trip

A trip to the movies or a hiking trail encourages team bonding and lifts everyone’s spirits.

16. Involve Other Coworkers

If you’re congratulating one employee, have the department sign a card to show everyone’s appreciation.

17. Have a Pizza Party

Pizza is a fun treat you can adapt to fit anyone’s taste. Put in some orders and serve it during a lunch break.

18. Share Accomplishments on Social Media

Honor your employees on a wide scale by sharing their achievements on social media.

19. Get to Know Them

Every individual has dreams, likes and dislikes. Get to know more about your employees so your gifts will be personal and genuine.

20. Send an Edible Arrangement

Gift an employee with an Edible Arrangement filled with their favorite fruits and chocolates.

21. Offer Support

If someone is having a baby, have the team chip in with monetary gifts and baby shower presents.

22. Establish Employee of the Month Awards

Commend someone each month for their dedication and hard work. Offer additional perks such as a reserved parking space.

23. Have a Casual Dress Day

Wearing heels and slacks around the clock can get tiring for some, so allow your team some respite by letting them dress casually one day each week.

24. Do a Giveaway

People love free goodies — host a giveaway of prizes your employees would love to win.

25. Film a Video

Film a quick video expressing your gratitude and recognizing your employees’ achievements. This tip works well if you have remote workers who don’t live nearby.

26. Donate to Their Favorite Charities

Give a corporate contribution to an organization your team picks, or let the whole company decide on a charity.

27. Surprise Them With Gifts

Stick a pair of movie tickets or a gift card in their desk drawer as a token of your gratitude.

28. Grant Wishes

If you notice your employees make offhand comments about things they desire, accommodate a few of these requests each week. They can be fairly small wishes, such as someone wanting their favorite brand of coffee or an office fan.

29. Supply Drinks

Bring your employees champagne or wine to enjoy in their after-work hours. Offer non-alcoholic options for those who don’t partake.

30. Send Them to a Conference

Provide opportunities for your employees to attend conferences that suit their tastes as well as the company’s interests.

Appreciate Your Colleagues

You employees put in a tremendous amount of work to sustain and nurture your company. Pay them back for the good deeds they do and the talents they display. Your gratitude won’t go unnoticed — it’ll make for a better atmosphere all around.

Photo by Hanny Naibaho on Unsplash

Developing Great Leaders: The Human Workplace Perspective of DevOps

August 1, 2019 by Guest Author

By Wendy Dessler

One of the most challenging aspects of working in the tech industry is remembering the most important component of excellent performance: humanity. Software development is a great springboard for building competent, collaborative leaders when it’s done correctly.

The DevOps mindset brings different teams together to create a continuous workflow that thrives on human interaction. Here are some useful tips for developing great leaders through DevOps, as well as reasons why the human side of the tech world matters.

The Benefits of DevOps

DevOps brings development and operations teams together to create a unified system that allows businesses to get projects completed faster without sacrificing quality. In doing so, businesses ultimately improve their bottom line and make scaling more attainable.

Successfully implementing DevOps also benefits a business by:

Improving cross-team functionality
Improving flexibility and production speed
Allowing for multiple projects to be handled at any given time
Creating a culture of respect and collaboration

For the various benefits of DevOps to be achieved, businesses need to break down the barriers between Quality Assurance, Operations Management, and the core development team.

Traditionally, these different areas have been in silos– separated and isolated from one another. By breaking the barriers, businesses provide an opportunity for understanding and appreciation. In other words, some of the foundational qualities of excellent leadership.

Mentorship: A Benefit for Both Parties

A standalone benefit of focusing on the human side of DevOps is the potential for mentorship opportunities. This enhanced workflow creates opportunities for senior and junior team members to come together and learn from one another.

For example, a senior member of the team may have the opportunity to help a junior member with a challenge they’re facing. Alternatively, junior members provide the opportunity for developing critical thinking and problem-solving skills for senior members, and may even teach them new, updated skills.

Some organizations are even going as far as to have DevOps Dojos, to create a space for mentorship and the development of insightful, passionate leaders.

How to Implement DevOps: A Human-Centric Approach

Unfortunately, you can’t flick a switch and make DevOps work. It takes a lot of planning and change management to create a human-centric DevOps culture. Here are some important considerations when implementing DevOps.

Have the Right Tools

Implementing DevOps can be a challenge for all. Humans naturally resist change, preferring the comfort of a routine, even when the end-result of the change would be simpler. By having the right tools in place to support a collaborative environment, you simplify the road to DevOps.

One of the most important tools you can have in place when implementing the DevOps philosophy is powerful, streamlined project management software. While nothing will ever compare to the visual of a well laid-out whiteboard, having cloud-based project management ensures everyone is up to date, no matter where they are.

Logging services can also streamline DevOps efforts and create a virtual map of what’s happening in the system; you can visit the Papertrail website to learn more about this process.

Transparency Matters

When implementing DevOps, it’s important for all members of the team to know what is happening and when regardless of the hierarchy. Share successes and failures, challenges, and solutions. Create a safe platform for everyone to be heard and ensure that all questions are eventually answered.

There’s a lot of concern surrounding job losses when DevOps is put in place, as automation plays such a key role. Be sure to address these concerns early and nip employee discontent in the bud.

Make the Business Fit the Format

Trying to make DevOps fit your current business, rather than the other way around, is a recipe for disaster. It’s essential for key stakeholders to be involved in the DevOps implementation process, as it might cause widespread disruptions and restructuring. The more buy-in from the executive team and management, the more effective the result will be.

Focus on Human Development

Empower your people to take an active part in making the changes. Present opportunities to take ownership of various tasks and develop their skills. For some, the implementation of DevOps could present a stepping stone into a leadership position.

Before and during the implementation process, take time to assess people individually and talk to them about their goals. Collect their insights and work with them to create a positive environment that promotes respect and teamwork, as these are more important than the technical components for making DevOps work.

Prioritize Cybersecurity

Ensuring that your business is kept secure for every step of the way is essential when implementing DevOps. It should be addressed early on before changes are implemented.

Consider who needs access to what, and what areas of the infrastructure should be limited. Work these security considerations into any restructuring efforts. While tools like access rights management and logging are great solutions to many of the cybersecurity problems, it’s important to think about the various areas that need to be addressed before choosing the approach that works for your organization.

Remember Your People

While implementing the DevOps philosophies, automating processes, and streamlining business efforts to improve the bottom line, it’s important not to lose sight of what matters the most: your people.

By focusing on the human side of software development, you can create a positive workplace culture that cultivates great leaders and ensures the business’s continuity for years to come.

About the Author: Wendy Dessler frequently writes about the latest advancements in tech and digital marketing. She currently focuses on helping SaaS businesses create a better world for our kids.

Photo by Perry Grone on Unsplash

6 Types of Fundraising for Small Businesses

July 18, 2019 by Guest Author

By Kayla Matthews

Is your small business ready for some significant growth? If your funds are limited, there are plenty of funding resources available to small businesses. Whether you want to unleash a newly designed product or open a second location, the six types of fundraising below will help you achieve your goal.

1. Crowdfunding

Crowdfunding is a way for small businesses to reach out to individual consumers. Pitch your business idea, whether brand new or growing, and raise money in exchange for rewards, future repayment or equity.

The best crowdfunding websites for small businesses include:

Patreon
GoFundMe
Indiegogo
Kickstarter

Look for a crowdfunding site with a broad audience, offering as much exposure to potential investors as possible. And read testimonials from businesses who previously used the site.

2. Business Incubators

If you’re a small business in the early stages of growth, consider joining a business incubator. Some business incubators operate online while others are physical spaces where entrepreneurs can network. The goal is to speed up business development and success.

Instead of an incubator, some programs are called accelerators, meant to boost more developed businesses. These types of organizations have funds or funding sources to raise capital. They also offer access to invaluable resources like accountants, lawyers, coaches and more.

3. Grant Competitions

Enter a competition aimed at small businesses to win grants, exposure and new customers. If you’re a woman-owned company invested in environmental change, check out the Eileen Fisher Foundation. The organization gives out $200,000 annually to up to 10 businesses.

Other grants to apply for include:

Etsy Maker Cities Grant
Visa Everywhere Initiative
Sam’s Club Grant Program
FedEx Small Business Grant

Always read the requirements of a grant before starting an application. And keep a calendar of deadlines to ensure you submit documents on time.

4. Angel Investors

As a small business, your development team is likely made up of just a few people. Team members will need to take on multiple roles to cover all aspects of fundraising, including account, event planner and social media manager. They’ll also need to be adept at creating relationships with potential donors, like angel investors.

If you’ve ever watched the TV show Shark Tank, you know that angel investors are well-to-do individuals who provide business capital in return for equity. The percentage of equity is based on a business’s profits and expected growth. Some of the most prolific angel investors include Fabrice Grinda, Paul Buchheit and Wei Guo.

5. Product Pre-Sales

If your business is product-based, consider using pre-sales as a way to gain funding. By pre-selling goods, you can obtain the capital to get started while ensuring your stock will be sold out come launch day. It also means consumers rely on you to maintain deadlines and follow through on orders.

If you want to raise funds through pre-sales, set up a sales page on your website outlining your product and the basic features. Call attention to your target audience and tell them how your product will help them. Include the benefits your product has over competitors. And don’t forget to remind everyone that purchases are a pre-sale and the product has not yet been created.

6. Venture Capitalists

Venture capitalists, similar to angel investors, offer to fund start-ups and growing businesses in exchange for a share of the equity. The goal of a venture capitalist is to invest in a business that will provide high rates of return. Capital investments typically last five to eight years with an expected return of 25% or higher.

Some businesses seek venture capitalists when in need of expertise. For example, Bill Gates convinced Dave Marquardt, co-founder of the firm August Capital, to invest in Microsoft in 1981. He was on the company’s board of directors for more than 30 years.

Are you a start-up looking to expand? The six funding options above can help you meet your business goals, even when resources are limited. Look into a crowdfunding website like Kickstarter or Indiegogo. Meet with interested angel investors who provide capital in exchange for equity. Or enter competitions to earn business-boosting grants.

Featured Photo by Jakub Gorajek on Unsplash