The Keys to Successful Philanthropic Partnerships

Philanthropy is centered on working together to make an impact in the community. One the most effective ways of growing impact and awareness of philanthropic initiatives is through aligning with the right partners. A good partnership adds value to the brands of both organizations as well as makes a larger impact in the community. But creating partnerships for partnership’s sake is not an effective strategy. Your philanthropic partnership should be carefully thought out and should go below the surface of just partnering with just any organization. These three keys can help you strive for the most effective philanthropy partnerships.

Authenticity is Important

If you are looking for the right partner to support your initiative, it’s important to keep in mind that there are such things as the wrong partners. Your team should understand the goals you want to achieve through your initiative and build a strategy around that. If you are clear on your focus and your goals, it will be much easier finding a partner that fits that mission.

Again, don’t just jump at the first potential partner you come across. Imagine It will take several discussions with that partner to ensure that there is a good fit and that both sides find value. The partnership has to make sense from the standpoint of both organizations.

Go Below the Surface of the Partnership

Discuss the goals both you and your partner have surrounding the philanthropic initiative. Building a strategy with your partner is important to ensure maximum impact. Make sure that your shared purpose remains at the forefront of all discussions and any gameplans meet the goals of both organizations.

For example, instead of just a monetary donation, does your partner want to send employees to volunteer once a month? Do your partners’ employees want to offer an in-kind donation of services or products to your organization or initiative? Have those discussions and figure out the unique ways that your partnership can make an impact in the community.

Evaluate and analyze data to improve

Often overlooked, evaluation is the key to a successful partnership. You should be collecting feedback from the initiative participants, your partners and your internal team. Ask what worked, what didn’t, what tangible impact you made AND get the data to back it up. Then go back to the conference room with your partners to discuss the results and adjust your strategy accordingly.

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