Have you heard of Corporate Shared Value or Corporate Social Responsibility? Or are you familiar with Newman’s Own and Tom’s Shoes? These are companies that aim at helping the impoverished in every purchase customer makes.

These companies didn’t ditch the importance of profit margins. However, they incorporate the essence of social concerns in their business practices.

Poverty is a major concern in underdeveloped and developing nations such as India and Philippines. Wouldn’t it be remarkable if businesses help in alleviating poverty?

Let’s see how businesses can make a difference to the lives of the poor.

1.      Charity work

Money is one of the most powerful resources to initiate a change. Business people share their fortune by giving donations to charity. They help charitable institutions by providing clothes and foods to the poor, donating to orphanages and providing pension to widows. Charitable health care facilities are also available for free.

2.      Slum improvement

Another notable way businesses can help alleviate poverty is to build houses for the poor and improving the sanitary conditions of the slums. Business people can support health and social institutions to educate poor people about proper hygiene.

3.      Schools set up

Some businesses also set up houses for poor children. They provide wide range of opportunities for them to secure a better future down the road. Aside from building schools, business people also sponsor scholarships to deserving poor people.

4.      Community development through Foundation

Business people also help alleviate poverty by setting up foundations to help in the development of the community. Yes, it could be a relief from tax; but the money earned is used to alleviate poverty.

5.      Transformational Employment

Employers provide transformational employment opportunities to one member of poor families. This way, he or she would be able to support his or her family. At Greymouse, we continuously explore every possible business opportunity to hire more and more competent employees who come from poor families. We help poor families secure a better future for themselves.

Business may remain, perhaps for many years in the future. But the only way to experience a ‘rewarding business’ is when you make a difference in the lives of the poor people. And I believe that every business has a powerful role to steer the community towards survival, growth and success.