Creating a Sustainable Give Back Program for Your Business with Megan Hale
Episode 549: Show Notes
Today on the podcast, please join us in welcoming Megan Hale. Megan is a Profit First® certified business strategist and money mentor for freedom-driven entrepreneurs who are ready to step into #feelgoodmoney and create sustainable, aligned business growth. With a special emphasis on empowering women-identifying entrepreneurs into their next level of growth, she regularly podcasts on the intersections of business, money, psychology, and leadership with a focus on leveraging entrepreneurship to build a more equitable world.
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Speaking of making the world a better place, this episode is all about giving back! Listen in as Megan outlines how to build giving into your future, and not only how you can integrate it into your business but how to do it sustainably too. During the course of this conversation, you’ll find out how you can grow your business through giving back, if that is in alignment with your business goals, of course. Megan breaks down what a sustainable percentage is, how you can logistically set that up within your finances, and how to find causes to give to, as well as her suggestions for some important questions to ask yourself along the way.
For everything you’ve ever wanted to know about having an even bigger impact within your business and giving back, make sure not to miss this thoughtful and inspiring episode!
Why You Should Consider a Give Back Program
Well, there are a few layers to this consideration. Firstly, creating a give back program not only makes every dollar you earn that much more meaningful, but Megan believes that it can also be a key motivator to earn more when you see first-hand how much more good you can achieve with your revenue. Secondly, it can lend considerable depth to the reason you are in business in the first place. For most entrepreneurs, building a business is about achieving financial freedom and stepping into greater wealth for ourselves and our families, but there is oftentimes a desire to extend that wealth to those less fortunate but equally deserving through causes that we care about. Megan emphasizes that giving can be a powerful way of aligning your money with your values, which, in turn, can create a deeper sense of intimacy between you and your money.
How to Integrate Giving into Your Business
While there is certainly no ‘wrong’ way to do it, there are a multitude of different ways that you can integrate giving into your business. For Megan, the way that has meant the most is taking a sustainable approach to giving that allows her to continue doing it over longer periods of time. What she has found from being part of giving companies since 2018 is that the more she has given, the more she has learned about the ways she likes to give and how they align with her business and the organizations she cares about. It’s also important to note that you don’t have to choose between donating to create systemic change and donating in times of crisis; you can be intentional about doing both! Once you figure out what giving looks like for you, you can put a plan in place that both creates accountability and provides clarity on what you want to do with the money you have set aside for giving.
Taking the Two Percent Pledge
Where can you borrow money inside your business to create a giving allocation? Well, Megan maintains that it starts with truly understanding your margins. For her, it started at five percent of total revenue. This might not sound like a lot but, when every single dollar counts, five percent can actually feel like a really big leap when you’re just getting started! She believes that two percent is a much more sustainable benchmark for most companies to take on, no matter where you are starting from or how much revenue you are earning. You can grow it from there, but it’s taking that first step, committing to it, maintaining it, and getting a real feel for giving that is the most important undertaking in the beginning. Start by taking The 2% Pledge on Megan’s website, a social initiative based on the idea that this world would be a radically different place if we all did just two percent good!
Stability as the Foundation for Scaling Sustainably
In her methodology, one of the first things Megan looks at is how you are creating financial stability in your business and what the easiest way to get there is. What she has noticed is that many business owners are having to do too much to ensure that their monthly bills are paid. This leads to stress, overwhelm, and burnout. Creating one key offer in your business can help alleviate some of this stress by covering six of your key financial needs, namely personal bills, business expenses, taxes, savings, your give back program, and even your investments. Investing looks like hiring coaches, buying courses, and getting the education you need in order to grow your business, which Megan finds many entrepreneurs are not prioritizing. One offer, one full year of your six key financial needs being met, and just one launch; this is how Megan aims to help you create the stability you need in order to afford yourself the necessary space to breathe, think, and create from a place of strategic mindfulness, not financial distress.
Figuring Out Who the Heck to Give To
One of the things that can keep people from giving is feeling overwhelmed by the sheer number of organizations and causes there are out there. Megan suggests starting in your wheelhouse. Are there any organizations that you have followed for a while that you feel are aligned with your values and political affiliations? Or perhaps a cause that you feel is making giving accessible, creating a movement, or doing a mix of domestic and international philanthropy? Whatever matters to you, giving back is like a muscle. The more you engage in the practice of giving, the more you’re going to learn about what feels good to support; so just get started! You might not know what you are most passionate about yet, but let yourself be 60 percent passionate about something, or 40 percent passionate. You don’t have to be 100 percent passionate in order to go do some good in the world.
You Don’t Have to Carry the Weight of Change on Your Own
You might be wondering how donating two percent of your revenue to a cause is going to help when the scale of the issue is oftentimes so massive. Well, by visiting The 2% Pledge page, you’ll see that Megan has calculated what two percent looks like for companies of all different sizes and how that adds up collectively. We sometimes put pressure on ourselves to carry the weight of change on our own, but it’s about allowing your donations to stack up with those from other givers because it’s that collective giving that has such a profound ripple effect. Every contribution counts, so take action, no matter how small! It’s also worthwhile noting the power dynamics that can come up around giving. Megan believes that this is an invitation for you to sit with whatever feelings come up for you and to think about what it’s going to feel like to help somebody rather than fixating on how much you can contribute. How do you want to define what giving back means to you? Try not to let your fears run the show and lead with compassion instead.
Tips for Giving Responsibly
If you type “vet charitable organizations” into your Google search bar right now, numerous guidelines and criteria will pop up. One of the criteria that Megan uses to vet the organizations she gives to is ensuring that the majority of the donations received by the organization go to the causes they say they are going to. Of course, every organization has administrative costs, but her favorite organizations are very clear about requesting an additional three percent to help cover their administrative costs, which ensures that 100 percent of her donation actually goes towards charitable giving. Transparency is key here. Some organizations are more transparent than others, but you get to decide which cause is the right fit for you. You also get to choose the different layers of impact that your business has. You have a responsibility to directly impact the people that you are serving, but your business should also have a direct impact on itself so that it can ultimately serve more and more people in your community, and you can then leverage your business to have a more global impact as well. Giving responsibly starts with you!
Logistically Building Your Two Percent Pledge into Your Finances
Some of Megan’s clients set up separate accounts for all of their financial needs, others use a digital envelope system like You Need A Budget but, if you practice Profit First®, two percent of your revenue will automatically go into your giving fund every allocation cycle. If you don’t practice Profit First®, then you’ll have to look at how your business’ cash flow system works. Regardless of how you work your two percent pledge into your finances, Megan recommends having a separate account for that money to go into, giving on a regular basis, and dispersing those funds accordingly.
Quote This
When you have a give back baked into your business, it creates so much more meaning behind every single dollar that walks through your door.
Highlights
Why You Should Consider a Give Back Program. [0:04:07]
How to Integrate Giving into Your Business. [0:06:32]
Taking the Two Percent Pledge. [0:09:57]
Stability as the Foundation for Scaling Sustainably. [0:14:09]
Figuring Out Who the Heck to Give To. [0:26:09]
You Don’t Have to Carry the Weight of Change on Your Own. [0:30:52]
Tips for Giving Responsibly. [0:36:06]
Logistically Building Your Two Percent Pledge into Your Finances. [0:41:54]
ON TODAY’S SHOW
Megan Hale
Website | LinkedIn | Instagram | Facebook
Megan Hale is a Profit First® Business Strategist, Former Psychotherapist, and Money Mentor for freedom-driven entrepreneurs who are ready to step into Feel Good Money and amplify their impact in the world. She works with movement makers and visionaries to create smart, streamlined businesses that are deeply sustainable, wildly profitable, and make what is possible probable, especially helping your revenue take a quantum leap. All of her work begins with The Money Map, a holistic profit planning tool to help you cultivate money mastery and aligned business growth. She believes Feel Good Money is available to all of us and more money in the hands of big hearts will surely change the world.
KEY TOPICS
Entrepreneurship, Business Strategy, Impact, Sustainability, Scaling, Giving Back
