How your business can benefit from your work as a volunteer
You got involved in the community for all the right reasons. But your volunteer work can enrich your business, too.
You are a good person. You got involved in the community for all the right reasons. You want to give back. However, you also want to be wired into the movers and shakers along with raising your visibility with the general membership. You want them to know what you do for a living. How can you make that happen?
What did you join?
There are many worthy causes. You might have joined the historical society, the museum or the symphony. Maybe your connection is business-related: You joined the Chamber of Commerce. Maybe it’s entirely social: You joined the country club.
In most cases it’s either a cross section of the community or skewed towards the HNW segment. There are a few hundred people involved. They have meetings. There might be some professional staff, but the vast majority of work is done by volunteers, people like you.
How to help, raise your visibility, get business
Most organizations have lots of committees. For an agent or advisor, at least three stand out:
1. Membership. The organization is constantly bringing in new members. It’s trying to keep current members involved. New members either don’t know anyone or only know the person who brought them into the group. When you are involved on the membership committee (or chairing it) you are a gatekeeper.
Good for visibility? All these new members know you. Over time, everyone does. Members pay dues. Dues are similar to revenue. You are on the revenue side of the equation, just like at work. People who run the organization often see people either raising money or spending money. This gets you noticed.
I’m a committee member: Invite 20+ friends to your house for drinks. Mail an invitation that gets to the point. “We’ve been involved with the Society for five years. We love it. Come to our house. Hear about what the Society is doing this year. Hopefully you will join us as members.” Put out wine, water, beer, coffee and munchies. Invite someone from the professional staff to give a short talk. Hand out membership applications. About half your friends join. It’s cheap. It’s for charity. The drinks were free. The professionals talk you up back at the office.
2. Fundraising. You are able to look someone in the eyes and ask them for money. That skill is in short supply. Many organizations have quite a few people who can spend money freely, but very few who know how to raise it. You get involved.
Good for visibility? You are meeting business owners and HNW individuals, asking them to support a worthy cause. Your foot is in their door! Wealthy board members take the easy way out. They write big checks, because they don’t want to fundraise. They admire you and think about sending business your way.
I’m a committee member: Study up on the mission and how the money is used. Get in front of people using the nonprofit connection as the door opener. Make your case, explaining you will be contributing alongside them. Ask for a specific gift, knowing they will probably negotiate the number down.
3. Event planning. Your local nonprofit probably does event-based fundraising. It might be a golf outing, gala or garden party. These events needs dozens of volunteers. You can choose your level of commitment. Maybe you are in at the start, months in advance. Maybe you jump in during the final month, when much needs to get done.
Good for visibility? Lots of volunteers are involved. You take on and complete a manageable task. Fellow volunteers see you follow through. Board members take notice.
I’m a committee member: Remember that ‘raise or spend money’ issue? You want to be on the revenue side of the equation. There’s sponsorship money to be raised. Live and silent auctions are popular. Event tickets need to get sold. You meet wealthy supporters. Your efforts help the event meet or exceed its dollar goal. People now know you can raise money.
Where does business come from?
But where’s the connection? How do I go from people knowing me to ringing the cash register?
First, don’t be predatory. You must be giving back for the right reasons.
Second, cast a wide net. When people know what you do, some come to you. In some other cases, you get an intuitive sense when the time is right to approach them. Here are seven ways your involvement leads to business:
1. Business with people you meet. That’s pretty obvious. They approach you or vice versa.
2. Referrals. They like their advisor, but they know someone who doesn’t like theirs.
3. Business within the organization. Do they have an endowment? A foundation?
4. Referrals to other organizations. The fundraising professionals all know each other. They may know another organization where their investments need help.
5. Life-changing events. You make friends. Friends tell other friends stuff before they tell their financial advisor.
6. Speaking engagements. Does your group bring in speakers?
7. Potential seminar location. If it’s a cultural institution, it probably has an imposing building, central location and ample parking.
You got involved for the right reason, to give back to the community. Good things can also happen business-wise.
Bryce Sanders is president of Perceptive Business Solutions Inc. He provides HNW client acquisition training for the financial services industry. His book, “Captivating the Wealthy Investor” can be found on Amazon.
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