Why Business Should Support the Arts
By J. Joseph Hale, President,
Cinergy Foundation
"Some would argue that the business of business is to make money, and that focusing on anything other than the bottom line is malfeasance on the part of management. I would argue that we look at more than the bottom line not because we don't think it's important but because, paradoxically, we believe that a narrow focus on a healthy bottom line is not the best way to achieve it. And, I would argue, that simply makes sense because our business does not operate in a vacuum.
To put the relationship between business and the community in perspective, I have to start with the three fundamental business reasons for Cinergy's involvement in the arts:
- Name recognition and the image of a good corporate citizen.
- The ability to attract and retain good employees by maintaining attractive arts opportunities in the community.
- Promotion of the regional economy, which is the base for our core business.
What is the return on our investment in the arts? If I had the answer to that question and had the data application to help other companies answer that question, I'd open my own consulting business. The truth is, we don't know. Several people have tried to calculate an ROI for corporate citizenship and support for the arts, but the results are always anecdotal. ROI for support of the arts really gets to the what the soul of a company is and what it stands for.
This is not just about business. . . . A narrow focus on business is
probably not the best approach to succeeding in business because you can
lose perspective, creativity and opportunity. It's certainly not the best
approach to succeeding in life and this is even more important as we convert
from an asset-based economy to one driven by skills and knowledge. The
need for truly enriched individuals in business is greater than at any
time, and this will only grow."