As we approach the end of 2016 and the beginning of the Holiday season, the idea of charitable giving is more relevant than ever. Beyond the obvious examples, there are actually a number of reasons why people give to charity. In this post we are going to briefly explain how and why your small business should start to give to charity.
The first step is to choose the right charity for your small business. Picking your charity is one of the most rewarding parts of this process and owning a small business affords you the ability to pick whatever charity you want. There are two main ways to choose a charity to invest in. One is to choose the charity because their cause is somehow relevant to the type of business you already do. For example a bakery could help supply food for a homeless shelter. Yet not all businesses can find a specific tie-in to their charity. Therefore it is also encouraged to pick a charity based off of personal interest. Having a personal connection will make you feel more motivated and give you a deeper sense of accomplishment.
Once the actual charity is decided and your giving begins, you’ll notice many of these benefits:
1. Tax breaks
While this is certainly the most obvious reward from giving, it is still not one to be ignored. Getting money back is always a good thing.
2. Enhanced reputation
Your business' reputation is only increased when your store or product is associated with charity work.
3. Increased customer loyalty
As customers see your charity work, they are more inclined to award you with their allegiance.
4. Increased social media presence
In this age of social media, having a charitable online presence can go a long way. Making your social media network aware of your charity work will only enhance your company’s online reputation.
5. Set a positive example
When your small business gives charitably, you set a positive example for other employees to follow. Setting an altruistic precedent will help better both current and future employees.
Whether your company is donating its money, time or product, there are many reasons to get involved with charitable giving. As you continue to give, you’ll start to see the positive effects from many of the aforementioned reasons to donate. Perhaps this holiday season your small business will start or increase your yearly giving.