What Every Business Should Know About Charity

Posted: 13th November 2017 09:07

Anybody who owns their own business knows well that balancing your finances, your brand and your clientele is a tricky endeavor. Add charity involvement to the mix, and you might easily feel overwhelmed. Getting involved in charity can be a great move for businesses, though. This is especially true if you genuinely want to use your position as a business owner to support your community and make the world a better place. It does not have to be a daunting process, and there are a few things you should know before you join your business and charity interests.

The following are important facts and tips to take into consideration as you begin your move into charity involvement. Whether you are planning on launching a continual campaign or simply donating a portion of your business’ proceeds, you can get started by reviewing the following information.

It Is Socially Responsible

The fact of the matter is this: businesses have a responsibility beyond just making profit. You have responsibilities beyond just managing your business. Though financial success is the primary objective of any business, it should be coupled with a sense of social responsibility, too. Small businesses, in particular, are often influential in their communities—so it is important to take that influence seriously. Getting involved in a local charity is a great way to exercise your social responsibility and ensure that you are having a positive impact on the community you and your customers are part of.

Involvement Builds Brands

Charity involvement isn’t just about social responsibility, though. As you probably know, charity is a great way to build your brand. McDonald’s will always be associated with the Ronald McDonald House, and the association is a positive one. Your business, too, could benefit from building the positive association that results from charity involvement. If you specifically support a single cause and integrate this into your branding, you will likely see a boost in positive reception. Businesses can learn from philanthropists such as Lola Karimova-Tillyaeva who understand how important charity is to developing and establishing your brand.   

It Is a Wise Investment

Many businesses do not understand how potentially lucrative charity involvement is for businesses. Of course, it’s great for boosting your brand and demonstrating your social responsibility, but you might also notice that it is beneficial to your business’ bottom line, too. This is true for several reasons: most charity donations are tax deductible for businesses, so you may be able to reduce your debt to the IRS by donating to a charity. When you strategically integrate charities into your business plan, you will find that it is both socially and financially beneficial to be philanthropic.
There Are Many Options

There are countless charities in need of your support and attention. It can be difficult, in fact, to narrow down which of the available options you are most drawn to. You may consider finding a charity whose cause aligns with some of your business concerns. Perhaps if you are a clothing retailer, for example, you might partner with a charity providing shoes to impoverished children. Think about what charities your customers would be most interested in supporting, too. Philanthropists such as Lola Karimova-Tillyaeva have established their name by supporting multiple causes, so you might consider this approach, too.

It Impacts Customers

You might be surprised by the response your customers offer to your business’ charity involvement. In addition to the positive effects of supporting a charity, you will likely see that your customers are impacted, too. They might even be inspired to get involved. Even the average customer, though, will likely be impacted by your business’ association with a charity. When clients know that they are supporting a business that supports charities, they are likely to feel good about their relationship with your company. This is a valuable component of building your clientele and growing your business.

Morale Is Boosted

Do you ever think about what motivates your employees? What boosts their morale and makes them proud to work for your company? Charity involvement is an important part of this. It has been suggested that staff are often more invested in working for companies that are involved in charity work. It isn’t hard to see why—when you are working for something greater than just profits, it encourages your employees to work beyond the minimum, too. This is great for developing a team spirit among your staff, too, by uniting in a common goal.
Charity involvement is a great asset for businesses of all kinds. Whether you are a retail store, small bank or professional service, your customers, employees—and most importantly, the people in need of charity—will benefit from your decision to invest in a worthwhile cause. Find a charity that aligns with your business and take the leap to put your ideals into practice. You and your business will benefit from it.