5 Ways That Supporting Charity Is Good for Business: It’s important to support charitable organizations, programs, and initiatives, especially if you own or run a successful company. The good thing is that by doing so, you’re helping people in need. Also, there are many ways you can give back: donating time, clothing, food, money, and even pro bono professional services. Just as there are many ways to give, there are also many benefits your company will enjoy as a result of your charity.
5 Ways That Supporting Charity Is Good for Business
It can help grow business
The buzzword is social entrepreneurship. This simply means that many companies are not only focused on earning profits but also improving their communities or identifying needs, whether locally or globally, and addressing them through financial support, product donations or good works. These companies want to help, but the good news for the company leaders is that many customers now proactively seek to do business and support enterprises that are helping others.
It can help you raise your company’s profile
When you support charity, people will notice. That’s not why you do it, but it is a benefit. Consider the many events in which companies that support charities take part. Not only will your company be included in public recognition (which is very good publicity), but it will also gain a reputation as one that supports others in need. In today’s world, that’s not a bad thing to be known for.
It can motivate employees
Employees are increasingly being drawn to employers who practice corporate giving and supporting charitable endeavors. And when your existing employees realize that the company for which they work is genuinely interested in helping others, they will often want to support leadership’s vision even more fully, knowing that their company truly cares. Working in an environment that values altruism can serve as an inspiration to them.
It can reduce your taxes
We all know the tax advantages that can be realized as a result of corporate giving. When you donate to a nonprofit charity or another initiative, you’re not only supporting social or other needs, but you’re also getting tax breaks. For many if not most businesses this is welcomed. Again, it’s not the reason for doing it, but it is a nice way that the government thanks you for contributing to the good of society.
Supporting charity is supporting society
Businesses of all sizes can and should be profitable, and it’s important to share some of that wealth with those who are less fortunate. When you do this, you’re improving someone’s life. It might be one person, or 10 or 100 or more, but you might be surprised by how far your support will go to help others.
Supporting charity is good for business, and there are many ways to provide support. It’s something that many executives consider a responsibility. For example, Chicago business leader Thomas Kane is one of the countless executives who spend a high percentage of time identifying opportunities for providing support, then following up with donations. It’s something that everyone in business should strive to do.