In recent years, there’s been an ongoing push to support small businesses by “shopping small,” and rightfully so. Locally-owned companies create a sense of community, provide access to unique goods, and they’re great for the economy! Shopping local means supporting your greater community, and businesses themselves are no strangers to the art of giving back.
Are you a business owner who needs an extra push to give back? Well, did you know that charitable actions can actually help your business, too? Don’t be hesitant about giving back because here are five ways your business can benefit from donating to important causes.
1. Businesses receive a tax write-off for donations.
The most obvious benefit of giving back as a business is that you’re rewarded tax-write offs. Corporate giving makes up for more than 18 billion dollars, and most of these contributions are tax-deductible. Ensure that you’re donating to an IRS-qualified charity so that you can receive the tax benefit for giving back.
Did you know that businesses can donate more than just money to receive a tax break? That’s right. You can donate property, sponsorships, and even old equipment. Business owners, get creative and find ways to support organizations in your community!
2. It’s free, positive press for your business.
Making a contribution to a charitable organization is not only an excellent way to support an impactful mission, but it’s a great opportunity to shed some positive light on your business, too! Local organizations and non-profits are usually well connected and have expansive networks of diverse individuals.
You never know who will be watching the news or reading the paper, and someone might see your contributions and feel compelled to support your business! Remember, there’s no such thing as too much good publicity.
3. Employees will feel better about the company.
Are you struggling to keep your employees motivated? Let’s look at the facts. 65% of workers worldwide would prefer to work for a company with a “powerful social conscience.” That’s the majority of people in the workforce, so if your business isn’t striving to make social impacts, you may way want to rethink your business model so that you can attract higher and retain high-quality employees.
4. Consumers prefer to shop at companies that uphold positive values.
A global study found that people are a whopping four to six times more likely to purchase from, rally behind, trust, and defend companies with a vital purpose. So, do you want to increase your sales and customer loyalty? Of course, you do!
Purpose-driven companies are all the rage nowadays, but it doesn’t appear to be a short-lived trend. Gain the trust and interest of consumers by giving back and putting your money where your mouth is.
5. Giving back differentiates your business from others.
Brands that make their missions clear and are transparent about their charitable efforts are often more memorable compared to brands that don’t. Take the fashion brand ABLE, for instance. Their mission to empower and employ global women and pay them fair wages is front and center on their website. When you can set your business apart from the crowd and lead with a good cause, you’re more likely to gain customers who will advocate on your behalf!
Local businesses and companies have the power to enact change right at home in their communities. Giving back will not only inspire and better your community, but it gives you a chance to better and grow your business from the inside out! What organization can your business get plugged into today?