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Three Inspiring Ways Supporting Charity Can Help Your Business
It used to be that Corporate Social Responsibility (CSR) was something large corporations could do to give back, a bit of an afterthought, but a nice thing to do. Those days are past, however, with younger generations prioritizing the social good of the businesses they frequent. In an article for Forbes, Nikki Carlson writes: “Philanthropy increases brand loyalty when you practice it genuinely. Giving back increases engagement by sharing a mission and purpose with your customer base.”
One way for your business to give back is to partner with local charities that align with the values of your organization. Charitable giving can have a significant impact on your business, with a minimal impact on your bottom line. Here’s how:
Saving on Your Business Taxes
You might not get to see how your donations benefit your community instantly, but you will see the instantaneous benefit of a tax reduction! Make sure you are following the tax rules to maximise your savings; speak to your accountants if you have any questions about what is eligible for tax reductions and what is not.
Attracting Talent and Raising Moral
By partnering with charities that resonate with the values of your employees, you can boost office moral, reduce turnover and even attract new talent. Consider asking employees to suggest their favourite charities or organize their own fundraising initiatives. Find out what they are already involved in and lend a hand — you will gain loyalty and create a more positive, supportive atmosphere. Do some of your employees fundraise every year for cancer awareness? Do they walk in a marathon? Be curious and open to opportunities that align with your workforce!
Getting the Word Out
Partnering with a charitable organization, whether as a sponsor, donor or event partner, can be an excellent way to get your business seen and noticed. Choose charities that align with your business either through product, goals, values or through those of your target audience. Think about what locations and events your customers frequent and what types of charities they already support. You can inspire brand loyalty by showing your audience that you care about the same things they do. This is a terrific way to stretch your marketing budget and appeal to generations that are skeptical about traditional marketing.
As a note, don’t be afraid to share on social media what you are doing in the community! The only way that customers will know the difference you are making is if you tell them, so don’t be shy!
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