We all know the well-known quotation that now has been adopted as a business strategy: to give is to receive. For any size of business, social responsibility initiatives are an essential part of community building and provide a range of benefits. While there are countless techniques to grow your brand and visibility, such as designing a website for online marketing, establishing a workplace culture of giving within your business is essential to your financial stability and overall company satisfaction.
Trends in philanthropy are on the rise, as shown by recent data from Alignable, which suggests that small and medium businesses are now giving more than corporate counterparts. Even if you have to take out a startup business loan, you will see that coming up with ways to find available funding for charitable efforts will lead to greater success in your short and long-term goals. If you are looking for ways to improve your small business, here are 3 reasons why you should integrate philanthropy as your next strategy:
Reason #1: Giving Reverses to Gains
No matter what type of philanthropy you decide to engage in, you will find that charity will provide many gains for your small business. While the gains may not always be financial, you will become a more respected leader if you focus on doing good, and you will be seen by your employees, clients, and competitors as a positive force. Philanthropy also solidifies certain gains in terms of connections and networking, as you will meet powerful individuals invested in charitable organizations.
Reason #2: Saves Tax Money
If you decide to give corporate donations, you will see that one of the immediate advantages is the tax deduction. Of course, it isn’t advised to donate simply for the sake of the tax savings–your business should always be more focused on the effect on the people or organization you choose to assist. But, it is certainly appealing to receive some cuts on taxes as a result of your business sponsoring charities or events.
Reason #3: Make a Difference in the Community
A final reason to integrate philanthropic practices is for the resulting community engagement. If donating money locally, you will be able to visibly see the results of your efforts and their effect on your neighboring community. Many communities need financial support in the U.S. and around the world; no matter where you decide to invest your philanthropic efforts, you will likely feel like you are making a true difference in the lives of others–and what’s better than that? Charity is therefore a form of investment that will have plenty of communal payback, making your business’s surrounding community more financially and socially stable.
Thus, by incorporating philanthropy into your business, you will gain a variety of benefits and be able to have a positive impact on the community that will not go unnoticed.