Causely is a company that thrives on helping businesses give back. Because of that, we often hear the question, “But why is giving money away good for my business?”
It’s easy to snap back with the frustrated dad answer, “Because it is!”
But the truth is there are many answers to that question. And as a business owner you might find that all the answers work for your business, or none of them. Either way, it’s a question well worth considering to help grow your business.
But first, try not to think of charitable giving as just “giving away your hard-earned money.”
Think of it as an investment…
Here’s why charitable giving is a great investment for your business and sets you apart from businesses that don’t give back.
Employee Engagement and Productivity Are Key
Employees love working for a company that gives back.
One study shows that employers who “consulted and included” their employees in the company’s charitable giving saw a 13% increase in employee productivity.
Other studies show that employee engagement is directly related to volunteering and charitable giving. If you want happy, loyal employees, a charitable giving program might be the answer.
Millennial Engagement Is the New Black
Millennials love philanthropy.
In fact, rumor has it that Millennials might actually be the most generous generation.
Giving and being socially aware is how Millennials find purpose in their work. So much so that six out of 10 Millennials say a “sense of purpose is part of the reason they chose to work for their current employer.”
Since millennials are most likely your target market, as well as your primary options for hiring, it’s vital to create a culture that’s appealing to them.
A Positive Reputation Is Priceless
Consider this: do you patronize a business that has a bad reputation? No.
Having a positive reputation in your community is key for success, whether your part of a franchise or independently owned.
Charitable giving is a great way to boost your good standing in the local community. — click to tweet
Also, don’t forget about the potential PR benefits!
By sponsoring charitable events (fundraising galas, 5k’s, clothing drives, etc.) you can broadcast your brand’s philanthropic endeavors to thousands of people.
“Studies consistently show charitable donations and corporate sponsorships have a positive impact on the bottom line through increased sales, improved consumer loyalty, employee morale, and enhanced brand awareness.”
Consumer Happiness Is All That Matters
90% of U.S. consumers say they would switch brands to one associated with a cause.
Need I say more? People care about where their money goes and who they support.
To foster loyalty to you brand, it’s important for you make sure your consumers are happy patronizing your business and being associated with your brand. Charitable giving can help you build a strong relationship with your customers. — click to tweet
Tax Deductions Rock
Charitable giving is a great way to reduce how much you pay in taxes each year, but I encourage you to not make this the only reason you give!
Here’s a list of benefits and rules to keep in mind about tax deductible giving.
Just kidding. Do your taxes!
Want to Be a More Charitable Business?
Maybe you want to be more charitable, but can’t imagine taking on a full sponsorship or starting an employee engagement program. That’s ok.
You don’t have to recreate the way you do business in order to be charitable. Start small. A great place to start is with your employees. Try scheduling an annual volunteer day or a winter coat drive for your local homeless shelter. Anything is better than nothing, and you might be surprised by what you inspire through even just one, small charitable act.
At Causely, we believe full-heartedly that doing good is good for business. If you’re struggling to come up with something that works for your business or want to talk to our team about how Causely can help, click here.