Unfortunately many businesses are only profit driven and they often neglect the problems of the world. However, you can get many benefits while helping the world become a better place to live. You can build a stronger brand image, attract and retain the best talent and separate your company from your competitors by creating a positive image. Keep reading below to find out other advantages of supporting a charity for your business.
- Importance of Giving Back to the Community: Supporting a charity helps your company to give back to the community and do some good. Customers appreciate companies which have a social mission or which are socially conscious. They prefer shopping from these types of companies or using their services. Also, they are willing to pay a little extra to support a cause. When you give back, you also help raise awareness. Therefore, others can follow your lead and raise funds or create special programs for more support.
- Increased Employee Satisfaction: Supporting a charity increases the morale of your employees and they feel more fulfilled and satisfied from their jobs. Everybody wants to make a difference in the world and so, more qualified candidates prefer companies which try to make a difference in the world. Employees feel more attached to their employers because of the positive feelings they receive from their jobs and another benefit is that it is great for bonding with coworkers because everyone works for the same cause.
- Great for Company Brand and Reputation: When you make a big donation or sponsor a charity event, your brand name is written everywhere from event brochures to flyers. Therefore, these kinds of donations help you put your name out there and show everyone that you care about social problems. When you care about the world, others respect your company and brand because you create a positive and stronger image. Also, be careful about supporting charities that fit within your brand or mission. For example; if you are a company that makes pens, you can support a charity that works for a better education system or helps underprivileged children go to school.
- Tax Deduction: Not only you help your community but also you immediately see its return financially. Businesses receive tax deductions from donations or sponsoring charity events but make sure that your accounting department follows all of the procedures and comply with the rules. Obviously, making a donation just for the tax deduction is not a very good idea but IRS rewards companies that give back to the community in terms of taxation.