Four Reasons Your Small Business Should Give to Charity
Philanthropy has Positive Effects on Personnel and Prosperity
The virtues of philanthropy are clear in our personal lives. Giving to charity helps you develop a better sense of purpose and expand your feelings of gratitude and generosity. When you incorporate charity into your small business, the positive effects of philanthropy will surely enrich you and your employees’ professional lives.
1) Philanthropy Improves Employee Morale and Camaraderie
When employees feel like the work they do has a positive impact on their community, they will be more motivated to work hard and produce quality work. Having a certain amount of your business’ profits go to charity, volunteering with your employees and sponsoring charitable events will boost your employees’ morale and sense of camaraderie with their colleagues. The resulting feelings of happiness, motivation and purpose can only positively affect your business.
2) Giving to Charity is Great for Exposure
Your business undoubtedly has a set of core values that inform day-to-day operations. Partnering with charitable organizations that embody these values through event sponsorship, donation and volunteering strengthens your relationship with your community. Additionally, your business will become associated with positivity, generosity and good will. The positive associations surrounding your business will attract customers who want to make sure that their money is being spent at establishments that support worthwhile causes.
3) Certain Charitable Donations are Tax-Deductible
For many businesses, a major benefit of giving to charity is taking advantage of tax deductions. Cash donations, volunteered services, sponsorship of events and donations of inventory or services to a 501(c)(3) organization are usually eligible for tax deductions. Not all organizations can receive tax-deductible donations, however, so you should use this tool from the IRS to make sure your charity of choice is eligible.
4) Philanthropy is Beneficial to Your Community
Giving to charity allows you and your employees to build meaningful relationships with the members of your community. This is great for bringing in new customers and making sure that your business is a mainstay in your community, but it also allows you and your employees to develop a deep understanding of local issues and how to solve them. When small business are involved in their community through philanthropy, they make a worthwhile investment in the future success of that community.
Getting your small business involved with a local charity has a myriad of benefits for your employees, your profits and your community. While personal involvement in philanthropy may improve your emotional well-being, professional dedication to a charitable cause can help your business and community grow and prosper.