Business owners who are earning well and making good profits often turn to charities to share a small chunk of the money they have earned for the betterment of the community. If you are also planning the same, then you must know 8 reasons why supporting a charity support your business.
1. Boosts Morale
When your
employees work for a worthy cause, it will boost their morale. It also allows
them to take a break from their work and makes them feel that they are doing
something meaningful.
2. Improves Brand Image
If a
business demonstrates ethical and thoughtful behavior by donating to a charity,
it will help improve your brand image. It will also help your employer brand as
people prefer to collaborate with companies that help the community.
3. Enhances Retention Rate
Supporting
a charity also helps employees feel more connected to a company. If employees
feel more connected to a company, they will work there for long, and the
employee retention rate will increase.
4. Good for Competitiveness
If you want
to compete with highly reputed brands, you should focus on charity. You should
boast about it when you are hiring new candidates for a job. It will help you
to get the attention of fresh graduates.
5. Helps with Teamwork
When
employees come together for a worthy cause, they usually work as a unit and
know each other personally. For instance, when running for a charity marathon,
they might bring their families along, and it will give them the opportunity to
know each other and bond well. It will help promote teamwork within your organization.
6. Great for Business Network
Working for
a worthy cause will also help you connect with companies like yours that
believe in supporting a noble cause. You can use this opportunity to connect
with the business leaders of other companies and grow your network. You never
know, you might also find financers or suppliers for your business at a charity
event!
7. Good for Local Community
If you own
or operate a local business, we recommend that you focus on charities that help
benefit local communities directly. It will help you get exposure to the local
community members, and they will also get familiar with the brand. You can
study your target audience and customize the products/service accordingly.
8. Tax Deductions
A company
that works for charitable causes or donates a good chunk of money for such
causes can be eligible for tax deduction benefits. Examples of such donations
are cash donations, inventory donations, etc. To know more about claiming
charitable tax credits, click here.
Final
Words
There are
several benefits a company enjoys when it participates in charity. To reap all
these benefits, make sure that your employees are equally engaged and
enthusiastic about the work. As a business owner, you also need to get involved
at the root level and ensure that your efforts get noticed by everyone.
Sounds
interesting? Read about the top 10 charities in Canada here.
by Shruti , CNS Canadian News Source
Source:
https://www.b2bnn.com/2021/07/9-reasons-supporting-a-charity-is-good-for-business/