Five Excellent Reasons Your Business Should Give to Charity
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If you have a successful business that is bringing in money, you may feel inclined to pay some of that profit forward in the form of charitable giving. Making financial donations is one of the best ways for a business to contribute to its community. Here are just a few of the great reasons your business should be giving charitably.
1. They're Tax-Deductible
The simplest explanation for why charitable donations are such a great opportunity is that they're tax-deductible meaning you get to keep some more of your business' taxable income when you make them, all while also helping out a worthy cause. Working with your company's accountant can help you to make sure you're getting the most out of your potential charitable deductions. If you're leaving potential charitable deductions on the table you may be missing out on the opportunity to benefit from the remaining excellent perks of giving presented below.
2. Donations Are Great Public Relations
Making a charitable donation is a great way to get positive coverage of your company while also having a positive effect on the community. Whether you're sponsoring the hole at a local PTA golf outing so all the players see your company's logo or making a donation to a local food bank which draws news coverage, getting your company associated with positive feelings while also helping out the group you donate to is a win-win situation. The more donations you make which draw press coverage or get highlighted by the organization you are donating to, the more awareness for your brand you receive, all of it in a positive light.
3. Responsible Behavior Raises Morale
Keeping your employees happy is one of the most important tasks at any company. Not only does high morale result in better performance from employees, but it also makes it easier to retain good employees and attract compelling candidates for new postings. Everybody would prefer to work at a company they feel is having a positive effect on the world, and making charitable donations is one way to ensure your company fits the bill. As you expand your company's charitable giving portfolio, you, in turn, are making it a more appealing place for workers, both those who are already with the company and those you would like to add in the future, letting you build the strongest staff possible.
4. You'll Expand Your Company's Network
The business world is all about networking. The more people you know, the more opportunities you have to find clients you would have missed or get better deals on products or services you need. Working with charities helps you to forge connections with staff members of that charity as well as others who donated if you attend events held by the charity. These new connections can pay off big time down the line.
5. It's the Right Thing to Do
Setting aside all the positive benefits which come from making charitable donations, you should consider it for your business because it is just good practice. Take it from Neill Sullivan, who donated the Sullivan Community Center to West Oakland where it now serves the community, giving back to your community feels good because you know that you are doing good, and providing a service to those who need and deserve it. You'll feel better knowing you're making the right decision when donating, and your community will do better as a result of your donation.
When your business is giving to charity, everybody benefits. If you've got money in your budget you can afford to allocate to charitable giving, start seeing what options are available to you. Find one or more charities you believe in and give them the boost they need to succeed.