You have many privileges as a business owner. The corner office, the awesome parking spot, your own business… just to name a few. Yes, those privileges of running a business are great, but there are also others that are somewhat more meaningful.
Have you ever thought of the benefits volunteering can deliver to your business? We have, and we’re here to enlighten you with seven ways supporting a charity can be helpful for your business.
1. Defining Your Corporate Identity
The charitable element of your company can be the cornerstone of your brand showing the world that you are ethical and trustworthy. It can also define your company as different from its competition. This not only aides your overall brand image but can be an important recruitment tool for attracting the top talent to your business.
2. Great Public Relations
Sharing your nonprofit stories can benefit your company on many levels. Visitors to your company’s website can see what activities you’re doing and coverage in the media can reinforce to current employees that they made a great career choice.
It can demonstrate to clients, customers, and business partners that your organization and its leadership team are dedicated to charitable causes. In addition, in many business awards applications there is a question about the company’s CSR (Corporate Social Responsibility) practices.
3. Enhance Employee Relations
Many people want to volunteer or raise money, but can’t find time in their busy lives to do it—or may they are too scared to try an opportunity on their own. Participating in employer-sponsored activities allows employees the opportunity to do things where they don’t feel like they are taking time away from their work or families to help others, or trying to squeeze yet another item into their jam-packed schedules.
4. Team Building
When raising money together your employees are able to partner across divisions and work in team environments outside of their direct work groups. People from different departments or offices, who wouldn’t see each other during a typical workday, can serve a meal, volunteer in a classroom or help build a home, side-by-side.
This promotes a greater sense of camaraderie and unity among employees as they work towards a shared mission and common goal.
5. Networking Opportunities
Through being part of a charity you can belong to a powerful network of like-minded business owners that you meet with regularly for a joint cause.
Oh, and of course there is the personal benefit from helping others.
6. Tax Deductions
One of the most immediate benefits (and perhaps an un-altruistic one) to your business from supporting a charity is being able to get a charitable donation deduction.
Donations that are generally tax-deductible include sponsorships of charities or events, donations of inventory, services, or cash. Did you know you can receive deductions on charitable donations of up to 50 percent of your adjusted gross income?
Make sure you follow the rules and regulations closely to avoid any tax problems and you’re set!
Claiming charitable contributions and some volunteering expenses as charitable contribution deductions on your income taxes is great and all, but always remember the true reasons for giving. Stay aligned with your values and good outcomes will present themselves to your recipients and your business.
7. Giving Back Just Feels Good
Aside from the tax breaks and publicity, remember what the greatest benefit is. The best benefit of having your business support a charity is the feeling you get from giving to others. You as a business owner tend to be energetic, talented and an action-oriented individual with the natural ability to lead.
With all of that under your belt you have the power to stand up against the issues in your community.
You can make the world a better place–not just by selling business services and offering great products, but by actively collaborating with organizations to create opportunities for those around you to get involved and help to strengthen your community.
Get out there and change lives:
So what are you waiting for? Get involved! Meet with your employees and find out their interests in donating to a charity. Be your community’s strong tower and fight for a good cause that makes a big difference in the lives around you. Do your research and strategize to make sure whatever charitable effort you pick is a good fit for your company’s brand and your personal values.
The spirit of giving and making a difference in the community is one of the most powerful aspects of being a business owner. So what are you waiting for?