Many businesses regularly make an active commitment to support charity. The annual turkey challenge organized by Springer Financial Advisors is just one of the many ways that businesses can contribute to their local communities – other options include volunteerism, employee donation matching and inventory donations. Obviously, this has tangible benefits for the charities or communities that are receiving assistance; less obviously, however, the businesses themselves can enjoy a number of less tangible but still significant benefits as a result of their charitable activities. It may seem somehow “uncharitable” to be thinking about the benefits you can from donating to charity, but there is no reason why charitable activities can be win-win. If your business is not already donating to charity, here are some of the benefits that you are missing.
Perhaps the most obvious and measurable benefit that businesses receive when they support charity is a tax-deduction. There are different rules and procedures governing the allowable deduction in different circumstances, so be sure to consult with your accountant to find the best way to support your chosen charity while maximizing your bottom line at the same time.
Although it is more difficult to measure in a direct sense, there is a great deal of research that suggests that volunteerism and a sense of purpose contributes to peoples’ general sense of happiness and well-being. This is certainly a good thing on its own, but in the workplace there is the added bonus that happy employees are more likely to be productive in the workplace, especially if there is a sense that the workplace is in part responsible for the happy feeling. This can cultivate a sense of pride among the staff to be working for an employer who is giving back, and this in turn can result in greater loyalty and staff retention. Happy people are also less likely to suffer from mental and physical health issues, and are therefore less prone to absenteeism.
The power of the pocketbook is indisputable, and there has been a rise of consumer activism in recent years that rewards businesses which are seen to be doing good in the world, and punishes those that are seen to be doing more harm than good. Boycotts apps make it very easy for people to rally around a particular cause, and there is no question that social media campaigns to support or boycott a particular business can be very effective. If your business is seen in your local community as making regular and positive contributions, this can have a major impact on your bottom line – surveys repeatedly confirm that when given the choice between a business that supports charity and one that does not, consumers prefer to spend their dollars with the business that supports charity.
As you can see, there are some clear benefits that you can reap if your business supports charity; there is nothing at all contradictory about gaining some business advantages as a result of doing good in your community. In fact, this is a very clear example of a win-win situation in which everyone is able to benefit.