Is charitable giving a part of your organizational practice? If so, kudos to you; you are well on your way to building a culture and financially optimized business.
Yes, you read that right, financially optimized.
If giving purely for altruistic reasons is not your thing, don’t worry; in today’s blog, I will share four reasons why you should make giving a part of your business plan.
Need a little more convincing how about $2.45 trillion reasons
“Omnicom Group’s Cone Communications study shows, 70 percent of millennials will spend more on brands that support causes—and with millennials representing $2.45 trillion in spending power, the subject of corporate social responsibility carries an unexpected level of clout.”
Reason Number 1: Employee Morale
Gen Z and Millennials share an appreciation for “Why”; their desire for purpose-driven work can help you retain these employees. In today’s climate retaining talent can be as important as generating new business.
According to a Deloitte study on volunteering, millennials were “twice as likely to rate their corporate culture as very positive” if their company participated in workplace volunteer activities. This is because employees respect companies that care for their community–it simply makes employees feel good and increases the emotional attachment to their employer.
Reason Number 2: Two for One Marketing Dollars
Charitable giving can be like doubling your marketing dollars. The goal of your marketing budget is to get your message in front of your target audience. One of the best ways to do this is by creating strategic partnerships with non-profit organizations that have similarly aligned missions to the product or service you provide.
For example, if your company makes sporting equipment, consider sponsoring local sports teams or tournaments. That will show your current and future clients that you care about your business and your community.
Reason Number 3: Uncle Sam is going to take it anyway’s
This is one of the most immediate benefits of corporate donations. You may not instantly see how your contribution benefits your community, but you will quickly notice the tax savings. Of course, businesses shouldn’t donate with the sole expectation of financial gain, but there are financial rewards for helping a charity in need. In addition, companies can usually receive tax deductions from sponsoring charities or events. Still, you should make sure to follow the rules and go about the process in the right way to comply with all tax requirements. Talk to your accountant about creating a charitable giving strategy as part of your revenue model.
Reason Number 4: Giving is Good
The final reason is arguably the most important. It feels good to know that you have found a way to help build your community. Plus, according to the Cleveland clinic, it can have the following health benefits;
- Lower Blood Pressure
- Increased Self-esteem
- Less Depression
- Lower stress levels
- Longer Life
- Greater happiness and self-satisfaction
Create an Action Plan
As today is Giving Tuesday, there is no better time to build a charity culture into your business practice. So here are a few different ways you to give back.
- Volunteer Day’s
- Event Sponsorship
- Sponsor Youth Sports or Programs
- Donate to research
- Charitable match program
- A competition where each team member represents a charity, whoever sells the most or exceeds monthly expectations the company will donate to their charity.
The options are endless and entirely up to you. If you need help creating a charitable process that will benefit the community and your bottom line click here and one of our coaches can help you design the best program for your organization.
Now get out there and give.
One thought on “Charity is Good Business”
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