As a business owner, there are so many aspects of your work that require your attention and consideration. From marketing to accounting to staffing to business development, a profitable and well-tooled company is usually successful in managing and maintaining these aspects of operations and more. As your firm grows, it is important that you implement community-driven, charitable efforts and objectives. Changes in consumer demographics have led to millennials comprising a larger share of your clientele. This shift has brought more attention to how companies give back and support their communities. With a majority of American consumers believing that a company’s charitable efforts matter, it is important that your business gives back in some way. Here are some potential benefits to consider.
Standing Out from the Competition
Consumers place value on businesses being charitable or having socially responsible objectives. They like to know that their dollars going towards worthy causes, so giving back can help your company stand out from the competition. With so many companies competing for attention and business, the market is full of products and services for customers to choose from. Often, the decision to do business with a particular company or brand comes down to factors such as the community-based initiatives and charities that are supported. Customers like to feel good about where their money goes. Giving back can make all the difference when it comes to growing your customer base.
Boosting Branding and Positive Publicity
Your company’s reputation will be positively impacted by visible efforts to give back to local communities and charities. It is important for clients to see that you value the wellness of the public whose dollars support your organization. The public makes a positive association with your company that can only improve branding and boost marketing efforts. Getting involved with public initiatives in the areas where your enterprise does business helps generate goodwill and good visibility. Consumers will feel encouraged to not only buy your products but also promote them to others. Humanitarians such as Dr. Ehsan Bayat would cosign on the importance of business entities supporting and bankrolling local initiatives.
Attracting the Best and the Brightest
Purpose is not only a driving factor among consumers but also employees as well. Many millennials, in particular, want to feel that their lending their talent and expertise towards an organization that is socially responsible and philanthropic. A larger percentage of top talent these days are driven less by salary and more by a company’s commitment to things like social justice and the environment. Many of the industries best and brightest want to work for companies that align with their values and interests. Being intentional and visible about being philanthropic or charitable can help you maintain a competitive advantage when it comes to new hires.
Improving Morale and Work Culture
Just as with consumers, many company employees feel better about working in a pro-community environment. Providing a vehicle for your workers to support organizations is strongly recommended. This promotes a giving environment where your employees can take pride not only in their work product but also in their contributions to charitable efforts. Consider implementing a donation program where your business matches employee donations. It’s better for your business when your walk can match the talk.
Networking and Connecting
Supporting community-based initiatives is a great way to network and connect with other industry leaders, local public influencers and other businesses. Volunteering and funding charitable endeavors gives you the profile and visibility needed to make connections with other entities that can help support your business. This may open you up to partnerships and contracting opportunities that help grow your company’s profits and reputation.
Improving Your Bottom Line
At the end of the day, you’re in business to make money. Logically speaking, if your company supports the community, the community will ultimately support your business. Giving back isn’t a vehicle for immediate profits, but over the long term, your company will benefit from being patronized by a society that it supports in meaningful and appreciable ways. The profile of your enterprise will rise as more members note your active involvement in the well-being of local society. From word-of-mouth to repeat business and support from those who want their dollars to support local associations, you’ll eventually see a real return on your investments.
When businesses give back through charity and philanthropy, they experience several benefits, especially in the long run. Your organization experiences external benefits such as improvements to branding, free publicity and positive differentiation from competitors. Internal benefits such as raised company morale, hiring and onboard of talented personnel and partnering opportunities can also be experienced by a firm that supports its locality. Your business and the local public have a symbiotic relationship wherein what benefits the community ultimately benefit you. Look for ways to plant small seeds of charity that benefit society in a meaningful way now and reap the benefits of those sown seeds later.