Philanthropy is a great way to help others while also helping your bottom line. Business is all about money and while giving seems like it only helps them and not you, there is more to it than that. With volunteering time, money, and equipment you’re benefiting your business as well. It truly is a win-win.
Your contributions can be tax deductible. In most cases, all of it is tax deductible and in rarer cases, only some of it is. It isn’t just money either, if you contribute a piece of equipment (i.e. a printer, computers, or vehicles), that is also deductible. If you send employees out to volunteer, any of the mileage can be written off as well. Make sure the organization you are giving to is qualified with the IRS. The IRS describes them as “operating exclusively for charitable, religious, educational, scientific, or literary purposes, or for the prevention of cruelty to children or animals.”
Company giving will boost employee morale and will also help the community. Employees who volunteer are more likely to be in a good mood, work harder, and have positive things to say about their employer. Showing your employees that you care about the community will help them to respect you. What is this doing for my business you might ask? Well, happy employees, better workflow, more reliability, and happy customers. Plus, a stronger community. A community that is filled with people who give back is a strong community. Strong community equals better economy and we all know what that means – more people spending money.
Marketing is a big one when it comes to contributing. Consider an organization that does similar things to what your company does. This will show your employees and customers that you are serious about the line of work you are in. Seeing your business name on the list of donators or even sponsoring a team, is a great way to get your name out there. People see you and your employees volunteering your time, money, or product, helps them realize that you are a business worth supporting.
Be part of a cause and contribute today. It will help with awareness, employee morale, a stronger community, and your bottom line. Everyone it involves will thank you and your profit is likely to increase as well. Start small and see how it can affect your business.