Philanthropy is the act of donating time, and mostly money, to a good cause. It has been used in the corporate world, not only as a way of giving back but in order to benefit businesses, for almost as long as businesses have been around.
You might be wondering why so many prominent business people are philanthropists; well, not only is it a good thing you can do for people in need, and for your own wellbeing toom but it can also be fabulous for your business too, in more ways than one, as you will see below.
Boost brand awareness and generate positive PR
The most obvious benefit of corporate philanthropy is that it can be used to increase awareness of your brand. When you donate money, publish a press release talking all about it or get your picture in the local newspaper and people will not only become aware of your brand, but they will associate it with lots of good things, which will undoubtedly make them more inclined to choose your business over the competition. It really is that simple.
Make money
Shoppers these days are very ethically minded, so you can definitely make more money by being a philanthropist and capturing the attention of ethical shoppers who are also willing to pay more for ethical companies, too.
Improve employee engagement
Having employees who are happy and engaged in their work is really important for businesses. Not only does it improve employee retention levels. But happy and engaged employees are also more likely to be productive too.
Where does philanthropy come in? Most people love working for a company that has good values; that gives back to the community and makes a difference. So, by getting involved in helping disadvantaged kids (click here) donating money to a local animal shelter, or allowing employees to choose a charity of the month, you can increase your productivity levels too.
Attract the best employees
Of course, being known as a philanthropic company that does good will also provide you with a unique selling point when it comes to hiring.
If you want your business to be a big success, you need to attract the top talent in your sector, and in order to do that, you need to offer them something they can’t get elsewhere. P{hilanthropy enables you to do that by giving them the opportunity to work for a responsible corporation that cares about important causes and puts their money where their mouth is. Do not underestimate how big of a draw that can be.
Tax benefits
Of course, when you donate your money the smart way, you can use it as a tax write-off and get more deductions, which is always worth bearing in mind. Just ensure that you consult a qualified accountant before you donate anything if you are looking to do so in a tax-advantageous way.
Philanthropy is great for the soul, excellent PR, and one of the best ways to promote your business, so how will you give back today?
