2017-02-15 00:00:00 Public Relations English Discover four of the potential benefits to your small business that can be realized as a result of charitable giving. https://quickbooks.intuit.com/ca/resources/ca_qrc/uploads/2017/06/Woman-making-jewelry-near-work-bench-and-tools-for-charitable-giving.jpg https://quickbooks.intuit.com/ca/resources/public-relations/4-benefits-charitable-giving/ 4 Business Benefits of Charitable Giving

4 Business Benefits of Charitable Giving

2 min read

Donating to charitable organizations is not just a way to get involved and help your community. It can also be an effective way to boost your small business. There are various ways to can set up charitable donations, and you certainly shouldn’t be shy about publicizing your charitable contributions. Spreading the word about your donations also provides free publicity for your selected charity. Charitable donations provide your company with a benefit at tax time and can prove to be an investment in community outreach that generates a very healthy return to your bottom-line profitability.

A Variety of Benefits

Donating to and being associated with charities provides opportunities for publicity and thereby an advertising opportunity for your business. You can maximize this sort of benefit by selecting a charity that shares commonalities with your business, either practical or in terms of shared virtues. For example, if your company makes goods for pets, sponsoring a charity event for a pet shelter would be an excellent option. Other benefits include the opportunity to enhance positive associations with your brand image and increased opportunities for networking. Nearly everyone can feel good about supporting a company that, for example, supports an animal rescue organization. Working closely with another business – in this case, your chosen charitable organization – can also open the door to new contacts who may become new customers or business allies. Having a shared interest in the charity gives you common ground from which to start building strong customer relationships. Contributing to good charitable causes helps you feel better about yourself and your business. This can generate a benefit in the form of employees having more positive feelings about working for your company, which tends to improve productivity. Also, since working for a company associated with good causes is personally important to many employees, your charitable efforts may show benefits in terms of helping your business attract more and better job applicants.

Ways to Give

There are a variety of ways to consider structuring your charitable donations, such as donating a set percentage of all sales or profits, or donating all or a portion of profits from the sale of one or more designated items of certain items. Taking the second approach lets you highlight certain products to the public. Another option for giving back might be donating goods, or possibly creating a specific good or service for a charitable cause, depending on the type of business you run or the materials you can access to create a good or provide a new service. Another way to give back is to provide contacts in lieu of goods or services. The connections you’ve developed by running your business can be of value to a charitable organization. Your small business can serve the community, advance its standing in the marketplace, and increase revenues by taking advantage of the many potential benefits and opportunities that smartly done charitable giving presents.

References & Resources

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

Related Articles

When Should Freelancers Begin Collecting Their CPP?

If you freelance, your financial decisions may be a little different from…

Read more

New Benefits of the ProAdvisor Program

Frequently Asked Questions What is the ProAdvisor Program? The ProAdvisor Program enables…

Read more

Financial Health Checkup: Do You Know the Tax Consequences for Providing Medical Benefits?

Your employees and those of your small business clients are already covered…

Read more