8 Reasons Why Supporting a Charity Supports Your Business

 Business owners who are earning well and making good profits often turn to charities to share a small chunk of the money they have earned for the betterment of the community. If you are also planning the same, then you must know 8 reasons why supporting a charity support your business.

1.       Boosts Morale

When your employees work for a worthy cause, it will boost their morale. It also allows them to take a break from their work and makes them feel that they are doing something meaningful.

2.       Improves Brand Image

If a business demonstrates ethical and thoughtful behavior by donating to a charity, it will help improve your brand image. It will also help your employer brand as people prefer to collaborate with companies that help the community.

3.       Enhances Retention Rate

Supporting a charity also helps employees feel more connected to a company. If employees feel more connected to a company, they will work there for long, and the employee retention rate will increase.

4.       Good for Competitiveness

If you want to compete with highly reputed brands, you should focus on charity. You should boast about it when you are hiring new candidates for a job. It will help you to get the attention of fresh graduates.

5.       Helps with Teamwork

When employees come together for a worthy cause, they usually work as a unit and know each other personally. For instance, when running for a charity marathon, they might bring their families along, and it will give them the opportunity to know each other and bond well. It will help promote teamwork within your organization.

6.       Great for Business Network

Working for a worthy cause will also help you connect with companies like yours that believe in supporting a noble cause. You can use this opportunity to connect with the business leaders of other companies and grow your network. You never know, you might also find financers or suppliers for your business at a charity event!

7.       Good for Local Community

If you own or operate a local business, we recommend that you focus on charities that help benefit local communities directly. It will help you get exposure to the local community members, and they will also get familiar with the brand. You can study your target audience and customize the products/service accordingly.

8.       Tax Deductions

A company that works for charitable causes or donates a good chunk of money for such causes can be eligible for tax deduction benefits. Examples of such donations are cash donations, inventory donations, etc. To know more about claiming charitable tax credits, click here.

Final Words

There are several benefits a company enjoys when it participates in charity. To reap all these benefits, make sure that your employees are equally engaged and enthusiastic about the work. As a business owner, you also need to get involved at the root level and ensure that your efforts get noticed by everyone.

Sounds interesting? Read about the top 10 charities in Canada here. 

by Shruti , CNS Canadian News Source



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