7 Benefits of Small Business Charitable Giving

7 Benefits of Small Business Charitable Giving

There are many reasons for a business, no matter how limited their resources might be, to consider charitable giving. Let’s get into that now.

1. It Boosts Your Image

Confidence and self-esteem are key parts of any good leader. By giving back to the community, you can see first hand that you and your business are, in fact, making a difference. And seeing that difference feels good. Chances are that this will improve your reputation among your employees as well. Most people admire a leader who uses his or her success to help others.

2. It Boosts the Reputation of Your Business

Making your business stand out is a challenge. Charitable events are a good way to attract attention and boost the reputation of your business. Brand recognition is significantly increased when your name is seen endorsing a cause or event. Consumers are also more likely to respect and frequent businesses that give back. In Florida, hurricane and flood relief in particular offer many chances to prove just how exceptional your company really is.

3. It Improves Employee Morale

Good communication and teamwork can make or break a business. Instead of the boring old teambuilding retreats of yesteryear, consider a group charity project. This gives your employees time to get to know each other on a personal level, build stronger bonds, and develop better communication skills. There are even organizations that specialize in helping you find the right charity team building event for your company.

4. It Improves Your Community

By engaging in charitable giving, you have a direct hand in making your community a better place. Supporting community-based organizations can help raise the quality of life in your area, attracting new growth and benefiting everyone. One way to increase your business’s ability to give back is to convert into a Benefit Corporation, which is a for-profit business entity designed in a way that also benefits the public.

For more information on Benefit Corporations and their advantages, check our page here.

5. It Attracts Quality Employees

Every employer knows the pain of trying to find quality staff. With the younger generations more socially conscious than ever, building a reputation as a business that cares about more than just making a profit is critical to bringing in the best talent that “Millennials” have to offer. Having a company that is seen as having both vision and strong morals draws people in. It will also help to retain the employees you already have. People like working for companies that contribute to the greater good.

6. Tax Advantages

Tax deductions are perhaps the most well-known benefit to charitable giving. Just which deductions are available depends on your specific business and industry. An accountant can help you with this. And hey, who doesn’t want extra saving on their taxes?

7. Networking

Networking is another great challenge of the up and coming entrepreneur. Charitable giving events are popular among local leaders, officials, and other VIPs. This provides a fantastic chance for rubbing shoulders and meeting with people that you wouldn’t otherwise have access to. It will also enhance your reputation among like-minded business owners, making them more likely to collaborate with you in the future.

Looking to start a business or grow your current business? Contact FL Patel Law today by visiting our website or calling 727-279-5037.