ExecutiveChronicles | 5 Reasons Why Your Business Should Donate to Charity | If you run your own business and you are not yet donating to charity, then you are seriously missing a trick.
Whether you are a small business owner, a sole trader or you have a large number of employees working for you, there are so many benefits to making regular charitable donations.
From boosting your reputation to attracting high-caliber candidates, read on to discover five reasons why you need to embrace corporate giving in 2023 and beyond.
- Save you money on your taxes
Did you know that charitable donations are tax deductible? This means that they offer one of the simplest ways to reduce your annual tax bill.
If you have not donated to charity before as a business, you will be pleased to hear that it is not too late for end of year giving, which means that you can still cut the cost of this year’s tax bill.
To take advantage of this tax saving, make sure that you itemize your donations on your taxes and ensure you meet the relevant criteria.
- Boost employee morale
If you want your employees to be productive and feel happy working for you, then you need to take steps to keep up morale.
Studies have shown that organizations that make charitable donations or who are involved in charitable causes have more positive employees and a better company culture.
Furthermore, if you actively support charities that mean something to your team or you involve your employees in the process such as volunteering schemes, then this can help to boost morale even more.
- Attract high-caliber employees
It doesn’t matter what industry you are in; attracting high-caliber candidates is always a challenge. If you are struggling to get people interested in working for your business, then showcasing your commitment to charity might be just the competitive edge you need.
Make sure that you are vocal about any charitable work that you do by creating a corporate responsibility page on your company website and by regularly sharing your efforts on social media.
- Better public relations
There are so many ways that supporting local or even national charities can improve your reputation as a business. For example, if you get involved in a charitable event, such as becoming a sponsor, you can share the story on your website, on your social media pages, and in any internal communication.
Help your community
The most obvious benefit of giving to charity is that you can make a difference in your local community. While there are lots of national charities that you can support, if you are a small business, you can make more of an impact by supporting a charity that is active in your community.
If you do not know much about the charities in your local area, then take the time to do some research online. It can also be a good idea to reach out to your customers and ask them what charities are close to their hearts.