Charity is a means of giving back to society, improving lives, and helping people struggling with poverty or health issues. Who hasn’t heard of Bill Gates and Michael Bloomberg? These entrepreneurs turned philanthropists have changed many lives and earned admiration for using their money for noble causes.
While these names are big, many small businesses also realize their responsibility towards the community and often participate in charity. Today, corporate social responsibility has become more important than ever. However, not many businesses are open about their charity involvement.
Why is Charity Important for Businesses?
Donating a small fraction of your earnings to a charitable cause can change several lives for better. Many companies give a certain share of their proceeds to non-profit organizations that work for the underprivileged and marginalized sections of society. Some even support healthcare institutes that provide free treatment for diseases that are hard to cure.
Helps Business Grow
Interestingly, 70% of millennials prefer spending their money with brands that support a noble cause. In case you don’t know, millennials have a spending power of nearly $2.45 trillion, so their buying decisions have a significant impact on the sales performance of businesses. The data shows how involvement in charity activities can help enterprises draw the attention of potential consumers.
Helps Build Positive Image
Serving the community helps businesses raise their stature in the eyes of the public. It helps them build a positive image of their brand. It also provides the opportunity to have greater reach by becoming a part of awareness campaigns.
Corporate donations not only benefit communities, but they also help businesses by allowing them to enjoy tax-savings. However, businesses should only donate and support charities with the intent of helping people and not for earning fiscal rewards. Be aware that companies must follow set rules and comply with all tax requirements.
How Can You Give Back to Your Community?
People prefer buying from brands that have a strong moral sense, compassion, and empathy for others. It comes as no surprise that socially-minded marketing promotions get hit instantly. The biggest advantage of donating to charity organizations is that it helps communities grow as a whole, which inevitably helps your business.
You can give back to society in many ways other than donating money. For instance, you can:
- Revamp a park or school.
- Help a charity organize small events for children
- Sponsor a school choir group or sports team
- Provide workspace in your business premises for visitors to partake in an awareness campaign
- Encourage employees to participate in awareness campaigns and fundraising events, such as challenge videos or races with a cause
- Sell tickets for a charity event on your social media channels
- If you run a restaurant, you can sponsor an organization that works for feeding the homeless
When it comes to making a charitable donation, the reasons and options are endless. Any reason that encourages giving back to society is a good one. Businesses need to be more open about charity involvements. It will not only help them change their business culture but also bring a huge positive impact on many lives. It may even inspire others to give back too. So, select an organization like ZERO, American Heart Association, or any local NGO and help them in making your community a better place for everyone.
About Harrity 4 Charity
Harrity 4 Charity represents a partnering of law firm Harrity & Harrity, LLP, with charities that are near and dear to our hearts. Harrity partners pledge to give five percent of profits to partner charities and all Harrity employees pledge to donate a portion of their paychecks. Harrity & Harrity is a patent preparation and prosecution firm specializing in the electrical and mechanical technology areas and is considered a Go-To Firm for the Patent 300®. Our clients have come to trust in our high-quality work, experienced people, industry leading innovation, and outstanding service. For more information, visit harrityllp.com.