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Why supporting charities makes good business sense
Fri 24 June 2016 - 11:45 amAdvertising | Marketing | Events | Marketing | Small Business | Strategy
Giving to charity is generally done without an expectation of financial gain, but it can reap surprising benefits in other ways. If your business has the funds and opportunity to sponsor or support a worthwhile not-for-profit cause, here are some great reasons to consider jumping at the chance to do so.
Improving PR and defining corporate identity
Building goodwill within your community is a win-win, really. When businesses support charities, the ‘return favour’ can lead to invaluable PR. From widespread media coverage to ‘likes’ on your company’s Facebook page, positive feedback demonstrates to customers, clients and business partners that you’re serious about fulfilling your corporate social responsibilities.
Supporting your favourite charities can also help refine your corporate identity, demonstrating to the wider world that your company is trustworthy and ethical. And it can be a valuable point of difference from your competition, which can help your brand image and your bottom line.
Making this world a better place
Supporting charities won’t only improve your company image; it can also make a big, genuine difference for people throughout your local community and beyond.
Whether it be supporting worldwide environmental issues, assisting the fundraising efforts of national cancer research or even sponsoring the local footy team, giving back to the community won’t just improve the public’s perception of your brand – it will also make your organisation a real force of good in the world.
There are countless worthy charities out there needing help, from those that support victims of abuse to those that provide crucial care for cancer patients (such as Cars for Cancer). Consider your company’s key values – and those of your staff – when you decide which types of charities you would like your business to be aligned with.
It’s all about R.E.S.P.E.C.T.
It’s a fact: employees respect businesses that ‘do the right thing’. And with the stress that comes with most careers these days, any opportunity for improved motivation and productivity is only going to help staff morale.
Supporting charities can also build employee relations (there’s nothing like mutual bonding over a common cause) and it can be a valuable team-building tool. Fundraising events can also bring employees from different departments (and even locations) together, foster a unique camaraderie and build staff retention via the realisation of a common goal.
In a hit TV series that won’t be named, one of the highly successful characters once said: “Philanthropy is the gateway to power.” It sounds a little OTT, yes, but there’s no doubt that forging connections with a network of like-minded business owners can be beneficial. For one, they can be a powerful resource, but they can also be catalysts for the formation of mutual trust – and that’s not a bad spot to be in with your fellow entrepreneurs.
As you can see, supporting a charity or two (or more) really is more than just putting some profits into a good cause. Doing so is genuinely a clever investment for your business – one that can create a positive ripple effect throughout your staff, your customers, and the wider community.
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