You may have partner charities and favorite causes, you may donate when asked or you may not have any charitable program at all.
If you haven’t incorporated charitable giving and volunteering opportunities into your business plan, it might be a good idea to start. Studies have found a correlation between a company’s commitment to corporate social responsibility and its profitability. There are also, generally, tax benefits tied to charitable giving. This guide can help you assess your business’s current charitable giving program and find opportunities to improve.
If you don’t have a plan in place, you may be focused on multiple paths of giving, including time, money, volunteer events and sponsorships, which may dilute your efforts. To focus your efforts, consider crafting an official strategy. It may have the added benefit of boosting employee engagement. Roughly nine in 10 employees think companies that sponsor volunteer events are better places to work, and studies have found a correlation between companies’ corporate social responsibility and their profitability.
Cause marketing, such as donating a portion of the proceeds from a specific product line to a partner charity, can be mutually beneficial for your business and a charitable organization or nonprofit. If this system might work for you, you can create a marketing plan involving donation targets and caps, to ensure the program benefits all involved.
You may want to start researching opportunities in your community for ongoing participation. You can also encourage your employees to give back locally by instituting a policy that gives them time off to volunteer or gives them other incentives for doing so. Organizing group volunteer events has been shown to boost company morale, and 89 percent of employees believe companies that sponsor volunteer events are better places to work.
Regardless of where you’re at in the process, you’ve taken the important step to consider what role charitable giving and social responsibility play in your business. If you’re already giving back, adding an element of strategy to it can help you maximize your impact and potentially boost revenue.
Giving is just the beginning. Learn more about building a solid and engaging culture for you business.