As a business owner, your first priority is probably linked to making sure your business is thriving and successful. You may focus on reducing cost and improving profits, attracting the best talent, and establishing a loyal customer base. Once you have a solid foundation in place, you’ll find that adding community service to your goals is a crucial element of continued growth and success.
Employees Are Happier and More Productive
There’s plenty of research that shows the value of donating time and resources. That research isn’t just limited to the positive results for individuals, but also shows how businesses benefit when employees work together for a common philanthropic goal. Employees who participate in volunteer programs tend to be happier and healthier. They also tend to be more productive and satisfied at work.
Studies involving hundreds of companies and their employees have found that work-related community giving resulted in improved employee retention and increased brand ambassadorship among workers. People on staff felt happier about going to work and were 13 percent more likely to perceive their employers as “good” or “generous.”
Professional and Personal Employee Improvement
When businesses encourage employees to participate on committees, in community projects, and volunteer work, they are often rewarded with improved professional results. There’s a potential for the development of leadership goals, improved communication skills, and enhanced ownership of actions. As professional or personal character traits develop and improve, employees bring those positive changes to the workplace. As an employer, you may recognize a powerful return for your investment in community giving.
Charitable Deductions on Taxes
The IRS allows businesses to claim charitable contributions for cash, property, and volunteer donations. The key to taking advantage of those deductions is to make sure you’ve met eligibility requirements. You can deduct travel expensive related to the charity work, the cost of materials and supplies, uniforms, and other expenses directly related to the charitable efforts. You cannot deduct the cost of lost time or wages, reimbursed expenses, personal expenses, childcare, or incidental expenses.
It’s important to make sure your chosen cause is recognized by the IRS as a “qualified charitable organization.” You also need to make sure you have the correct documentation in place, such as a written record of dates, times, and work done. You’ll need a letter from the qualified charity and all of the receipts for expenses.
A Boost for Public Relations
People love to see stories of good deeds and philanthropy, in real life and online settings. When businesses engage in service and support community events, there’s a better chance that consumers will view the company positively. Participation in local events is a great way to put your business name in front of your target market while also creating positive associations to your brand. Community projects provide opportunities for your employees to interact with the public, encouraging positive professional networks.
A Wide Range of Service Opportunities
Many business leaders of huge corporations with world-wide connections, such as Ehsan Bayat, have learned the value of providing volunteer opportunities and engaging directly in community service. Small business owners can take advantage of the same benefits that large corporations experience. There are a wide variety of options available, in addition to making cash donations. Small businesses can donate volunteer hours or sponsor a local children’s group. There are many opportunities for serving, so you can find something appropriate for your company, whether you’ve got a small hometown team or hundreds of global online teams.
Giving back to the community has become a crucial element of business success. Sadly, many business owners overlook this positive addition to their efforts. When company leaders turn their focus outward, the business and the brand have better chances of surviving and flourishing.
No comments yet.