Reasons You Should Give Charities as a Business
A business has many objectives out of which creating a reputable name is the top priority. Other than that, there are many reasons why you should give charity. Why you ask, is it important to do donations as a business? Read and find out!
Corporate Social Responsibility
As a business, when you consistently do charity work in any way, it creates a good reputation which is significant in the eyes of the customer. Customers have a better outlook of those businesses that are involved in some charity work. In business terms it is known as “Corporate Social Responsibility”.
Many businesses have taken up this relatively new approach where they donate some amount on every sale they make. This encourages customers to buy their products which is beneficial for the business and because on every sale the business makes some donations which are beneficial for the community.
Increases Employee Morale
Many times, employees of a business do not have enough time to do charity work because of their busy schedules. If businesses involve themselves in charities and donations or any kind of community work, it will give employees an opportunity to do good for the community without having to worry about taking out time from their hectic day.
Tax Deductions
When a business is involved in charity in any way, be it doing events and getting sponsorship or donating their inventory or cash, it helps reduce taxes as you can show charitable contributions which will reduce income therefore less tax has to be paid.
However, it is important to ensure that you do it correctly to avoid committing tax evasion or fraud. This is why you must talk to an expert i.e. an accountant or a lawyer who will advise you correctly.
Giving back to the Community is Significant
When you run a successful business even if it is very small scale, you should contribute to giving back to the community that helps your business with sales and growth. It also gives a sense of contentment when you know that you’ve made a difference in the world no matter how small it is. You can work for many causes like ending poverty, helping out your country’s economy, hunger etcetera.
Helps You Build Networks
When you get involved in any charity work and especially when you attend charity events, you meet new people which helps you build a network. This could be beneficial for your business in a way, say you meet an investor who you can talk to, about your business and he might just offer to make some investments in your business.
Involving yourself in charity as a business can prove to be very beneficial to you and you can even give back to the society that somehow contributes to your business. Your donation can help change lives and you know what they say, “what goes around, come around.” So what is your excuse to not be involved in charity and donations?
