Giving Back Is Good For Business

2023-11-15
By: Advocate Brokerage

 

As a business owner, one of the best ways to show that you’re thankful to the community for their support is to give back. Sharing in your prosperity not only feels good, but it also offers many perks that can do good for your business.

 

Benefits Of Giving Back

• Improved reputation and brand awareness. When you donate to charities, you show that you care about more than just your bottom line. This can help improve your reputation and make your products and services more appealing to customers, employees, and investors who share similar philanthropic ideals. Studies show that nearly eight out of 10 consumers are most loyal to brands driven by purpose over profits.
• Community involvement. Involvement with local charitable organizations and events puts your feet on the ground where your customers are. You’ll get to know the members of your hometown, and they will begin to associate your name and brand with doing good.
• Increased employee engagement and morale. Your employees are more likely to be engaged and motivated to work when they know that those they work for are willing to give back. This can lead to greater productivity and, importantly, reduce turnover since working in a culture of giving promotes happiness and well-being at all levels.
• New connections. Giving can also lead to new business opportunities through networking and partnerships with other organizations. For example, if you donate to a local food bank, you may be able to partner with that organization to host a food drive or volunteer event. This can help you reach new customers, build relationships with existing clients, and open up valuable opportunities to further outreach within your community.
• Tax write-offs. Of course, you can’t overlook the tax benefits associated with charitable giving. You may be able to deduct a hefty chunk of your yearly revenue as a tax deduction. However, the amount depends on the type of donation and your type of business. You can also donate to foreign organizations. Often, these organizations are formed domestically and serve other countries. In limited circumstances, you may be able to write off donations to charities based internationally.

 

The reasons for charitable giving should never be based solely on the benefits your business will receive. When you have resources, you have a moral obligation to help those who cannot help themselves. And you’re also in a unique position to strengthen organizations that work for the betterment of your community. At Advocate Insurance Brokerage, we proudly support and encourage the support of many worthy causes, including:

• Steve’s Camp
• Landmark College
• WJCS
• Scarsdale Business Alliance
• Armonk Volunteer Fire Department
• Deerfield Valley Rescue
• Wilmington Fire Dept
• Greyston Foundation
• Mt. Kisco Child Care Center
• Deerfield Valley Rotary Club
• Northwell Health
• Jewish Business Forum
• Israel Cancer Research
• Scarsdale Edgemont Family Counseling
• Scarsdale High School Drama
• J-Give
• Alzheimer’s Association
• Project Find
• Scarsdale Volunteer Fire Department
• Project Ezra

 

Remember, giving back is giving to your community, your employees, and yourself. Doing good is good for business, but, more importantly, it’s just one way that you can show your support for the community that helped build your business.