Small Business Financial Article
|Rich Best has spent 28 years in the financial services industry, as an advisor, a managing partner, directors of training and marketing, and now as a consultant to the industry. Rich has written extensively on a broad range of personal finance topics and is published on several top financial sites. Recent books include The American Family Survival Bible and Annuity Facts Revealed: What You MUST Know Before You Invest.|
Give Back to Your Community and Watch Your Business Grow
If you run a growing business, have you ever stepped back to imagine where you would be without the support of your community? Where would your customers come from? Or your employees? Successful businesses recognize that their success is largely dependent on the goodwill they create among their communities, which is why they make giving back to their communities a part of their strategic plan.
While many business owners donate their time, resources, and money to community causes out of benevolence, they also reap tangible benefits that translate into profits. By helping to improve their communities, they gain more loyal customers and employees. The ripple effect of giving back can extend far and wide, creating shared economic value for charitable organizations and the people they serve, volunteer groups, members of the community, and their customers and employees. It’s the epitome of a win-win for businesses and their communities.
Giving Back is Good Business
People recognize generosity when they see it. Studies show that businesses that give back to their community are viewed more positively by people in their community. That’s becoming more important at a time when consumers and workers are increasingly seeking out businesses that actively contribute to their community.
The media recognizes the generosity of businesses, providing thousands of dollars in free publicity. Local media devote lots of print space and airtime to stories featuring local businesses performing acts of charity in their communities. And the charities themselves are not shy about promoting businesses through their social media, brochures, and events.
The biggest bang for the buck comes with charity event sponsorships. Businesses that sponsor charity events receive top billing and priceless PR. However, businesses that provide any level of support receive recognition and gain opportunities to network with other supporters as well as community members attending the event.
Build Employee Loyalty
It’s well established that businesses that get their employees involved in volunteer or charitable activities enjoy much greater employee loyalty. And, it’s more commonplace for younger employees to seek out businesses that demonstrate a genuine commitment to community service. Plus, businesses that sponsor employee volunteerism often see their employees develop a sense of ownership in their business, which strengthens their leadership and team-building skills.
Ways Your Business Can Give Back to Your Community
Cash donations are always appreciated, and they are an easy way to demonstrate your support for the community. However, there are ways to contribute which can create greater goodwill.
Build Community Giving into Your Business Strategy
Building enduring goodwill doesn’t happen overnight. It’s a cumulative process requiring a conscious plan supported by a culture of giving. Businesses that build community giving into their business plans have greater buy-in from their employees and reap more significant benefits in terms of recognition, customer loyalty, and happier employees. Some businesses create an employee task force to oversee projects.
Whatever time and resources are committed should be considered an investment that can return greater visibility and stature to your business, which invariably translates into greater profits while making a difference in your community.