When operating a small business, the concept of giving to charity often fails to cross the mind. After all, you’re so busy running around tending to all of the other pressing tasks, finding the time to support local causes simply doesn’t register on your radar. However, there are a lot of excellent benefits that businesses can gain by donating or volunteering with local organizations. Here are some of the top reasons your small business should begin giving to charity today.
You’ll Win the Hearts of Customers
Customers greatly prefer to patronize establishments that donate to charitable causes. About 85 percent of customers report they are more likely to purchase a product that’s associated with charity. By creating a charitable image for your company, you’ll incentivize spending and create a stronger rapport with consumers. Additionally, about 71 percent of customers have contributed money to charitable causes at the cash register, and they often view a company more favorably when they are prompted to contribute to local nonprofits.
You Can Deduct it from Your Taxes
It’s not just the charities that will benefit from your kindness. Your taxes will benefit too. By making charitable donations throughout the year, you’ll be able to deduct those donations from taxes at year’s end, enabling you to trim down the pesky expenses associated with operating a small business. You can receive a tax deduction on charitable donations for up to 50 percent of your gross annual income, which can help a lot in reducing overall tax payments.
You Can Improve Employee Morale
The culture that a company creates has a profound impact on the morale and productivity of employees. By creating a company culture that places humans first by contributing to charitable projects and community outreach, you subsequently cultivate a workplace environment that’s uplifting and enriching to employees. In fact, a 2007 study conducted by Deloitte found that about 62 percent of people between the ages of 18 and 26 prefer to work for companies that offer volunteer opportunities to employees and that participate in charitable causes.
How Your Small Business Can Start Giving Back Today
There is undoubtable merit in contributing to charity, and it’s particularly beneficial for small businesses. The two primary ways to give back are through donations and volunteer work. Some tactics you could implement include:
- Picking an annual or biannual volunteer day, where all of your employees can volunteer at a local nonprofit.
- Donating a portion of proceeds to nonprofits in need.
- Donating money and supplies to local nonprofits.
- Hosting fundraisers that will both publicize your business, while raising money for charity
Buy in Bulk and Make Your Donations Go Further
For your small business to truly make an impact, it helps to buy in bulk. DollarDays offers a diverse range of necessities, like clothing, canned food, and hygiene supplies, that can be donated to local nonprofits. By purchasing large bulk packages to donate to nonprofits, you can make a difference in your community, while shedding a favorable light on your business. Visit our website and start browsing today.