Giving back is not only good for your soul, but it’s also good for your business. That’s because society views businesses that are willing to give back as being more authentic and trustworthy. Corporatism often gets a bad name in the modern-day, but by showing the people around you that you’re committed to doing the right thing, you can get around this hurdle. Here are some reasons why giving back is good for business.
Connecting With the Community
Philanthropy is a great way to connect with your local community. You can offer your employees opportunities to volunteer and get them more engaged in local initiatives. Not only will you be making a good impression on the locals, but you’ll have opportunities to build valuable relationships and learn more about what’s happening in the area. For instance, take Kirk Chewning Cane Bay Partners located in St. Croix. After two major hurricanes hit the area, Chewning helped set up a nonprofit to raise money for rebuilding efforts. Cane Bay Partners then grew as a business and got a better understanding of what the locals wanted from companies.
Strengthening Brand Awareness
By giving back, you can build brand awareness and increase your reputation as a responsible corporate citizen. This will help increase your customers’ trust in your brand and encourage them to buy from you. Brand awareness is especially important for business-to-business (B2B) customers who may have less interaction with your brand than the end customers do. When B2B customers can see that you are an authentic and reputable business, they might be more comfortable with purchasing from you in the future. Getting your company name in the news headlines can also bring in potential customers who may not have heard of your company before.
Giving back can help build relationships with prospective employees. For many millennials, choosing to work for a company is as much about the company’s mission and purpose as it is about salary and benefits. With a focus on philanthropy, you can make an impression on prospective employees, who will appreciate your authentic and socially responsible nature. This can lead to more applications and stronger recruitment for your company. Like-minded individuals will also be more likely to stay with your company for the long haul.
Avoiding Public Relations Trouble
While many companies mean well, a large number of them also manage to make headlines for all the wrong reasons. Risk analysts are now noticing that it’s easy for even the most well-intentioned companies to end up in public relations trouble. Competitors could try to smear you, unhappy customers may exaggerate a negative experience they had, or there could be a simple misunderstanding about something that you’ve done. Corporate philanthropy could safeguard your business’s reputation in case any of these issues come up.
Philanthropy is truly a win-win situation for both your business and the world. So why not choose to give back today and make a positive impact on society? It’s the right thing to do and will only make your business stronger and better.