Business Philanthropy: How Giving Back can Improve your Business
Giving back doesn’t seem to be a financial option for a majority of companies. Since it involves money and in business, you need money if not anything else. Then how do philanthropists make sense by donating a large amount of money to other small businesses and still manage to make a great influence? It all lies in the strategy maintained and how business CEO’s get return good from helping others. If it still doesn’t make any sense why you should consider this to be a noble job, here are some examples of how giving back can improve your business.
Likewise in Toronto as an active philanthropist, G. Scott Paterson has made different community philanthropic contributions like helping to lead The Merry Go Round Children’s Foundation which allows financially disadvantaged children in Toronto to access technology like laptops and basic internet connection. Scott Paterson co-founded the Merry Go Round Children’s Foundation in 1997 and currently serves as its Chairman.
Giving back is not just helping out others including small failing businesses, social organizations, and startups. It also includes making a way for your business to be more influenced and get back the return in the form of spreading, widespread recognition, and customer support by default. All businesses require these three things desperately. Well, philanthropy is your shortcut to it.
Here are a couple of reasons why you should consider philanthropy in business.
Tax Reductions on your way:
In simple terms, you pay tax to favor the government in developing society in various. When you involve yourself in the process, the tax you pay can be reduced on viable conditions to a good scale, as per your contributions and support for helping the society. You can also opt for such an agreement to continue your good work.
You get Widespread Customer Support:
Giving back ultimately brings crucial help to the sole customers that are also buying your products. When you contribute to the development of society, and people get to know it, they will eventually come to your support. Due to the benefits that they enjoy and reap, they will support your business for continuing the good work. Seems reasonable!
“Giving back helps attract new customers and employees while makes business owners happier and healthier. Giving back introduces networking opportunities”, says John Rampton, founder of the calendar productivity tool Calendar.
You become different from other businesses:
Some businesses don’t care about society at all. By joining philanthropy in business, you are not alike to them. You care about people, small businesses, and their growth which will ultimately affect your market share. Clever CEOs consider it on most startups, small businesses for their free marketing, and spreading acclaim for better business hold.
Your client base increases:
If you are a big company dealing with multinational business, you may receive an increasing number of clients due to your good work. Helping out smaller companies can spread your goodwill around everywhere.
As par business, you can expect a great boost in your income statistics. Not just the client base, you might even have more customers, users, and loyal people staying on your side. From local to neighborhood, your business can also attract foreign customers to your service.
Giving back for business is not just pretending for good work, it helps the society in a lot of ways. Most needy people get their job done by others, people contribute for developmental purposes, charity and all sorts of organizations require help. With business philanthropy, you not only help the small business but a wide range of people.