As a business owner, I have found that involving myself in the community by which I conduct business in, provides immense value to my business and the relationships I build through doing so. Considering the value added, I didn’t want to just start by simply picking charities at random to donate my time and money too, rather I wanted to be intentional about the value my participation added to not just the given organization but to my business as well.
There are many reasons why business owners should consider their involvement in their community and the benefits of giving back. Charitable giving is great PR. Think about it like this. Your business will spend X amount of dollars to get a paid commercial or radio ad in efforts to reach a particular “guaranteed target audience”. In other words: X Dollars equates to the number of individuals a marketing or advertising company promises you to reach. However, if you were to take those same invested marketing dollars and put it back into the community, the media would come to you, FOR FREE!
Consider what makes businesses successful. PEOPLE, i.e. the community. As business owners, if we do not invest within the community by which we conduct business and thrive from, at some point the community will not be able to afford what we provide. If we fail to pour back into the cup by which we have continued to drink from, eventually it will run out water. If that isn’t enough to convince you of the importance of giving back, let’s consider the individuals that represent $2.45 trillion in spending power; Millennials.
It is a new day in the world of business. Recent studies have suggested that Millennials have driven the social responsibility movement, with 70 percent of them reporting that they are more likely to spend more with brands that support causes (Inc.com). Recognizing that Millennials currently holds the majority of spending power throughout the world, is the first step in realizing the impact satisfying those consumers can have on any business. Millennials care about the relationship they feel they have with your business, not the market power you have over your competitors.
When it comes to choosing which or what type of organization you want to involve your organization in, it is vital that you ensure that the organization is in alignment with your own organizational goals, morals and standards. It is important to do research on the organization(s) you choose, ensure that you are spending your time and money wisely, and for a good cause. Donating to charities can help change your business, the work culture, and have a major impact on the community. Thus, picking a cause that you believe in and that improves the community is vital.