Do you know what the best part of having a business is? No! Not money or success. Yes, these are important and add value to your life and your business. But the most important part of having a business is that you can contribute to the welfare of society and donate to charitable causes.
Volunteering and donating to the charity come with their perks.
- It helps others in need.
- Promote corporations.
- Improve social connection.
- And doing so, you attain a sense of peace.
Today, almost 75% of the businesses donate 6% of their annual profits to nonprofit organizations. And if you are considering adding your business to these statistics, here is the opportunity for you.
Click g2c.childrensociety.org.sg, and donate for the welfare of children’s society.
Why Do Businesses Need To Support Charities?
There are some called doing things only to help others without expecting something in return. Businesses have used this method to boost the morale of their employees and set a good example in society.
Although they do not expect anything in return, people see their good deeds and start considering using their products and services. So, in a way, you can say that it helps the businesses.
Here are a few ways in which businesses benefit from doing charities.
1. Free Branding
With Facebook’s founder Mark Zuckerberg announced his future plan to donate 99% of their fortune in their lifetime, and Microsoft announces donating $1billion worth of cloud computing services to a nonprofit organization, it is certain that these donations would help the global society flourish, but they also double the free branding of the respective brands.
You do not have to be one of the big-name to start doing charities or need billions of dollars; you can start sponsoring charities events that align well with your business.
2. Tax Deduction
You can even consider this to be the underlying reason for businesses and individuals being a part of charities. By working with any nonprofit organization, you write off any working hours your business has spent on volunteering and helping these charities.
If you are wondering how charities can reduce your taxation, cash donation, volunteering services, and sponsoring charitable events are all tax-deductible donations. However, it is important that you affiliate yourself with an IRS-approved charity to be eligible for a tax deduction.
3. Improve Your Networking
One of the most important aspects of any successful business is to have a comprehensive network of professional people. Simply put, if your business’s relationship with other businesses is good, it can secure its success. And what can be better than charitable events to find these individuals in one place?
Furthermore, you can encourage other businesses to participate in your charitable events and invite them to contribute to their causes. This helps build good relationships.
4. Attract Talented Individuals To The Company
Jobs today are not about salary anymore, and in fact, it is also not about offering lunches, having indoor tournaments, or physical fitness facilities. Today, job seekers are looking for more than subjective or materialistic happiness. They are looking for something that eases their mind and soul—in other words, helping others and doing charities.
When a talented individual sees that your organization is interested in charities and donations for the right cause, you will start getting talented individuals for your organization.
5. Boost Employee Morale
Corporate donations help the employees to take part in the events directly. This gives them a sense of fulfillment as they are a part of groups that always stand at the frontline with helping hands.
According to a Deloitte study, a corporate culture with volunteering work has made their employees rate their corporate culture positively. This shows that organizations that do charities boost employees’ morale.
Doing charities can be an expensive practice, but you get many things out of practice if done correctly. We have already talked about a few things that benefactors enjoy with their charities. These are only a few out of many reasons why businesses need to stay connected with charities.