All too often, supporting the work of charities can seem like something better left to businesses who have the time, money and resources to spare. In fact, supporting charitable work can impact your business in more ways than you might expect. Aside from the most obvious benefits – the direct impact of the philanthropy itself – there are a number of ways in which it can play an important part in helping your business, and the wider business community you find yourself a part of.
Creating a Positive Company Image
Supporting charitable causes can help to create a positive brand and corporate identity that engages consumers. This can prove to be a particular boon when attempting to engage with younger audiences – the much-discussed millennial cohort. According to one article from Inc. Magazine, as many as seventy percent of millennials claim that they are more likely to support a brand that backs specific social and charitable causes.
Over the years, a number of companies have benefitted from this positive image. For some companies, a focus on charity and community engagement is new avenue to explore. For others, it will have been a part of their approach since they began. Sometimes, these social causes are directly related to the company itself – in recent years, clothing behemoth Levi Strauss have been reducing the amount of water used in their production in an attempt to tackle water scarcity, and raise further awareness of the issue.
Boosting Morale Within Your Team
Just as consumers are more likely to deal with a business who demonstrate a community-focused ethic, employees are also happier when working for a company that they believe has an ethical and sustainable approach. The team morale that this can engender is an important element of business that should not be overlooked, and can help with team building and employee retention.
Rakesh Dua of Dua & Co, a team of business advisors in Watford and London, believes that an ethical business culture, with an inspirational leader at its head, can play a significant part in improving overall performance. He points to research carried out by Bain and Company showing that companies with a culture and ethos that emphasise community and charity often find that their work force are up to two times more productive as a result.
Fostering a Better Business Culture and Community
The benefits of an ethical, charity-focused approach to business don’t have to be limited to your own company. By contributing to your wider community, you can help to boost the entire business culture that you exist within, opening up new opportunities for networking and creating new contacts and business relationships. Even outside of the immediate business community, the public like to see their community being looked after by ethical businesses, ensuring that you remain a vital and highly respected part of their day-to-day lives.
At the end of the day, the real focus of supporting a charity should always be helping them to deliver the positive change and outcomes that they are aiming for – but that doesn’t mean that you can’t also experience the numerous benefits that come from supporting your community through charity.