Many people have charitable organizations they care about and support. Businesses can also benefit from charitable giving. While small business owners may be tempted to hold on to every penny of profits, the following are some benefits of companies giving to charity.
- Tax Deductions
A concrete benefit is the tax break your company can receive due to its charitable gift. Many donations are tax-deductible, including cash donations, giving inventory or stock, or sponsoring events or organizations. You may also write off mileage and expenses related to volunteer work. One good way to receive a tax deduction is to donate old technology to non-profits when it’s time to upgrade. Always discuss your tax deductions with an accountant who can ensure you are writing off donations in line with the law.
- Benefits for Employees
Many young employees appreciate the opportunity to give back to their communities through volunteering. When companies offer volunteer opportunities to employees, it can boost morale and increase a sense of teamwork. Good people want to work for good companies, so having charitable giving and idealism as part of your company’s core mission can help build and maintain a strong workforce.
- Free Marketing
When your company’s name appears as a sponsor or donor at an event, many people are going to see it. You can also use social media to not only raise awareness for your favorite cause but also to promote your business at the same time. You are both getting free publicity and building a positive reputation for your company at the same time.
- Build Client Support
Many people like to support businesses that in turn, support the community. No customer will be turned off by a company’s charitable giving – instead, giving can inspire customers to give to your business and can increase loyalty. You can also gain customers who support the same causes as your company, leading to a wider client base.
- Giving Feels Great!
Aside from the monetary benefits of charitable giving, supporting meaningful causes just feels great. No one regrets giving to others, whether it is money, time, or donations of items. Many companies build relationships with specific charities, and they can find interesting ways to work together that can benefit everyone involved. Volunteering together can build camaraderie among a workforce and lead to a more positive attitude for employees.
Blue Street Capital Has Your Company’s Best Interests in Mind
At Blue Street Capital, we understand that every single financial decision can have an impact on a company’s bottom line, including determining priorities for spending. We know that owners often stretch budgets to obtain the right supplies and equipment they need for employees to do the best possible job. Our company provides financing support for business owners when it comes to their technology leasing and purchases, and we have different options that may help you. Please feel free to contact us online so we can discuss how our services may help your company.