While business owners are focused on profits and on their day-to-day needs, they may forget to give back to their communities. It is crucial for companies to become socially responsible and to show that they care for people and for the world around them. Dr. Victor Lee, an orthodontist from Abilene, Texas, examines the advantages that a business can reap by becoming involved in their community.
Having your business’s name out in the community will lead to greater brand recognition. For example, sponsoring a community 5K run or a town festival will bring your company visibility in the public eye. Having your company’s name associated with a charitable enterprise will bring good exposure and make people think more positively about your business.
Name recognition is a huge benefit of community involvement. When a business or individual is looking for services, your name may come to mind more quickly than others. These quick decisions will pay off for your company.
When a business becomes involved in the community, they will have the opportunity to make a good impression on the people who live there. Sponsoring community groups like Scout troops and children’s sports leagues brings companies the reward of making the world a better place. When people think about your company, they will associate it with social responsibility.
When employees help with charitable activities, their morale is higher. Happier employees perform better at their jobs. Allow employees to take paid time out of their workday to volunteer. Employees should also be encouraged to work with community organizations on their own time.
Matching charitable donations is a great way to promote employee loyalty. When an employee makes a documented gift to a local charity, the business can match that money. This is usually performed by large companies, but smaller companies can also benefit from this practice. Charitable donations are generally tax-exempt.
Build Business Relationships
When working with community groups, you have the opportunity to do more than making the world a better place. You can also build relationships with other businesses in the area. It pays to get to know your competition, and you can also connect with suppliers and business customers as well. Having close bonds with other companies in the community pays off. Businesses who take care to be friendly with other companies will also boost their reputation.
Giving Reflects Well on the Company
Advertise how much you are giving back to your customers. Hanging photos from community groups, you have sponsored in your place of business makes your giving public. Regularly hosting events like special sales or dinners will help customers associate your business with a positive impact on the community.
The Bottom Line
Building relationships with the people and charitable organizations in your area can also positively impact your company’s profits. For example, a restaurant holding a community fundraising night may donate a percentage of each check to the organization, but the added exposure will fill the restaurant on a normally slow night. The business’s take will be larger overall, and the restaurant will experience better sales figures.
While these rewards are certainly enough reason to be involved in the community, Dr. Victor Lee encourages businesses to do it for its own sake. Getting involved makes business leaders feel good about their impact on the world.
Being part of a vibrant community means supporting townspeople and organizations in any way possible. When businesses help the community, they can create a positive climate and have a great impact on the world.