One of the many privileges of running a business is the opportunity to give back to your community in a meaningful way. Every single day, businesses share their success by donating money, donating products, volunteering hours and engaging in other charitable outreach efforts to advance the causes they believe in within their communities. At IRD Glass, we hold the biblical notion of good stewardship very close to what we do and why we do it, which is why we give 10% of our profits to charities – especially those that make an impact and support our values.
In the end, charitable giving helps to strengthen our community as well as our company’s culture and values. Charities and nonprofits are always looking for funding to accomplish their goals, and giving to these organizations isn’t only good for the cause and the community, it’s good for your business, too!
Giving Back is Good For You
Before even getting to tax breaks and publicity associated with donating, the biggest benefit to your business is the feeling you get knowing your contributions are actually making an impact. As a business owner, you have the power to stand up to human rights violations, fight poverty, and more. You can make the world a safer, happier place not just through the goods and services your business provides, but by collaborating with organizations with worthy causes such as creating more opportunities for the next generation and helping those in need to strengthen your community.
Meet with employees to find out which causes people are passionate about, and do some research on which organization is the right match for your company’s brand values and personal values.
Your business feels an immediate financial benefit from supporting charities by receiving a charitable donation tax deduction. Donations are usually tax-deductible when made to sponsorships of charities or events, cash contributions, and donations of inventory or services. Be sure to check specific rules that may apply, but in general, you can get deductions for charitable giving worth up to 50% of your adjusted gross income. Don’t forget to include volunteering expenses, like gas mileage from driving to and from volunteer locations or materials purchased for volunteer projects, on your income taxes. Also, verify your nonprofit is approved by the IRS and that they give you a tax form to file proving your donation.
The competitive business environment has sparked a rise in employee perks recently, with start-ups leading the way. Companies are willing to spend to attract top-level talent. Studies have shown that employees, specifically younger ones, prefer organizations that offer volunteer opportunities. By providing volunteer options and a sense of idealism within your core values and mission, you better position yourself to attract the best talent. Involvement with your community is an easy way to boost employee morale and happiness. It gives your employees a chance to get to know each other outside the workplace and gives your company an opportunity to give back to the community that supports it.
Sponsoring a charitable program or event and volunteering your business’ time are great ways to increase awareness for specific causes while promoting your partnership with the nonprofit organization. Use social media platforms and your company website to spread the word about the event or program. Sharing photos of your charitable endeavors is a fun way to generate positive press that supports your charitable cause and your business. Work with the nonprofit to achieve your desired branding strategy and help them with marketing and public relations outreach.
Gain Customer Support
Another benefit of giving back to your community is strengthened bonds with existing customers and access to new ones. One 2010 study by Cone Communications reported that 85% of consumers have a more favorable outlook on businesses that give to a charity whose goals they share. This provides an excellent opportunity to do some market research on your target demographics and identify the most popular charitable causes in your community. Giving a consistent portion of your profit to beneficial causes will rally the support of your customer base while creating new marketing opportunities that expand your reach.
To learn more about IRD Glass, our many precision glass, ceramic and optical components, please visit our homepage today!