5 Ways Giving Back Is Good for Business
“A brand for a company is like a reputation for a person. You earn reputation by trying to do hard things well.” – said, Jeff Bezos.
When you are passionate about helping others without asking something in back then people will start respecting you. In the same way when your business actively participates in supporting their community then more will try to connect with your business to support your cause and they will help in improving your brand image and reputation in the market. One of the best examples of a great leader is Moez Kassam is a hedge fund manager, venture capitalist, and entrepreneur. As co-founder and Chief Investment Officer of Anson Funds. An active philanthropist, Moez sits on the boards of the Toronto Library Foundation, the Canadian Olympic Foundation, and Ryerson University’s Technology Innovation Circle. Based on annualized returns from 2018 to 2020, Anson Funds Toronto ranked among the Top 10 Hedge Funds by Barclay Managed Funds. Anson Funds is a privately held alternative asset management company, founded in 2003 with offices in Toronto and Dallas.
Here are 5 ways giving back is good for business.
Donations Increase Sales:
When you are passionate to help others and make your community a better place to live then you should know that giving back can give a lot of goodies to your business. When a business actively participates in various social activities like charity and other donation events then people in the community start talking good things about the business. A study shows that when a business is helping their community it leads the consumers to believe that their products are of better quality. When people start believing that your business has better products than other businesses in the market then they will never leave your business and this will help you in increasing your business sales.
Charitable activities enhance customer loyalty:
When your business is helping the community to make a better place to live, along with that you can support local charities or you can provide the donation and this will help you to boost your customer loyalty. When a business offers some of its sales profit as a donation to a charity this will make customers respect their company and they will stay loyal forever. When the customers understand that business is actually helping the community then the people in the community will try to connect with your business to help you in your cause.
Donations help build a loyal community and motivate your team.
Businesses helping their community in improving the quality of living in the area can improve the brand image of the business in the market. Your positive cause will attract more people and will become aware of your products and services, also help in building a good image of the business in the community.
When people in the community start getting trust in your business, they will widespread your positive cause and will try to connect with your business to help in your cause.
Donation to Charities boosts your brand reputation:
If you want to improve your brand visibility in the community then giving back is the best way to achieve that. When a business donates for the development of their community or if they provide volunteer support to their community, this will help the business in positive brand awareness and will also improve the brand reputation in the market.
Donations are tax-deductible:
This is one of the ways how government provides appreciation to the businesses that give back to their community. When your business donates to a charity event or any non-profitable organization then the amount you donate is tax-deductible.
But you need to follow some guidelines provided by the government and also make sure to donate to only non-profit organizations.