One of the best things that any business owner or manager can do is support their local community. While at first it may seem like your company does not have room in the budget to be funding other ventures, there are several reasons why giving back to your community may actually benefit your bottom line in the long run.
Below are just four of the ways that giving back to a community is good for your business. Read the list below, and after you do, we are sure that you will see the value in giving back, and hopefully start considering it for your own business.
Spread Brand Awareness
One thing that every business must do is market itself. You need to let people in the area know that you exist, otherwise you will never get any sales. When it comes to marketing, there are usually two main goals – increasing your brand’s awareness, and driving sales.
The benefits of a marketing campaign that is focused on driving sales are a little more obvious than those focused on raising brand awareness. It is much easier to track and notice if your sales are going up as a result of your marketing, and this is not always the case for raising brand awareness. Still, it is important that you do so.
Raising brand awareness is simply letting the area know that you are around, and what services you provide. That way when people need your service or product, your company will pop into their mind. Getting people to notice your brand is all about getting your name out there, and community outreach is perfect for this.
If you sponsor an event, your name will be on it. If you donate to a group, they will let people know about it. If you volunteer at a charity, people will talk about it. Everything you do will gain your business attention, and as a result it will increase brand awareness.
Improve How Your Company Is Viewed
You don’t just want your name to get out there however, you want people to have a positive connotation when they think of it. If, when someone hears your business name, their first thought is of all the community work that you do, this will give your company a very positive light in their mind.
According to Chris Havlicek, a local community leader, “People like to shop at companies they think are trustworthy, friendly, and just overall good companies. If you can show that you care about the community, this will stick in the local residents’ minds, and will make them more likely to shop at your store, or hire your services.”
This one is rather simple – when you donate to a local organization, you can often write it off as a tax deduction. The government likes it when you help out local organizations and charities, and will give you a break on your taxes as a result.
If you are paying less taxes, this is more money that can go back into your business, and thus improve your bottom line. Before you donate however, make sure that you can write off the organization you are donating to, as some qualify while others do not.
Increasing Personal Connections
Lastly, giving back to your community means that you are interacting with your community. When you do this, you are building connections with people in your area, and these can come in handy later.
Not only are the people you connect with more likely to hire or shop from you, but if they have their own business, you may be able to get a discount to help out your business. Business owners love getting into mutually beneficial arrangements with other companies, and if you meet plenty of people in your area, you may be able to form some of these connections.
Start Getting Involved
As you can see, there are plenty of reasons why giving back to your community can ultimately help your bottom line. While you may not see immediate or direct results, you most likely plan on being in your community for a while, so it only makes sense to start planning for the long-term. Start giving back to your community now, and set yourself up as a successful business owner for years to come.