Giving to Charity Can Be Beneficial for Your Small Business

As you’re working to get your small business off the ground, it may seem counter intuitive to start giving money away, but in some situations that is exactly what you should do. When school fundraisers, church charity events and the opportunity to sponsor the local soccer team roll around, it gives you a chance to really cement your position in the community and make your business a part of something bigger. At Elefundo, we strive to make giving to organizations easier to benefit both the business and those raising money.

Good Will and Loyalty

Your business isn’t enough if you just have a product to fall back on. You need customers that are invested in your brand. You want loyal fans that talk you up to their friends and earn you more loyal fans. Word of mouth is one of the best advertisement methods, and you get one foot in the door when you make the effort to donate time, money and products to community charity events.

Build Company Morale

As a small business, the atmosphere you set for your employees is key to retaining good talent. Your employees want to know that you are generous, welcoming and willing to help others. Not only do you put your best foot forward with your employees when you donate, you can also get them involved in events they would have skipped. Give your workers the perfect chance to get involved, create a team mentality  and build company morale by participating in a fundraiser.

Take Advantage of the Tax Deduction

If you are donating to a charity that the IRS-recognizes, you may even get a tax deduction for doing so. If you donate to a preferred organization in the form of electronic transfer, credit cards or check then it may actually save you money when it’s time to file your business taxes next year. Remember to always keep accurate records and receipts of any items or cash you give.

Clearing Out Old Inventory

Do you have old inventory items that are just taking up space that you don’t want to get rid of? If so, giving them away may be the perfect option. If it’s not something the school, church or other organization can use, they can always raise money through a silent auction for your products. Not only does this raise money for them, but it also gets your products out to people that may not have seen them before.

Invest in Things You Are Passionate About

If you have kids at the local elementary school or junior high, you may be passionate about raising money for the school district. If your son’s baseball team needs new uniforms, you may opt to cover the costs for those. If you have a family member that fought cancer, your charitable giving is likely to be directed that way. The best way to stay invested in charitable giving is to choose a cause you are really passionate about.

If you want to get your business more involved in giving back to the community or your local area, we can help. Contact us to learn more.