Close this search box.
Blog » Business Tips » 4 Reasons Why Your Small Business Should Give Back

4 Reasons Why Your Small Business Should Give Back

Socially Responsible Business

Regardless the size of your business, it’s always good to give back. Corporate social responsibility is the basic notion of being mindful of every stakeholder when conducting business. This means your business provides both social and environmental benefits on top of earning profits. Besides being a socially responsible business, here are four more reasons why giving back can benefit your overall business.

Give Back to Attract Dedicated Employees and Customers

The more socially responsible your business, the more active you will be in your community. When looking for employment, people are attracted to reputable companies. Especially millennials.

In a 2015 Cone Communications Millennial CSR Study they found that, “Millennials say they are prepared to make personal sacrifices to make an impact on issues they care about, whether that’s paying more for a product (70 percent vs. 66 percent US average), sharing products rather than buying (66 percent vs. 56 percent) or taking a pay cut to work for a responsible company (62 percent vs. 56 percent)”

As the millennial workforce grows they’re beginning to show their true strength. Not only are they more likely to spend money on socially responsible brands, but they are even willing to take a pay-cut for a job. If your business takes the time to give back, these numbers clearly show you most definitely can increase your bottom line and do good at the same time.

Healthier Conscience 

Studies have shown that we’re in fact hard-wired for giving. That means there are both psychological and physiological benefits for being charitable. If you are aimed to be a happier healthier entrepreneur than look no further than philanthropy! Here are a two ways in which business owners find the most pleasure from giving:

  • Donating in doses: It’s always hard to see your money go, but it’s less painful when it’s for a good cause. There’s no reason why you need or should write a big check to your local hospital. Make smaller payments over time so you don’t break the bank but instead you’re constantly pitching in to make a difference.
  • Donating skills and expertise: The best feeling is making a difference without needing to break out the check book. Look to donate your time or skills towards a social cause that you know will benefit. For example, if you’re a great marketer help organize a fundraiser or charity drive.

Giving back helps with Networking

Philanthropic events are a great place for networking. Influential people tend to be very involved with charities. If you catch wind of any charitable events like fundraisers, galas, or auctions it’s definitely a good idea to participate. These events typically draw the attention of wealthy and influential individuals. You may meet a potential investor, partner, or at the very least get some free advice.

Supercharge Your Marketing

As mentioned above, socially responsible businesses have a strong presence in their communities. For example, charities will post photos of their sponsors and companies that have offered support. This will increase both brand recognition and customer loyalty.

In addition to traditional marketing, social media marketing and philanthropy were a match made in heaven. According to the same Cone Communications study, “More than nine-in-10 Millennials would switch brands to one associated with a cause (91% vs. 85% U.S. average), and two-thirds use social media to engage around CSR (66% vs. 53% U.S. average).”

Millennials already represent $1 trillion in buying power in the U.S. alone. The more socially responsible content your business can produce, the more you’ll be able to engage with this demographic. The numbers don’t lie, it’s definitley worth your while

In the end of the day, it’s our responsibility as humans to give back to one another. Whether you’re a freelancer or multinational corporation we must all work together to not only put cash in our pockets, but ultimately make the world a better place.

About Due

Due makes it easier to retire on your terms. We give you a realistic view on exactly where you’re at financially so when you retire you know how much money you’ll get each month. Get started today.


Top Trending Posts

Due Fact-Checking Standards and Processes

To ensure we’re putting out the highest content standards, we sought out the help of certified financial experts and accredited individuals to verify our advice. We also rely on them for the most up to date information and data to make sure our in-depth research has the facts right, for today… Not yesterday. Our financial expert review board allows our readers to not only trust the information they are reading but to act on it as well. Most of our authors are CFP (Certified Financial Planners) or CRPC (Chartered Retirement Planning Counselor) certified and all have college degrees. Learn more about annuities, retirement advice and take the correct steps towards financial freedom and knowing exactly where you stand today. Learn everything about our top-notch financial expert reviews below… Learn More