Five Reasons Why a Company should be Giving Back
Most company CEOs practice giving back to their communities and there are tons of reasons for that. The most common being among all philanthropists is doing well for the community. It gives a purpose to work for others, including providing healthcare, financial, and development opportunities to get a better life. Uncommon at first, now a lot of companies test and agree to give back to society without any reason at all. It also makes a good impression on others.
Like as an active philanthropist, Scott Paterson Toronto co-founded Toronto’s Merry Go Round Children’s Foundation in 1997 and currently serves as its Chairman. Business leaders like G. Scott Paterson and other global executives and organizations are committed to improving the communities around them and recognize the worth corporate social responsibility has on improving their company’s bottom line. Well, let us look at some other five reasons why a company should be giving back.
A Better Opportunity to Connect with your Social World:
Providing help and giving back to society makes yourself look upon the works of great people, who handed their life long work for others. Companies should focus on at least some form of social work, giving certain forms of help to the social communities and organizations, help centers, and care homes. This lets the company to be more aware of the social responsibilities and better connect with it. It also brings a wide range of opportunities for the company to get close to various people. Their positive intentions may even ultimately bring some good to the company too.
“Always highlight what you’re doing because while it’s helpful for you it’s also helpful for the cause you’re supporting”, says, Timothy Sykes, an entrepreneur and a penny stock expert, trader, and advocate.
The Tax Reduction Benefit:
Caring and giving to charity, social development and society works can allow you to be relaxed from the tax payments. Not that you will be granted entire relief, you can still expect some form of relaxations which you can save despite donating and contributing to the charitable foundations. Since bigger businesses and companies are required to pay proper taxes as per their professional status. This can be a better opportunity for relieving strict tax incursions.
Get a Large Number of Customers:
This is more of a business benefit that all companies get to achieve after giving back to their communities. Almost everybody seems to come to support the company in its business standards, due to the help and improvement help provided by it. As for help in return, companies can expect a good formation of long term relationships among clients and customers.
Just like multinational companies get their fair share of recognition when they contribute and help out smaller companies. Giving back to the community can bring a lot of exposure to the company in various ways, including social and local.
The Company Working as a Responsible Citizen:
This seems more for the CEO of the company to be aware of his/her duties for the society. But more, it sets out an example for other companies to understand and realize their duties. Most companies bring out their gratitude for the society bringing in affordable products and services. But giving back in the form of various help is a better example to extend the help to a wider community.
When you realize to give back as a part of your responsibility rather than a business decision, this becomes another crucial reason to support the needy community. Well, for this, almost all companies should be giving back in some form to aid the process.