Recent studies suggest that millennials have driven the social responsibility movement, with 70 percent of them reporting that they’ll spend more with brands that support causes. Given that millennials represent $2.45 trillion in spending power, the notion of “giving back” may be very powerful for your company’s sales, not to mention, it’s overall purpose. Giving back impacts your business’ bottom line in very significant ways, and they are all beneficial to you as the business owner in more ways than one.
Corporate donations allow companies to take active interests in their own communities and can also lead to a huge boost in employee morale. If a company chooses to make a corporate donation, workplace culture can improve with increased employee involvement and a positive general attitude.
Philanthropic businesses are some of the most powerful in the world. Charitable sponsorship is a great way to do good in your community, while also gaining marketing experience. Donations put your company’s name out there, especially if you sponsor some a non-profit, fundraising even (just like The Virginia Festival Of The Wheel!) Sponsoring local, public, non-profit, charity-supporting events will show your current and future clients that you really care about your business and your community.
This is one of the most immediate benefits of corporate donations. You may not instantly see how your contribution benefits your community, but you will quickly notice the tax savings. Of course, businesses shouldn’t donate with the sole expectation of financial gain, but there are fiscal rewards for helping a charity in need. Businesses can usually receive tax deductions from sponsoring charities or events, but your should make sure to follow the rules and go about the process in the right way in order to comply with all tax requirements. (The Virginia Festival of the Wheel is a 501.C.3 Corporation. Sponsorships and donations are all tax deductible and all proceeds will be donated to the UVA Cancer Center to assist in the tremendous work they do.)
It’s Good for Your Community
Charitable contributions have numerous benefits, but the most important one is obvious: you should give back to your community. Charitable donations help better your community, and the public will notice if a company is making a real effort to improve its surroundings. Your company’s charitable donations could help improve schools or parks, giving children safe places to learn and play. If you choose to donate to a nonprofit organization that conducts medical research, you could also help in the effort to cure diseases. The opportunities are endless and extremely helpful.
There are many reasons why your company should make charitable donations, and any reason that motivates you is a good one. Donating to charities can help change your business and work culture. It can also have a dramatic impact on others. So pick a cause that you believe in and make your community a better place to live. It’s good for business.
Think about getting in on the ground floor of a tremendous new event. We’d love to have your business’ support of our cause to raise money for the UVA Cancer Center. We’d love to give your business a tremendous amount of exposure in the community and support it in every way that we can. Please give Denise Hood a call at 434 964 7511 if you’d like to learn more about how your business can become a sponsor of the Virginia Festival of the Wheel.