If you have just launched a new business or startup, your main goals probably include increasing engagement with target customers, building brand awareness, and ‘paying it forward’ to your local community as a way to establish your reputation as a business that cares. The last goal of philanthropy is, of course, intricately tied to the others in more ways than you can imagine. Millennials, many of whom are potential clients, are a conscientious breed who are more interested than ever in supporting businesses that are enriching their communities, in addition to simply a profit. In this post, we highlight the importance of picking a cause you believe in from day one.
Your Chosen Charity Helps Define You
Financial expert Jason A Sugarman noted that it is important to take time and plan well before choosing a cause to back. Ideally, your chosen charity should have an open book policy (so you can see exactly where funds raised go) but also reflect your company’s own values and its commitment to its target audience. For instance, if you have just opened a business specializing in women’s fashion, consider backing a female cancer charity or educational fund for women in your local community. If your target audience is international, bear in mind that buyers across the globe are likely to be attracted by companies that operate sustainably; the environment is therefore always a useful cause to support.
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Philanthropy Boosts Staff Engagement
Even if you have just opened a business and you have a small staff, they can easily feel like they are part of something bigger if they are invited to better their community in some way. Staff retention and motivation rise exponentially when a business is committed, so do count on your employees’ output when it comes to selecting a charity, holding fundraising events, and increasing awareness of your philanthropic efforts.
Boosting Brand Awareness
Fundraising events offer a great opportunity for you to publish your logo on posters, free T-shirts, pens, etc., and to let people know more about the passion that drives your company. In the early stages of business, you may not afford expensive advertising campaigns, so charity events are an excellent way to reach a wider audience within your community.
Of course, you can also use your webpage and social media to create short videos about your fundraising efforts; sharing is free, so if you create truly dynamic, entertaining, even humorous content, your efforts are more likely to be shared among a wide audience.
Some of the most important priorities for new businesses include hiring and retaining talented staff, building brand awareness, and networking. Charity is an excellent way to help achieve all these goals. It helps keep your internal and external clients happy and offers you the chance to meet innovative people in your area who share your passion for making a real difference through business.