(Joe Stapleton & Devon Wortmann, winners of The Literacy Project Bar Battle July 2019)
With the holiday season fast approaching, thoughts of giving to a charitable cause or organization are often part of the plan. While any contribution to the less fortunate or other worthy cause in any amount or capacity is truly beneficial, many businesses take it one step further and make charitable giving an ongoing facet of their operation throughout the year. There is considerable value in giving back simply on its own merits, but many consumers are much more likely to support a business that shares a similar philosophy as they do. Your business can get started right away with these strategies:
Cause related marketing is a mutually beneficial relationship between a business and a charitable group. By the business committing to donate a certain percentage of sales to the charity, the objective is to increase the company sales while raising revenue for the cause. Although any recognized charity can be appropriate, partnering with a local charity may prove more effective.
Donate to a charitable auction
Whether your business offers a product or a service, many charitable organizations depend on annual auctions to meet their fundraising goals. Your business can become a regular contributor at several such events. People enjoy the atmosphere at auctions, and you can become a familiar presence in the community.
Sponsor a charitable event
Sponsor or co-sponsor a local fund raising event like a golf tournament, 5K race or pancake breakfast. Often sponsors are permitted to have informational booths at the events and your name will be prominently displayed.
Donate equipment or a meeting space
Most non-profits operate on a tight budget and can funnel more funds to their cause if overhead is minimized. If your business is replacing computers or other equipment, it may be perfect for a local charity’s use even though you require the newest generation. If you have a conference room or other appropriate meeting place, you can offer it to the charity for their monthly or quarterly meetings. This can serve to upgrade their image as well as solidify your position as a caring and involved partner.
Volunteer yourself and your employees
Charities always are short on bodies to get their events up and running. Nothing says you care like personal, hands-on involvement. It speaks volumes. Make it fun for the employees, make it a competition where possible and have company t-shirts printed clearly identifying who you are.
Being charitable for the right reasons is important. Getting free advertising and potentially some additional business is great, but the real reward comes from giving back to those less fortunate than ourselves or a cause that may benefit many. At Spinnaker Investment Group, we believe in helping owners deploy these strategies to grow their businesses. Contact us today to get started.
The information contained herein is based on internal research derived from various sources and does not purport to be statements of all material facts relating to the securities mentioned. The information contained herein, while not guaranteed as to the accuracy or completeness, has been obtained from sources we believe to be reliable. Opinions expressed herein are subject to change without notice.