Connect with us

Bussiness

Have a small business in Springfield? Make a point of giving back on Giving Tuesday

Published

1 month ago

on

Have a small business in Springfield? Make a point of giving back on Giving Tuesday

Katie Adams
 |  Special to the News-Leader

With all of the anticipation and excitement around the holidays, it can be easy for small business owners to overlook how charitable giving can impact their bottom line at the end of the year.

Giving Tuesday is Dec. 3, and it’s a great opportunity for small businesses to reinforce their value in their communities and remind customers why shopping locally matters. Strategically scheduled after Thanksgiving as a counterpoint to the commercial focus of Black Friday and Cyber Monday, Giving Tuesday began as a grassroots effort to encourage community engagement through philanthropy and volunteer service. Since 2012, it has evolved into a global phenomenon celebrated in over 150 countries and is now coordinated by GivingTuesday.org.

Here are five reasons small businesses should consider participating in Giving Tuesday and regularly committing to philanthropy:

  1. Brand Loyalty: Charitable giving helps businesses build goodwill and strengthen their reputation, which can lead to increased customer loyalty and referrals.
  2. Employee Morale: Encouraging employees to volunteer or support local charities can boost morale by fostering a sense of purpose among staff, which can lead to better retention and recruitment.
  3. Possible Tax Deductions: Donations can be tax deductible, allowing small businesses to offset some of their tax liability while supporting worthy causes. Talk with a tax professional about possible tax deduction opportunities.
  4. Networking Opportunities: Engaging with local nonprofits and community organizations can lead to valuable networking opportunities and potential business partnerships.
  5. Community Investment: Giving back helps small business owners feel more invested in the local community and connected to the people they serve.

Whether your business has a history of charitable giving, or you are new to philanthropy, these good intentions could potentially yield good outcomes for your business and your community. Don’t pledge more money or time than your business can truly support. You can start small and grow your business’s charitable giving each year so that you provide local community organizations with consistent support over time rather than a one-time gift.

Here are five practical ways small businesses can participate in Giving Tuesday this holiday season:

  1. Donate Sales Percentage: Donate a percentage of Giving Tuesday sales to a local nonprofit or community organization. This incentivizes customers to shop with you and helps them feel good about their purchases.
  2. Match Donations: Match customer and employee donations made on Giving Tuesday up to a certain amount to inspire them to give more because their contribution will be doubled.
  3. Provide Time for Volunteering: On Giving Tuesday, give employees paid time off to volunteer for local charities to show their commitment to the community.
  4. Donate Goods or Services: To generate goodwill and potential referrals, make in-kind donations of products or services instead of or in addition to cash contributions to nonprofits.
  5. Join Other Businesses: Partner with other local businesses to host joint Giving Tuesday fundraisers, share resources and maximize your impact.

If you’re ready to look for a nonprofit to support, be on the lookout for potentially fake charities. Scammers are known to use the holiday season to take advantage of people’s generosity to steal money or personal information. The best thing to do is research the organization or use a trusted, legitimate nonprofit in your community. Be cautious of unsolicited emails or text messages. If you want to double check tax-exempt status, use the Tax Exempt Organization Search tool at irs.gov.

Once you’ve chosen a nonprofit organization, don’t be shy about promotion. While some individuals prefer to give anonymously, small business owners can generate substantial goodwill for their businesses through public philanthropy. If you use an email newsletter or social media channels to communicate with customers, include photos or videos of your staff volunteering at community organizations or presenting donations to local nonprofits. Not only is it good for your image, but the example you set may inspire your fellow business owners and neighbors to do the same, which will help your community even more.

By supporting local causes, small businesses have a chance to show they care about more than just profits, which can resonate with customers who value businesses that give back. This goodwill can help build strong community ties, strengthen customer relationships and create long-term success.

Katie Adams is a business banker at Arvest Bank. She can be reached at kadams4@arvest.com.

Related Topics:
Continue Reading