If you’ve ever donated to or volunteered with a charity, then you know how great it feels to help a worthy cause. No matter your business size, you can have a positive impact on your community and boost workplace morale by supporting local charities.
There are lots of ways to maximize your small business charitable giving without breaking your budget. Here are some tips for creating an effective giving program:
1. Pick a cause that is truly meaningful to the company
“This could be a cause or organization that is personally important to the owner or employees. There is no shortage of need or nonprofits to support, and people are more likely to give generously when they feel a connection to the issue.”
2. Plan a comprehensive program
“A comprehensive approach to corporate giving should be based on a broad set of strategies. Individual components such as corporate donations, employee giving, corporate gift matching, and employee volunteer initiatives can be tied together in a way that achieves results greater than the sum of the parts.
A perfect example of this is the “dollars for doers” program offered by many companies. Under this program, the company pledges to give a certain amount of money for each hour of volunteer work that an employee donates to the nonprofit of their choice. Adding an incentive like this has been proven to be a successful approach to increasing participation in volunteer initiatives, plus it offers a winning proposition for the company, the employee, and the nonprofit.
3. Manage corporate contributions
“A corporate giving program allows companies to make tax-deductible contributions to eligible 501(c)(3) organizations that are selected either by the business, employees, or both. All types of businesses are able to claim a charitable contribution for the amount of money they give to charity, but there are limitations as to how much is deductible in the current year, so it is best to consult with your tax advisor.”
4. Start small
“From the start, you will need to define your goal and choose a platform. Online platforms are increasingly popular as they are low-cost and easy to organize. When you begin your giving program, choose no more than two organizations. Decide how you will support their causes. You may choose to host fundraisers, donate products and services, enter partnerships, or make monetary donations.”
Source: BOSS Magazine
5. Spearhead a charity drive
“If you’re short on money and scheduled time, you can still give back. Start a clothing, book, or food drive. Inspire clients and customers to donate gently used items or non-perishable food to your business. Then deliver the goods to local food banks, homeless shelters, or other charitable organizations. It’s one of the most effective low-cost ways to give back.”
Ready to start your charitable giving program?
If you need a loan to launch your business philanthropy plan, contact First Union Lending.
First Union has 9 different loan types. Let our funding experts help you pick the right loan to start your new charitable giving program. Call 863-825-5626 or click here to get started.