Tis The Season! Here’s How Your Small Business Can Give Back
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For many small businesses, the holiday season brings good tidings of increased sales and higher profit margins. And while that's all well and good, it's important to remember that giving back to the community that helped your small business grow is just as important.
Warm and fuzzy feelings aside, a ho-ho-host of benefits comes with giving back during this time of year. Positive PR opportunities, community outreach and engagement, and the potential for tax deductions, to name a few.
So, why not give a little? If you're thinking about giving back to your community this holiday season, here are some ideas to get you started.
A great way to give back during the holidays is by volunteering. It won't cost your business anything other than time, and you'd be surprised at how many organizations need a few extra hands during the holidays.
Moreover, putting the workforce of your entire small business behind a local organization means you can make a significant impact on the people it serves.
You can start by researching volunteer organizations in your area—soup kitchens, homeless shelters, charity events—and polling your workforce about which group they'd like to help. Giving your employees the option to take the day off and volunteer instead may further incentivize them to make a difference in your community.
Start A Charity Drive
Conducting a charity drive is another effective way to give back to your community during the holidays. Like volunteering, it doesn't cost you anything. You can set up your collection area onsite if you have a brick-and-mortar location.
If your small business is virtual, you can get involved by reaching out to other small businesses and local organizations to set up a charity drive.
There are plenty of options for collecting for charities, especially around the holidays. Dry food and canned goods can be donated to food banks, while clothing, outerwear, and toys can be brought to charitable organizations such as the Salvation Army.
Sponsor A Sports Team
Youth and recreational centers constantly need funding for their sports teams, and you can show your support by becoming a sponsor. You can donate funds directly to these organizations to help maintain fields and courts, provide uniforms and gear, and help with the cost of transporting the team to games.
As a bonus, sponsors often get to display their names or logos on team equipment. Take advantage of this opportunity to show your community that you care about the health and wellness of young athletes while spreading the word about your small business.
Facilitate Online Donations
Encourage your customers to get in on the giving by setting up a virtual donation platform. Free up some space on your company website during the holidays for a brief message about the organization that donations are going to and provide a quick and easy method for donating.
You can also give customers the option of donating with each in-store or online purchase to make things even easier for them during the hectic holiday season.
If you want to go the extra mile, consider matching your customers' donations to make an even bigger impact. If you can't match dollar for dollar, you can agree to donate a certain amount if your customers first meet a donation goal. It's up to you to decide how much your small business can afford to give.
Making Charitable Tax Deductions
Your business could qualify for a tax deduction when you make a charitable donation. How's that for a little extra holiday cheer?
To qualify, your charitable gift must be cash, gifts of property or equipment, or travel expenses accrued when helping a charitable organization. Additional factors, including the type of charitable gift, the value of the gift, and the kind of organization receiving the gift, come into play, so you should strongly consider consulting your small business tax advisor to see what's deductible.
The Spirit Of Giving
Tax deductions and positive recognition can help your small business during the holidays, but the spirit of giving goes much deeper than that.
If you give back this holiday season, find an organization that aligns with your values, get involved in your community, and make a difference.