Giving is Good for Business
And generosity has its benefits.
You already know how we at Released feel about giving.
We’re into it. In fact, we’re so into it that the concept is one of our three foundational values. And while giving is and should be about what we can offer others, it has kickbacks too. Many knowledgeable people will even say that giving is good for their bottom line.
It fosters community and networks.
Taking part in something bigger than yourself and your business can open doors and create connections. Being involved—financially or otherwise—in a cause that excites and inspires you allows you to find others that are similarly passionate. And that is valuable, authentic networking at its best.
2. It can be beneficial in your sector
You may have an opportunity to give funds or volunteer time to a cause that is having positive effects in your industry and community. This could mean investing in grassroots education in a way that will interest and attract potential apprentices to your trade, or improving quality of life for a group of people that are potential customers or clients.
Such opportunities are, in the long term, well worth your generosity. Nurture your sector and it may just nurture you!
3. It can raise team morale
Shouting everyone pizza once a month is all well and good, but involving your team in philanthropic efforts is even better—and why not do both?
For this to be effective, you should give employees a say in which charities or organisations to support. Getting behind a cause they are passionate about, in a larger capacity than they might be able to achieve by themselves, is a fantastic morale booster. It unites and enriches teams.
And as for your bottom line—well, the cost of turnover has been well established. Great resignation? No thank you.
4. It increases brand loyalty
A well-founded reputation for generosity is a great thing for your business. In this age of social media, word gets out about great companies doing great things.
For a client, knowing that their choice of provider is contributing to a good cause is a major bonus. And for trades businesses who advertise largely by word of mouth, reputation is so closely linked to the bottom line.
5. It comes around
We’re kidding, kind of. We don’t believe in karma in the traditional sense, but do believe that giving generously makes for happy, fulfilled, motivated, and therefore more successful people and business owners. And that attracts other happy, successful people. Those people might turn out to be great employees, fantastic clients, or desirable business connections.