Needless to say: Partnering with a charity is one of the tremendous ways to escalate your business. When we talk about expanding business and partnering with a charity, choosing the right organization is one of the crucial tasks, especially if you have a small business.
Your small business plays a significant role in order to build brand community and brand awareness. Besides, your small business could be a blessing in disguise for less privileged individuals. Thus, choosing the right charity partner plays a huge role in growing your brand presence.
Let’s take a closer look at some key factors that you must consider before selecting a charity partner for your business.
1. Determine Your Audience/ Customers’ Needs
No wonder your customers and employees are your biggest asset. Therefore, before choosing a charity partner, first and foremost, discover your audience’s needs and demands. Apparently, your consumers and coworkers are always interested in becoming a part of something meaningful deed. And, you are in the position to help them out.
The decisions you make while partnering with a charity will ultimately affect your brand’s reputation. If you determine your audience interests primarily towards the organizations, it can assist you in making an informed decision easily. Discovering the causes your customers care about can help you collaborate with the right organization timely.
Customers always invest in those brands that are philanthropic and take an active part in CSR activities. Hence, selecting the right charity part could impact your overall brand’s presence. Also, the charity helps to retain the brand’s reputation as well as retain customers.
All in all, partnering with the right charity builds customers’ trust in your brand. Also, it helps to strengthen bonds and connections. Overall, performing charity is a win-win situation for both the company and the charitable organization.
2. Discover your Business Goals and Aspirations
The next step after learning your customers’ needs is to know your business goals and objectives. Your employees are the heart and soul of your business. Therefore, you should pick a charity that clearly defines your brand’s objectives. In that way, you can engage your employees with charitable work, too.
In fact, 85% of team workers love to work in a company that takes an actionable part in charitable partnership programs.
In a nutshell, sponsoring the right charity partner not only helps to attain customers but also helps to acquire more qualified and competent employees for your brand.
3. Identify your Community Objectives
Small businesses are more likely to sponsor local communities out there. One of the biggest reasons that separate the larger businesses from the smaller ones is the connection with the local communities.
Undeniably, small businesses mostly care about local customer needs. Thus, people invest their money in a brand where they see the company cares about them.
Collaborating with a local community not only aids in supporting them. In fact, it helps to reinforce the local economy, too.
4. Recognize your Charity Partner
The next stage after discovering the values and needs of the local communities, it’s time to look at a few factors that will improve the impact of your fundraising activities.
Not all charities are entitled to pay tax breaks. Though, being able to write down the details of your charitable donations puts your business in a better financial spot.
Here are some guidelines for those businesses that are in favor of learning about charity-related tax breaks.
- Discover an eligible charity by using the IRS search tool.
- Make a suitable cash donation, sponsor any charity event, take part in CSR activities, or donate your inventory/services.
- Every category has certain restrictions. For instance, you can’t deduct the price in the name of volunteering services. Though, you can abstract other costs incurred, such as supply costs and more.
- Make sure that the donation must be paid fully by the end of the tax year. And, Form 1040 must be submitted, mentioning all the details in the right manner.
5. Develop an Eloquent Relationship with your Charity Partner
When you partner with a charity that is well-likable by your customers, it eventually creates a positive image of your brand in front of them. Also, if you create a meaningful connection with the non-profit organization, it keeps your employees connected with your brand in the long run.
Those companies who keep customers’ interests and priorities on top could easily build more loyal and reliable connections. When people see that the company is working for a charitable cause, it builds people’s credibility with the brand.
Meaningful charitable connections can turn into incredible leads.
6. Choose a Right Charity Network
Some small businesses don’t have huge resources in order to make giant monetary donations. If you are getting difficulty paying for charity offerings, it’s time re-calculate the strategy for how and where to donate.
If you have a small business to run, it has recommended that you give 1% of your products/services or revenue to a charitable cause. As your business grows exponentially, you can find new charity partnership programs to donate charity.
Overall, customers invest in those companies that are equipped with socially-conscious and sustainability-minded business leaders.
Bottom Line
In the above write-up, we have mentioned the key aspects that you must take into consideration prior to selecting the right charity partner for your business.
There is no right time to make a difference in any individual’s life. Start today and create your influence in others’ lives.
Planning about partnering with a charity to support local communities as well as build your brand’s presence? If so, without a second thought, get in touch with the Wave on the Go today.
The objective of this organization is to connect both people and businesses that want to bring a change in other lives. Also, you can make use of Wave on the Go application to support local organizations.
