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Charitable Giving_ Is It Right For Your Business_

As the owner of a small business, you may be keen to find ways of giving back to your community, or helping a charitable organisation with which you have a strong personal connection. While charitable giving brings with it a whole host of advantages (and not just for the recipient) such as positive brand endorsement and tax benefits, it can also come with a number of challenges if not handled properly.<br>

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Charitable Giving_ Is It Right For Your Business_

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  1. Charitable Giving: Is It Right For Your Business?

  2. As the owner of a small business, you may be keen to find ways of giving back to your community, or helping a charitable organisation with which you have a strong personal connection. While charitable giving brings with it a whole host of advantages (and not just for the recipient) such as positive brand endorsement and tax benefits, it can also come with a number of challenges if not handled properly. To help you make a charitable contribution that’s wise, and which benefits both your business and your chosen recipient, here's what you need to know:

  3. What are the benefits of charitable giving for small businesses? Here are some of the advantages small businesses can gain from giving to nonprofits and charitable causes: It helps you better connect with your community An excellent PR act, charitable giving is particularly beneficial for smaller businesses who rely on the involvement of their local community, and can demonstrate that you aren’t just in it for the money.

  4. While bigger corporations may not be seen in quite the same way by their communities, smaller businesses tend to be perceived as caring more about the people living in their locality, and what goes on in it. Smaller businesses may not get as significant a tax deduction as larger companies when they make charitable contributions, but in terms of making a positive contribution to the community, it’s absolutely unparalleled.

  5. It enables you to build up a network Helping you to forge strong alliances with other businesses and network with those who you may potentially partner with, making a charitable donation to a local organisation can be the beginning of a business relationship that is both long-lasting and impactful.And don’t limit your giving to a one-off contribution, find out if there are other ways you can benefit the nonprofit in a more lasting, or frequent way, and don’t be afraid to ask them for ways in which they can publicise the help you’ve given them, too.

  6. It has other benefits that may not be as tangible Below are some intangible benefits charitable giving can bring to a business and its employees: Improving company culture ● You can help improve the morale of your workforce by showing them that your company culture is one of compassion and generosity, and that your focus is on a broader worldview.

  7. Improving your brands image ● Whoever you choose to make a charitable donation to (whether it be in the form of money, time or resources), your customers (and potential customers) will see that you take corporate social responsibility seriously, and this will help them to trust you, while your brand gets an inevitable image-boost. In what ways can your small business make charitable contributions? There are plenty of other ways than monetary that a small business can contribute to charitable causes, and here are a few ideas:

  8. By volunteering – donating time is a fantastic way of helping an organisation that relies on manpower, such as homeless shelters and food banks By sponsoring a sports team–sponsoring a youth sports team is a great way to help out in your local community. Donate towards the upkeep of the pitch, or towards the cost of uniforms, and have your business name added to them. By launching a charity drive–initiate a collection for items needed by your chosen charitable cause. ● ● ●

  9. By donating online–use virtual giving platforms to help raise much needed funds. While the tax benefits of charitable givaing aren’t as big as they are for larger corporations, you still stand to gain a lot from it as a small business - although nowhere near as much as your chosen charitable cause, which of course, is what it should all be about!

  10. At Heyer Inc, we proactively assist our individual and small business clients in meeting their goals. Our key area of focus is ensuring that our clients remain compliant with federal and state tax laws by providing them with high quality accounting and tax services Miami. If you are looking for an individual accountant in Miami, heyer inc would be a right option.

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