Running a business is exciting. There are a lot of challenges, but the process of overcoming them is where the fun lies. It gets even more exciting the further you take your business; for many entrepreneurs, this experience alone is what keeps them going.
However, giving back to the community around your business is even more fulfilling. On top of that, helping with community development – as a business and a business owner – is incredibly rewarding. In this article, we are going to take a look at four ways giving back actually helps your business.
It’s good for branding
On the surface, giving back to the community is a good branding and marketing move. If you want to establish your brand as a community-oriented local brand, getting more involved in supporting community activities is the way to get started.
There is a lot you can do. Sponsoring fairs and community gatherings are great investments to make in this respect. Supporting community activities raises your profile in the local community.
It brings value
There are so many activities that can only happen with the support of local businesses and the private sector as a whole. Supporting the local community should not be seen as something that you only do near the end of the year.
When Mandra, a town in Greece, was devastated by a flood, Evangelos Marinakis and the Olympiacos football team were the first to help people in the area. It was a way for Mr. Marinakis to use his business to help local communities.
His actions showed the value of the businesses he ran, including the football team itself. Mr Marinakis himself led the support efforts, (indirectly) boosting the credibility and value of the businesses behind him in the process.
It increases employee engagement
Another reason to engage in supporting local communities is the fact that you can boost employee engagement by a substantial margin through these activities. For starters, employees are more involved and engaged when the company they work for cares about its people.
The effect is further amplified by allowing employees to take part in your efforts to give back to the community. Letting employees allocate a portion of their work hours towards teaching local children or taking part in other social movements is known to be incredibly effective.
It expands your network
Last but certainly not least, giving back to your local community is a great way to expand your network. The process of giving back allows you to meet incredible people and reach out to community members. These could lead to many more opportunities in the future, including the opportunities to find the perfect people to fill key roles.
There is one additional benefit that you can get from giving back, and that is the warm feeling you get as you see the community around your business grow alongside the business itself. Combined with the other ways that giving back actually helps your business, it is clear that investing time, energy, and money into the community around you is well worth it.