Six Reasons Investing In Your Community Can Help Your Business Succeed
by Sumona Business Development 02 September 2022
When it comes to business, community involvement can mean many things.
For some companies, it’s simply writing a check to the local charity of their choice. Others take a more hands-on approach, giving employees time off to volunteer or participate in fundraising events.
And certain companies make community involvement a central part of their business model, from building homes for Habitat for Humanity to working with local schools on STEM initiatives.
Whatever form it takes, successful entrepreneur Sherief Abu-Moustafa believes community involvement is an intelligent business move.
6 Reasons To Look For Investing In Your Community To Make Your Business Successful
This article will discuss six reasons investing in your community can help your business succeed.
Spending time and money on charity and the local community pays off in the long run for both the charitable organization and your company.
The Committee Encouraging Corporate Philanthropy found that for every $1 a company donates to charity, they see an average return of $3.75 in increased sales.
When a company plays an active, supportive role in its community, the National Conference on Citizenship reported that employees are likelier to promote the brand’s products and services. The report found that team members are more likely to stay with socially and environmentally responsible companies.
Being invested in the community helps nurture a positive work culture, Sherief Abu-Moustafa says. When employees feel that they’re working for a company that cares about more than just its bottom line, they’re more likely to be engaged in their work and feel a sense of loyalty to their employer.
Consumers are increasingly interested in buying from companies that share their values. People are willing to pay more for products and services from companies committed to positive social and environmental impact.
Moreover, community involvement is a great way to build relationships with local media outlets. And when your company is in the news for its good deeds, that free publicity can be worth much more than any paid advertising could ever hope to be.
When you get involved in your community, you’re not just building relationships with consumers but also with other businesses. And those relationships can be beneficial in many ways.
You can expand your network and get introductions to new potential customers. They can also lead to joint marketing initiatives and even partnerships. One example of how community involvement and business networking combine is when two companies team up to sponsor a local little league
If your company manufactures medical equipment, having your management team volunteer at a local clinic can give you valuable insights into your customers’ needs. If you own a catering company, working with a local food bank can give you new ideas for recipes and menu items to stretch your budget further.
In other words, community involvement can help your business become more innovative and better at meeting your customers’ needs.
There are endless opportunities to learn new things and gain valuable skills by getting involved in your community. All it takes is an open mind and a willingness to step out of your comfort zone.
The act of giving back is its own reward, Sherief Abu-Moustafa believes. When you get involved in your community, you’ll feel good about what you’re doing and proud to be associated with your company.
And that feeling is contagious. Your employees will be happy to work for a company that cares, and your customers will be glad to support a business that contributes to making the world a better place.
There are many reasons why investing in your community can be good for your business. It can help you attract and retain talent, show off your values, build relationships with other companies, enhance your skills and knowledge, and even be good for your soul. How does your company currently invest in the community? Tell us in the comments below.