This is a fairly heartless question, but it’s one that’s essential to businesses. If supporting social causes was guaranteed to increase profits by 1000% for any business, then we know every business would already be doing it.
There are a multitude of benefits that you can get from supporting a social cause as a business. In fact, there are so many benefits, which drastically outweigh the negatives, that I would even go on to say that the only thing you need to know about supporting a social cause is how beneficial it will be.
Of course, that’s not actually true; pro and con lists are the bread and butter of many a successful 6, 7 and 8 figure business owner, no doubt. And while the cons are minimal, some considerations are essential when making any business decision!
The research backs up the benefits, though. In an article the The Journal of Development Studies, a study found that Corporate Social Responsibility (CSR) is linked to workforce efficiency, particularly where the business takes social action at a community or local level.¹
So when you go through the process of creating your own Social Action Plan, think about these benefits and how you can apply them to your business.
Here are the actual benefits of supporting a social cause in a practical way — meaning partnering with a charity.
Relationships are essential in all facets of a business. We all know how important it is to network and not to be an island. You limit the opportunities available to your business and stifle your growth.
So imagine if, instead of your usual networking with other businesses, you partner with a Charity. Of course, that partnership will hold a potentially more significant weight than a partnership with any old for-profit business.
When you partner with a charity, that is a new marketing channel. You could even find that it becomes one of your most valuable and highest converting marketing channels.
How is it a marketing channel? Well, charities will generally provide some exposure for partner, donor or sponsor businesses. Think, regular social media posts, featured relevant blogs, and shoutouts about your new products. These small actions can have an enormous impact on your audience reach and bottom line. Often, once the charity’s followers see that you support their cause, a portion will become immediate supporters of your brand.
Social proof is essential for every business so that your customers can know, like and trust you. Once you partner with a charity, you can come to an agreement, and you can list that charity on your website as a charity that you support or sponsor.
This is a great way to show the actions that you are taking to help the social cause you care about. Not only this, but by listing the charity on your page and coming up with a reciprocal agreement for them to list you, you are going to be improving your SEO ranking thanks to backlinks. Charities tend to have relatively high SEO authority thanks to being linked to a lot.
This one really depends on what your accountant says of course, so speak to them first. But in most countries with Charitable structures, you are able to donate and claim this as a tax deduction. Meaning you can reduce your business’s taxable revenue by the amount you donated for that year.
That’s it! It’s seriously simple. But that’s not to say that there aren’t some more tips and tricks I recommend knowing before you get started.
I’m currently writing this series on getting involved with social causes as a business, so make sure to subscribe for more!
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