One of the primary goals of creating or running a business is to generate profits that will provide you and your workers with a good standard of living. This can be achieved through a combination of having a great product, and acquiring customers for your product through smart marketing. Does that mean that successful businesses shouldn’t give money to charitable causes? A recent report by QSR Magazine looked at how charitable giving can help businesses create a positive impression with their public. Here, AJG Direct review this report, and look at the benefits that helping charities can bring.
“Being successful in business doesn’t have to be incompatible with helping society in general”, said Paul Gillett, director of AJG Direct. “Some of the most successful entrepreneurs of all time, for example Bill Gates in the present age, have devoted time and money to helping causes that are close to their hearts. Every business, of whatever size, can benefit in many ways from carrying out regular moral audits as well as financial audits.”
The report looks at the economic benefits of charitable giving to a company, and how it can help create a positive corporate image and create brand awareness. It asserts that charitable giving is most relevant to a business when it is carefully targeted and relevant. The report highlights five areas of relevance for such giving: industry relevance, community relevance, target relevance, brand platform relevance, and value relevance. Giving doesn’t have to be detrimental to profitability, indeed it should be carefully planned to increase profitability be engaging with target customers, and bearing a relation to the sector of industry in which you’re based.
Another key finding of the report, is that charitable giving is most successful when it’s done on a consistent and long term basis. By creating a long term partnership with a particular cause or charity, real accomplishments can be made. This is beneficial to both the cause, and to your brand image with the public.
“I agree wholeheartedly with the report when it says that charitable giving can make business sense and improve profitability”, said Paul Gillett. “It’s also important, I believe, to consider the moral factor. The act of doing good things can motivate yourself and your workers, and create a positive working atmosphere. That’s why we’re delighted to work with clients from within the charity sector.”
AJG Direct creates bespoke marketing campaigns for profit and not-for-profit business, helping them achieve real growth and reach new consumers.