The business world is essential to many things that govern our modern world. The economy, the distribution of goods and services and providing jobs to the community. However, many of these factors improve business for said business. When the economy is in a good position, there is money for people to spend on goods and services. People want to get their hands on this money, so they take up jobs in the business which benefits the company as they now have people to get the wheels in motion to make money.
Business can often be a selfish pursuit. The goal is at the end of the day to make as much money as possible. Many managers and company owners do feel it is important to participate in community-based work free of charge.
Simply by giving your time to the community as a business owner can go a long way. Not only will you feel good about yourself as a person but the respect and gratitude you earn from the community will stay with you for many business years to come. This trend has been seen by many as a common link between successful business owners. So today we will look at why every company should give back to its community.
How can Companies get involved in the Community?
So before answering why every company should give back to its community, we should have a look at the ways how companies can get involved in the community. As a local business owner or manager, you can get involved with your area in many ways. For example, volunteering, supporting a charitable cause, supporting up-and-coming businesses, and sponsoring a school activity. Even hosting local events could be a huge boost for business.
Why Give Back?
Now that we know the how, let’s look at the why. Why is it exactly every company should give back to its community?
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Advertising
Firstly, supporting or getting involved in the community gets the business name out there for everyone to know. Another word for this is advertising. A great way to attract people and give a positive message to the community is by being involved in local sporting events or sponsoring athletes for example. Remember before any business goes international, they start in some community somewhere in the world. That community is the first group of customers so having them aware of the business is essential.
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Good for PR
This kind of sponsorship or working with local events is a great way to have the people of the community look at you fondly. This not only is good for advertising but also for the company’s public image.
Customers are more likely to give their business to a local company that has been active and involved in helping the area. The company begins to feel local and trustworthy as it has that homely touch. I am sure we can all think of one company from our hometown that we loved purely because it was local.
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One Big Focus Group
Giving back to the community is also an excellent way of getting to know the community better. The benefits of getting out of the office and getting on the ground with the local people can be hugely beneficial. Again, much like the other points, they begin to see you as the business owner as one of their own and the company as local. But more than that, getting involved allows you to see what the community needs.
Ben Johnson who works at Bud Champion says “by getting to know the community, you get to know what their wants and needs are, which will help you provide better products and services”
“It is almost like a free focus group or wider network. By being involved you can better understand what business opportunities are out there and hopefully take advantage of them. Getting out there and understanding the community better will give you a clearer insight of where you can take your business in the future.” says Ben.
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Corporate Responsibility
There is of course the important point of corporate social responsibility or CSR for short. As a business owner you are responsible for far more than just your business. The CSR business model helps a company be socially accountable to itself and the public. Under this business model the company has a duty to the community.
Gaining the trust of the people will see them go to you whenever they are in need of your services before going elsewhere. By being involved your company is solidifying its place as a part of the community for generations to come. This kind of trust from the people can only be earned by being an active member in the community.
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Giving Back
There you have a whole host of reasons why every company should give back to its community. A business can benefit hugely from giving back in ways like brand awareness, creating trust with the community and building a positive atmosphere in the area between brand and consumers. All of these can only result in more wins for your business in the long run. Get out there and get giving!
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