“Do well by doing good” is a famous quote from Benjamin Franklin that is as true today as it was when it was written more than 200 years ago. Businesses that choose to help charities and non-profits may find that their generosity not only generates positive feelings, but can also help their bottom line. Here are just a few ways that charitable giving can be good for your business.

1. Attending Charitable Events is Great for Networking

Charitable giving can be great for business networking, especially if you attend fundraising events and other related gatherings. Respected community leaders are often in attendance, as well as people from various companies and organizations with whom you might want to do business or otherwise contact in the future. These events and charitable causes will give you shared experiences that may bring you closer.

2. People Will See You as a Community Leader

Giving also gives you a chance to present yourself as a leader in the community. As a business owner, you may have some good ideas about ways to improve your community and how you can best help it. People from your town may already know you as a business owner, but when they see that you're involved with important causes, they will see you also as someone who is helping lift their community up.

3. It’s an Excellent Way to Attract Talent

A lot of jobseekers are interested in working for a company that can do some good in the world, or even just within their own community. Your involvement can demonstrate that you own such an establishment. It's an excellent way to attract talent as well as retain it, especially if your goodwill is part of your company culture.

4.  Your Company May Receive Tax Benefits

There are financial benefits to charitable giving, as well. You can expect to see some savings when you file your taxes.

"This is one of the most immediate benefits of corporate donations," says Molly St. Louis at Inc.1 "You may not instantly see how your contribution benefits your community, but you will quickly notice the tax savings. Of course, businesses shouldn't donate with the sole expectation of financial gain, but there are fiscal rewards for helping a charity in need. Businesses can usually receive tax deductions from sponsoring charities or events, but you should make sure to follow the rules and go about the process in the right way in order to comply with all tax requirements."

5.  Getting Involved Can Assist With Team Building

Assisting nonprofits can lead to some great team-building experiences if your employees get involved. Consider having team members volunteer together at community projects or work together at fundraising events. If it's a cause that they care about, your team might form a stronger bond not only with your company, but with each other as coworkers.

6.  Charitable Giving Can Increase Company Morale

In fact, charitable giving can increase company morale overall. Even if team members aren't directly involved in any related initiatives, simply knowing that the company they work for is making a difference and has its heart in the right place can make them feel good about their job.

7.  Your Involvement Builds Positive Name Recognition

As you get involved with charitable organizations, folks may start to perceive your company in a positive light.

'"When you sponsor a charitable event, donate supplies to disaster victims, volunteer at community clean-ups, or support other charitable activities in your community, people notice," notes LegalZoom's Jane Haskins.2 "Having your name attached to a cause or event builds name recognition. People like to support businesses that help others, and your community activities and donations can pay you back in increased business and customer loyalty."

8.  Your Business Will Benefit From Charities’ Marketing Efforts

Events and sponsorships come with great marketing opportunities. Even beyond the positive association aspect, you receive extra exposure from the nonprofit's own marketing efforts if you are a sponsor.

The best reason for charitable giving is to make a difference and help people, but that doesn't mean you can't help your business in the process. Consider all the reasons above and find a cause that you are passionate about.

1. https://www.inc.com/molly-reynolds/4-ways-that-supporting-charity-is-good-for-business.html

2. https://www.legalzoom.com/articles/the-benefits-of-small-business-charitable-giving

The information provided is presented for general informational purposes only and does not constitute tax, legal or business advice. Any views expressed in this article may not necessarily be those of Nevada State Bank. Nevada State Bank is a division of Zions Bancorporation, N.A. Member FDIC