Have you considered running a charity scheme through your business? If not, you might want to look into the benefits it can provide.
There are a lot of potential benefits hosting a charity scheme can provide to a business. Here, we’ll look at some of the main ones you can achieve when you implement a charity scheme through your company.
The tax deduction benefits
Obviously, the financial rewards of charitable donations shouldn’t be the main reason you choose to help out a charity. However, they are still worth considering when it comes to deciding how you’ll afford them.
Businesses which do donate to charity get tax relief on those contributions. Whether the tax relief goes to your business or the charity will depend upon the type of donation you make. There are also differing rules for limited businesses than there are for sole traders. So, it’s something you will need to look into before setting up a charity scheme.
Helping you to attract more customers
When you run a charity scheme through your company, it can also help to attract more customers. Consumers today are much pickier about who they do business with. Saving the planet and helping others has become a very important focus in recent years. So, you’ll find your business will attract a lot more customers if they know you’re helping out local charities.
When you do help out local charities, it also provides the business with great marketing. This is especially true if you sponsor a charitable event for example. Just make sure the event you are sponsoring either relates to your business sector, or that it’s something close to your heart.
Improving job satisfaction and morale
One of the main benefits of setting up a charity scheme through your business is the job satisfaction it provides. It feels good to give back to the community, especially if you’re supporting causes that are in line with your core values. If you get your staff involved too, it’s going to really boost morale within the company.
Take the 111 scheme set up by call tracking specialists, ResponseTap for example. The company gives up 1% of its time and 1% of its product to charity each year. They are also donating 1% of their equity to charities of their choice. They encourage their staff to also join in and help the local community. This has created a happier, more productive working environment.
As you can see, there are a number of benefits that come from setting up a charity scheme through your business. At the very least, being able to give back to your local community is a really rewarding feeling.