Running a business has numerous advantages. One of these is the ability to navigate and positively contribute to the culture of your business environment and community where your company thrives.
In recent years, more and more businesses are becoming more concerned about their social reputation. These companies are no longer focused on making money all the time. Today, the most respected and successful businesses use their influence and power to support social causes, including sponsoring fundraisers.
If you’re new to the idea, you may wonder why you should spend time and effort supporting and sponsoring fundraisers and other social causes. This article shares the whys.
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It Makes Your Business Appealing To People
A study shows that millennials have driven the social responsibility movement. They expect businesses to be concerned about their societal impact, with 50% of consumers paying close attention to a brand’s social actions. Meanwhile, 70% of them believe that businesses should be supporting charitable works like fundraising.
Given the increased attention to social movements, showing your consumer that you’re making a positive social impact in your community is important. By sponsoring fundraisings like how Dan’s Plumbing support The Smith Family (click here to know more), you can garner your customers’ support, which can significantly impact your company’s sales and overall purpose.
In fact, research shows that about 50% of consumers felt that services and products from a company that supports a social cause like fundraising is worth paying for more. Also, 90% of consumers feel more connected and become loyal buyers to purpose-driven companies than competitors without a social footprint.
It Builds A Positive Work Culture
Aside from consumers, employees are also demanding their companies be socially responsible. According to statistics, millennials will represent up to 75% of the global workforce by 2025. And as mentioned previously, millennials are the driving force for corporate social responsibility. This means that a significant part of the workforce wants their company to host fundraising and other charitable works.
A study shows that a business with a solid social responsibility program can increase employee engagement and productivity by up to 7% and 13%, respectively. In addition, almost 70% of employees say they don’t want to work for a company without a vital social purpose. Meanwhile, at least 60% of workers would take a pay cut to work at a socially-responsible company.
When companies display genuine social awareness, sponsor fundraising, and support other important causes, they can enhance overall company culture and help in retaining skilled workers. As a bonus, it also helps them attract applicants eager to make a powerful difference in the world.
It Attracts Potential Investors And Business Partnerships
Just as it helps attract consumers and applicants, sponsoring fundraisers and supporting social causes can also entice investors to your company. As you host fundraising events and attract potential donors, you get to meet and build relationships with like-minded people and pique the interest of potential investors.
Generally, fundraising helps establish a solid corporate social responsibility, providing tangible and intangible value for stakeholders. This makes them more likely to sponsor and invest in your business. Also, most investors are now actively pulling away from businesses that don’t support a social cause, like sponsoring a fundraiser. Thus, the sooner your company finds a charitable organization to support and host a fundraiser, the sooner you become more attractive to investors willing to fund your growth.
In addition to meeting potential investors, sponsoring fundraising and other charitable works also allow you to develop a powerful network with other relevant businesses and companies. This is a way to reach out and connect with other firms in relevant industries, working for a joint cause that benefits your local community while establishing professional relationships and partnerships in the future.
It Helps Create A Fulfilled Business
Sponsoring a fundraiser and knowing that your business is making a difference in other people’s lives can help create a sense of satisfaction and fulfillment. This can positively influence your mental and physical well-being and those around you.
In fact, supporting a social cause you strongly believe in can have numerous benefits, from reducing depression, lowering mortality rates, and stabilizing your blood pressure through physical activity and social interactions.
Takeaway
There’s no denying that the world is becoming more socially conscious every day. As such, modern businesses should start ramping up their social responsibility initiative. By supporting and sponsoring fundraising, you can boost multiple facets of your business and reap wonderful benefits for your company’s bottom line and enjoy a more fulfilling life.
