Biblically, it is more blessed to give than to receive, and in business, those that give tend to reap more and are valued more in the community.
Philanthropy is something that any successful business owner should want to engagethemselveswith. You can give anything whether monetary ormaterial support to the community around and beyond you. Small businesses, in particular, tend to harbor direct connections with the community; these have a greater need to get more involved in charity work todevelop good relations with the community.
Peter Loftin, for example even before becoming a successful businessman started giving out to the needy and this is something that he carried with him up the ladder even as he became one of the most successful entrepreneurs in the US. This I believe has helped him grow and improve his image as a person and has also helped him develop connections with valuablecontacts that helped and are still helping his businesses to grow.
Well, giving back to the community is a multidimensional idea regarding who benefits. Know thatitbenefits not only the business but also the community at large. In the end, this results in an environment of positive influence among all involved.
By taking part in community development, your business can create a good repute as a participator as the community will always have a positive perception towards your business. As an example, even employees will be more willing to work for you since they regard your business as sensitive to human feelings. Furthermore, it becomes an easy procedure for you to recruit employees since they will be more than willing to work for your company.
Any business that is known for philanthropic activities tends to be viewed as a model of good ethics by the community. Through giving, the community becomes appreciative of what your business is doing. The community develops loyalty for your business. This means that even if you surge your prices slightly as compared to other companies, you will still retainloyal customers. As a result, more companies aim to have their image and rapport improve among the community. This results in other businesses coming into play and engaging in charitable acts.
Another benefit of taking part in community development is that you will end up developing personal relationships through interactions with other business owners and the community members. This ensures that companies strive to deliver quality products and services to the community.
According to the businessjournal excerpt, Peter Loftin wanted to spread that sense of generosity throughout his company. He has always felt the need to give to others that are less fortunate. Truth be told he has done this so well that it has even seen him serve in several non-profit charity organizations boards.
To summarize, giving back to the community is important for any business and bears benefit for all parties involved. As a critical component of the community, it is, therefore, an obligation, not an option, for your business to maintain a mutually beneficial mindset.