Why giving back matters for business

A few years ago I went onsite to a meeting with an electrical supplier that wanted to include the company I was working for in a tier one tender. I will never forget the discussion we had and their honest message to myself and the sales reps. Unless we were meeting their specific community targets we wouldn't be considered for their upcoming tenders. 

Giving back to your local community is important for so many reasons: 

Social responsibility - Contributing positively to your community helps to create a sense of shared responsibility and a sense of belonging amongst individuals and groups. 

Strengthening Communities - When individuals and organisations come together to support their community, it strengthens the community as a whole. By pooling resources, skills and knowledge, communities can tackle challenges more effectively and create positive change.

Employee Engagement and Retention: Social responsibility initiatives can boost employee morale, engagement and retention. Employees are often proud to work for a company that is making a positive impact.

Customer Expectations: Customers, especially in today's socially conscious world, expect companies to be responsible. Meeting these expectations can lead to increased customer loyalty and satisfaction and create a competitive advantage.

Competitive Advantage: Companies that are socially responsible have a competitive advantage over those that are not. Customers and communities prefer to engage with businesses that are giving back and this involvement is expected to be reported in tier one company tenders. If you cannot provide the data and the storytelling, then there is a large chance you will miss out on the business. 

Positive impact - Even small acts of giving back can have a significant impact on individuals and the community as a whole. Whether it's volunteering your time, donating resources, or advocating for change, every contribution counts towards making a difference.

As quoted in Forbes ‘Businesses are a part of the communities where they reside. They are sponsors of little league teams, supporters of local organisations and contributors to national and even international causes. Such participation can impact anything from cutting-edge research to community projects or even neighborhood initiatives. All these actions, big and small, move the needle in a positive direction. It’s never just a simple donation. Businesses that engage in philanthropic pursuits can reap near- and long-term benefits that can often be tangible’. 

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