How to Help Your Business Do Well By Doing Good
James Zahansky, AWMA®
Principal/Managing Partner, Investment Advisor & Chief Goals Strategist
As a business owner, you have many priorities. Running a profitable and successful business is at the top of that list, of course. But you likely also want that success to help fuel the fulfillment of other goals, including supporting the causes you care about and the communities that help your business thrive.
As it turns out, you can make a real difference for your community while also building your brand and taming your taxes. How? Through smart and strategic charitable giving strategies. Here are four important steps to enable your business to do well while also doing good for others.
Choose causes that align with your personal passions and your business mission – you’ll build brand awareness and loyalty while impacting more than just your bottom line.
Business owners understand that passion breeds success. That’s true when it comes to business and also when it comes to giving back. So begin by thinking about the causes that mean the most to you personally. Then think about how those causes overlap with your business brand and mission. Find an organization that aligns with all three of those things, and you’ve got an ideal match.
You’ll get personal fulfillment out of seeing the positive impact that you and your business can make. Your team will develop a deepened appreciation for your company’s mission as well as an increased sense of pride in being a part of it. And you’ll increase awareness and appreciation for what your business has to offer among your customers, prospective customers and the wider community.
Corporate social responsibility is also an increasingly important factor that consumers consider when deciding to whom they want to give their business. Not to mention the fact that giving back when you are able, however you are able, is the right thing to do even when no one is looking.
At Weiss, and Zahansky Strategic Wealth Advisors, we help our clients to Plan Well and Invest Well so that they can Live Well. But our commitment to helping others live well doesn’t end with our clients. We're also invested in helping to better the broader community by supporting organizations and causes that address issues relating to economic hardship and diversity, equity and inclusion, as well as meaningful community involvement through a team-wide commitment to volunteering, leadership and community partnerships.
Explore all the ways you can give – not just financially.
If giving back financially isn’t currently possible – and even when it is – don’t underestimate the value of giving back through the donation of time and talents. Sponsor a company-wide paid day of volunteering, for example. Volunteering together for a common cause offers a great opportunity for team-building among your staff while also fostering positive relationships in the community.
You can also opt to allow your employees a paid day off to volunteer at an organization of their choosing at any time throughout the year. This is a great way to extend the impact your business has to a wider array of causes while also opening up opportunities for your team to network on behalf of your business.
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Understand the tax deductions available when making financial charitable contributions.
When you do decide to support an organization with a financial charitable contribution, it’s important to understand how to do so in a way that also provides you with the tax deductions your business is due.
First, make sure that the organization you are donating to is a qualified charitable organization under the IRS. You can use the IRS’s online “Tax Exempt Organization Search” tool (available at irs.gov/charities-non-profits/taxexempt-organization-search ) to check.
Next, make sure the type of donation you’re making is eligible for a tax deduction. Generally speaking, donations of cash, sponsorship of charity events and in-kind donations of property such as inventory or equipment are eligible for a deduction.
Finally, the limitations and ways in which you may take the tax deduction depend on a variety of factors, including what type of structure your business has (sole proprietorship, partnership, corporation, S corporation or limited liability corporation). You should talk with your tax professional and financial advisor to form a plan on how best to make charitable donations through your business, and to ensure you take all the steps you need to take in order to realize those deductions.
Make doing good in the community part of your business’s long-term strategy for doing well.
Setting your business up for success, fulfilling your personal goals and meeting the needs of your family, employees and community is a tall order for any business owner. At Weiss, Hale and Zahansky Strategic Wealth Advisors we work to make that lift a whole lot easier (and less stressful) for our business clients. See how our strategic Plan Well, Invest Well, Live Well process can help you and your business too.
Authored by Principal/Managing Partner James Zahansky, AWMA®. Prepared by an independent third party for Commonwealth Financial Network®, copyright 2021. Securities and advisory services offered through Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser. These materials are general in nature and do not address your specific situation. For your specific investment needs, please discuss your individual circumstances with your representative. Weiss, Hale & Zahansky Strategic Wealth Advisors does not provide tax or legal advice, and nothing in the accompanying pages should be construed as specific tax or legal advice. 697 Pomfret Street, Pomfret Center, CT 06259, 860-928-2341. http://www.whzwealth.com (http://www.whzwealth.com).