3 Ways Giving to Your Community Can Impact Your Bottom Line
It’s not hard to make the case for community involvement and corporate philanthropy. Many restaurant owners are already on board – in fact, the average small business donates about 10 percent of its profits to charity.
But even the restaurateurs who are most focused on the bottom line often find that community involvement provides benefits that can actually increase profits long-term. Here are three ways that community involvement can benefit your bottom line.
Community events increase visibility
Considering increased brand visibility on social media platforms, positive PR is more valuable than ever. An influx of retweets, shares and likes can provide priceless value to restaurants. While restaurateurs can work hard to amp up their social media presence, the real value comes from customer involvement.
Events and initiatives that give back and engage the community not only present great photo opportunities, but attract a new range of customers and strengthen the emotional connection with existing ones. Since customers are more likely to dine at a business that provides long-term support for a specific cause, choose an issue that resonates with you and your patrons. This will increase the visibility of your restaurant and improve relationships within the community.
Socially conscious businesses reap the rewards
As consumers look for more ways to engage with their communities in a polarizing political climate, many are voting with their wallets.
Research shows that consumers are increasingly aware of socially conscious efforts by businesses, with 66 percent of adults willing to pay more for socially responsible or sustainable products and services. This is particularly true of millennials, who also report that they are more likely to share recommendations of socially conscious businesses with friends and family.
Community involvement engages employees too
Disengaged employees are less productive and more likely to jump ship, resulting in high turnover and decreased profits. While companies have tried many strategies to combat these problems, corporate philanthropy has shown to be an effective way to unite and engage employees.
Consider hosting skills-based volunteering events (like providing meals to underserved communities) and restaurant-wide days of service to not only give back, but increase employee support of your mission.
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