Entrepreneurs aspire to achieve business success through their independent initiatives, but many business owners often find that their goals extend beyond financial gain. Making a difference, inspiring others to attain the same level of success, and supporting their communities are common desires for entrepreneurs, especially those who run small businesses. Fortunately, giving back to their communities can be simple and mutually beneficial. Here are a few ways entrepreneurs can give back.
Support Other Businesses
One of the simplest ways to give back to your community is by supporting other local businesses. The “Buy Local,” and “Shop Small” initiatives encourage this practice, and entrepreneurs can be deliberate in choosing where to shop for the sake of promoting and supporting other entrepreneurs. By supporting other businesses, namely those not in direct competition with your own, you can expand your local network, connect with more professionals, and help your community.
Offer Your Expertise
As an entrepreneur, you have likely cultivated some specific skills to help you achieve success. Rather than keep those skills to yourself, you can lend those skills to nonprofit organizations, local events, or community members. Volunteering with organizations who will benefit from your skillset can not only have a profound impact on your community, it also presents an opportunity for you to impart your skills to others. For a more direct approach, you can also offer classes, independently or through an organization, to help others learn marketable skills to use in everyday life and their careers.
Encouraging your employees to volunteer is another great way to give back to your community. For this to be an effective approach, entrepreneurs should incorporate incentives to promote this practice. Paid time off for volunteer activity is a popular approach. Offering PTO for employee volunteerism on a monthly or yearly basis can boost morale and promote community involvement.
Cash donations are another simple way to give back to your community. This is one of the easiest ways to contribute; making cash donations to a local organization or good cause tends to have an immediate impact with minimal involvement. Up to a certain point, donations are tax-deductible, making them beneficial for the community and the donor.