Harrison, AR (Nov. 20, 2024) – This year, millions of people and organizations around the world will participate in Giving Tuesday on Dec. 3 by donating their time and money to charitable causes.
This is a great opportunity for small businesses to engage with the community and build awareness around the important role small businesses play in supporting local causes.
“It can be easy for small business owners to overlook how charitable giving can impact their bottom line at the end of the year, especially during the busy holiday season,” said Saely Wayland, Business Banker, Arvest Bank-NOA. “Whether your business has a history of charitable giving, or you are new to philanthropy, these good intentions could potentially yield good outcomes for your business and your community.”
Wayland offers these tips for small businesses considering charitable giving this year.
Get Creative on Ways to Donate
An easy way to contribute while also promoting your small business is to donate a percentage of Giving Tuesday sales to a local nonprofit or community organization. This incentivizes customers to shop with you and helps them feel good about their purchases.
You could also offer to match customer and employee donations made on Giving Tuesday up to a certain amount to inspire them to give more by doubling their contribution. Donating goods or services is also a way to generate goodwill and potential referrals by making in-kind donations of products or services instead of or in addition to cash contributions to nonprofits.
Donations can be tax deductible, allowing small businesses to offset some of their tax liability while supporting worthy causes. Talk with a tax professional about possible tax deduction opportunities. If you want to double-check a nonprofit’s tax-exempt status, use the Tax Exempt Organization Search tool at irs.gov.
Don’t Forget About the Gift of Time
Giving Tuesday isn’t just about monetary donations. Consider donating your time or your skills to a local charity or organization. You could also give employees paid time off to volunteer for local charities to show their commitment to the community. Encouraging employees to volunteer or support local charities can boost morale by fostering a sense of purpose among staff, leading to better retention and recruitment.
Stick Within Your Budget
Don’t pledge more money or time than your business can truly support. You can start small and grow your business’s charitable giving each year so that you provide local community organizations with consistent support over time rather than a one-time gift.
Watch for Fake Charities
When looking for an organization to support, watch for the potential of fake charities. Scammers are known to use the holiday season to take advantage of people’s generosity to steal money or personal information. The best thing to do is research the organization or use a trusted, legitimate nonprofit in your community. Be cautious of unsolicited emails or text messages. Imposter scams pose as a legitimate charity to trick you into giving money.
Don’t Be Shy About Promotion
Once you’ve chosen a nonprofit organization, don’t be shy about promoting your involvement. While some individuals prefer to give anonymously, small business owners can generate substantial goodwill for their businesses through public philanthropy. Not only is it good for your image, but the example you set may inspire your fellow business owners and neighbors to do the same, which will help your community even more.
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About Arvest
With more than $26 billion in assets, Arvest Bank is a community-based financial institution serving more than 110 communities in Arkansas, Kansas, Missouri and Oklahoma. Established in 1961, Arvest Bank is committed to meeting the needs of its more than 830,000 retail and business customer households by continually investing in the digital tools and services customers expect. Its extensive network of more than 200 banking locations provides loans, deposits, treasury management, wealth management, credit cards, mortgage loans and mortgage servicing as a part of its growing list of digital services. Arvest is known for its commitment to the communities it serves and to attracting, hiring and retaining a diverse group of talented people. Arvest is an Equal Housing Lender and Member FDIC. To learn more please visit www.arvest.com.
The above press release is from Arvest Bank.
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