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5 Reasons Why Investing in the Community is Good for your Business

Published on: 12 July 2018

Besides it being the right thing to do, there are good business reasons for investing time to ‘do good’ – especially in your local community.

Here are five reasons why investing in the community can be beneficial to your business:

  1. Creates awareness. In the same way that advertising or PR budget can be spent on brand awareness campaigns, investing in the community can achieve similar goals. By creating and sustaining a positive reputation in the community, people will recognise and start “feeling good” about your brand.
  2. Improves employee attraction and retention. People that do good, feel good. Allowing staff to roll their sleeves up and get personally involved in community work has benefits far beyond pure community development; these initiatives can boost staff morale and increase company loyalty. A positive reputation within a community can often lead to a positive reputation within the professional community too. If you are looking to attract staff – especially the cream of the maturing millennial generation crop – corporate citizenship will count in your business’s favour.
  3. Being local helps boost your CSI plan. Supporting local charities gives your business the opportunity to offer more than monetary investments. Donations can include the gift of time (packing food parcels or helping to clean an animal shelter) or of items that are no longer needed like children’s clothes, toys or surplus winter clothes.
  4. Media mention. Community organisations are eager to show their gratitude towards businesses who help them and often offer a number of platforms for this cause. Companies who invest in the community often benefit from an organisation’s press releases, newsletters and/or blog posts.
  5. Forming and sustaining strategic relationships. Attending fundraising or other such events within your community is a great way to establish possible symbiotic relationships with other likeminded (and local) businesses. Click here to read more about why networking is so important.

MiWay's Business Insurance team is serious about providing comprehensive business insurance to your business, and encourages you to be a pioneer in your community when it comes to good corporate citizenship.