Why Serving Your Community Can Grow Your Business

Running a small business requires dedication and time. But have you ever considered the benefits of community service? It may seem like one more thing to add, but research shows that helping your community can actually support your business goals. Serving your community helps boost your reputation, retain top talent, and create a more positive workplace. Keep reading to discover more about the power of giving back to your community.

Change How the Community Sees Your Business

Business owners start up because they want to solve a problem or fulfill a need in the community. However, once you’re up and running, making a profit often becomes the top priority. When this happens, members of the community may see you as someone who is just there to make a buck.

During the COVID-19 pandemic, many businesses and organizations stepped up to serve their community and live out their core values. Entrepreneur magazine reported that during the shutdown, After-School-All-Stars, a national nonprofit that runs after school programs, tuned into the needs of their local communities and started providing meals, distance learning, and mental health support for students and families. 

You don’t need an economic crisis to show up for your community. You can demonstrate your company’s values by volunteering as a group or sponsoring an event you believe in. One study found that a whopping 78% of consumers want businesses to take the lead on social issues. In other words, when you invest your time or money into important service opportunities customers take notice. When you give back, people see you as part of the community and are more likely to use your business. 

Hire and Retain Employees that Share Your Values 

If your business’s number one goal is profit, you will attract employees who feel the same way. Their loyalty will be limited to the next paycheck, and for the most part, they won’t go above and beyond when you need it. However, when your company lives its core values within the community, retention rates will be higher, and you will attract skilled people who want to do more than simply show up. 

This strategy is especially important if you hire younger employees. Forbes reported that 83% of millennials said they would be more loyal to a company that contributed to social and environmental issues. They also found that Gen Z, the newest group to enter the workforce, expect their employer to have a purpose beyond profit. Gen Z job candidates even showed they are more likely to read mission statements and value documents. 

When you have a company culture that includes giving back, you can attract aspirational employees. These workers want to be connected to something bigger than themselves, and when your business gives them that opportunity, they find more than employment–they find fulfillment.