Entrepreneurs are in a great position to help their communities and have a social impact in an altruistic manner (that is, expecting nothing in return). But, if you run a small business, where every penny counts, it’s only natural that you do your best to increase your revenue. Is there any way to unite both things -helping others, and getting some profit for it, without feeling guilty? Of course! Get ready to help your community without feeling any remorse for making your philanthropic endeavors for profit.
By following this list of 10 actionable steps below to increase your profits, you will not only be rewarded emotionally knowing you are doing something good for others, but you’ll also get rewarded economically, too! Not to mention, if you give enough you’ll be able to use charitable deduction on your income tax. It’s a win-win for everyone.
10 Ways to Increase Your Revenue and Help Your Community
1. Go ECO
Expand your line of products by offering environmentally friendly or recycled products. Because people are more conscious than ever with the environment, this will generate attention. But don’t forget: recycled and eco-friendly products tend to be more expensive, so you’ll have to justify the increase in prices given the benefits they provide.
2. Use event sponsorships as free-ish marketing
Yes, sponsoring events will essentially mean you’ll have to give out free products. But guess what, every company does in some way or another… it’s called marketing and it works! If you’re a restaurant and choose the right event to sponsor, such as a local charity gala or something of the like, you’ll likely end up with tons of leads. Once people know and like your business, you’ll become the go-to for every event in your community.
3. Host a community event
Speaking about free-ish marketing — hosting a community event or giving back to the community in some way or another is obviously beneficial for those in need but it can be just as beneficial for your company. Instead of being benevolent in silence, try reaching out to local press to let them know what you’re doing for the community. Whether it’s arranging a beach or park clean-up, hosting children in need in your restaurant, or organizing the next parade in your neighborhood — you should not shy away from a good press opportunity.
4. Make social impact part of your business model
You can either have a social impact or make your product a social impact in itself. By this we mean, make your product be a solution for the social issues in your community and develop a strong, sustainable social mission. Think of arts and crafts made by low-income single mothers, or you can even hire exclusively young people trying to rehabilitate from gangs and drugs. You can also directly connect a percentage of your company proceeds to go a charity that attends these sectors. This way you know you’re always keeping conscious of your social impact.
5. Organize social media giveaways
It’s no secret that everyone loves free stuff! But it’s somewhat of a secret that many accounts have credited social media giveaways for rapid social growth. Next time you’re working on your social media strategy, be sure to include a giveaway or two in there. To have a social impact with this simple activity, you can include as a requisite for the giveaway that participants do a small gesture involving some kind of community help. It can be something as simple as asking them to pick their choice of their favorite non-profit organization in the area (later on, you can donate a percentage of your sales to the winner non-profit). Your current and new followers will both love you for it and you’ll help build your company’s growth and following.
6. Resort to traditional means of giving
If you have it, give it! Sometimes the easiest thing a business owner can do to improve social impact is donate. Local newspapers are filled with photos of business people presenting checks to the directors of charitable organizations, which is great publicity. Charities and nonprofit organizations are happy to recognize donors by thanking them in published literature, websites, and at supported functions.
7. Go Pro Bono
Nonprofits are in need of talent, but often they cannot afford to pay for it. For-profit employees need opportunities to give back and get leadership opportunities. Pro bono can be the answer to both, and we strongly encourage companies to leverage their talent to benefit nonprofits.
8. Team up with a local non-profit
Partner with a local animal shelter or a senior residence to give them special discounts on your products. This is especially beneficial if, your business or store is nearby the charity or if your customer base is the people who visit that charity. On the same hand, you can also promote their initiatives in your business.
9. Host a local celebrity
It doesn’t have to be Beyoncé, but it can be a well-known local TV host or something of the like. This will attract more customers to your business and you can donate a percentage of the proceeds generated by their visit back to the community. It will also bring you rapport locally to be able to say, or show in photos, that local celebrities frequent your business.
10. Buy one, give one
Running a buy one, give one promotion is an incredible philanthropic marketing strategy first implemented by the shoe company, Toms. When guests make a purchase, the company donates the same product to someone in need. It can be anywhere in the world as well as a locally charity. Be sure to announce this as part of your company mission or announce it as a limited-time promotion.
Now, are you ready to read an awesome story about a super creative small business owner with a great idea? Scott Ferreira from My Social Cloud gave every employee a quarterly allowance of $150 to support Kickstarter Projects that impacted thousands of people. How’s that for a daily dose of creativity? If you include your company branding in the messaging to help others, you will not only impact your community, and the community at large, but encourage employees to create a habit of donating even as their own careers thrive.
Making a social impact does not mean your business can’t profit. With a few creative ideas, you can make a huge difference… and a huge income. Camino Financial is committed to helping the community of Latino small business owners. Our motto is “No Business Left Behind,” and we have helped thousands of business owners to access capital, grow their business, improve their financial performance and achieve the American dream. We focus on your education providing you the latest news and resources on immigration, business management, etc. Join our community by subscribing to our newsletter and get ready to grow your business too!