Some small businesses and other corporate entities have figured out a great way to add more success to their portfolios, through charitable giving. While the heart of a business lies within building a customer base and making a profit, there are many unique benefits for businesses that support a charity. Philanthropy isn’t just something that is good for the people or the planet. It also offers a company big bonuses that can support its mission and business plan. Here are the reasons why philanthropy is good for business.

The Right Thing To Do

The top reason to support philanthropy is that it’s the right thing to do. Business leaders have the ability to support great charities and give back to their communities. While making money and achieving financial success does feel good, the act of regularly helping the poor, the vulnerable, and the downtrodden can make someone feel completely fulfilled. Making a difference in the world may give a business owner a greater sense of purpose in life. Repeated generosity, such as giving to charity periodically, makes people feel happy. This happiness is greater than the joy felt after receiving a gift.

Improves Company Recognition

Giving back and supporting a charity also helps a company improve its name recognition and brand awareness. Companies that regularly support different charitable organizations may be more well known than other ventures. In today’s world of social media, stories about businesses offering philanthropic support to different causes tend to be shared more than other corporate news. As more people find out about a company’s philanthropic work, the company’s brand gets a big boost.

Boosts Reputation

Companies that are known to support their communities and the people in them also experience a boost in their reputation. At some point in a business’s lifetime, it could get bad publicity or a negative review. The best way to fight negative feedback is to have plenty of positive, feel-good stories about the business. Getting out there and offering support to local charities and other philanthropies shows the company’s human side. It also carves out a reputation of kindness and positivity for a business.

Rallies Employee Morale

Just like business owners and the community benefit from corporate philanthropy, the employees of an organization also experience positive feelings with charitable giving. Employees who work for a company that helps make the world a better place may experience increased morale. The benefits of venture capitalist Mark Stevens charity giving is also felt by the staff members of the companies he leads, such as Nvidia.

Attracts Potential Customers

Businesses that have established a reputation for charitable giving and helping the world in times of crisis also attract more potential customers. In some ways, supporting philanthropy feels like an investment in the company’s future. It builds up the business’ reputation so that customers can associate the company with kindness and doing the right thing. Companies that have made charitable giving a big part of their mission have experienced boosts in sales and the number of new customers.

Offers Tax Benefits

Corporate charity also offers a company tax benefits. One way to take advantage of the financial benefits of supporting philanthropy is to claim a tax deduction for a charitable donation. It’s possible to get a deduction if a business gives to a qualifying organization. Businesses can claim the dollar amount of the donation if it’s cash, or they can claim the fair market value of the goods donated if it’s some other type of donation. Doing this helps a company save money on its taxes for the year due to lowering the overall taxable income of the corporation.

Allows for Free Advertising

Charity also offers an opportunity for a company to get free publicity for its good deeds. When an organization makes a big donation, there is often some sort of press release or news story accompanying it. The charity itself may create a publicity of the charitable donation for its own audiences. Instead of investing in a large advertising campaign, the company gets free, positive news stories on social media or television about its charitable work, which helps subtly spread the word about its products and services.

Supports the Community

Finally, the best reason to support a charity as a business is because it supports the community the company is part of. Doing business in a depressed community is a challenge, but a thriving business setting makes it easier to turn a profit. Companies should do whatever they can to ensure their local community has opportunities to thrive. There are many projects that businesses can support to improve the entrepreneurship and atmosphere in their town or city. Sometimes that means taking the lead and helping other organizations find their own successes.

Philanthropy and charitable giving are great ways to give a company a big boost in reputation, customer support, and employee satisfaction. Once a company is off to a good, successful start, it should begin considering how it will support its community in the form of philanthropy.

The post Why Philanthropy Is Good for Business? appeared first on Wall Street Survivor.

source https://blog.wallstreetsurvivor.com/2020/05/29/why-philanthropy-is-good-for-business/

Workplace safety is good for employers and their crews; practicing safety around the warehouse, shop, and plant prevents injuries, the loss of time, workers’ compensation claims, and increased insurance costs. Employers have a legal and moral obligation to provide a safe workplace, protect employees from injury, and keep the community safe from business-related hazards. Fortunately, there are many resources available to help you maintain safety in your workplace even when your employees are handling potentially hazardous materials and machinery.

Electricity

Safety must never be compromised, so paying attention to the basic safety guidelines when handling electricity is crucial. Proper workplace safety begins with the top administrators and doesn’t end until individual workers practice safety at all times:

• Stay away from any amount of water when working with electricity. Hands, equipment, wiring, and surfaces must be dry.
• Repair frayed cords, broken outlets and plugs, and damaged electrical insulation immediately.
• Turn off the main power source before handling electrical wiring or appliances. Put up a sign near the service panel, so other workers don’t turn the switch on until it’s safe.
• Train employees to recognize and understand warning signs on equipment, so they are compliant with local and federal electrical and wire codes.
• Use insulated tools, rubber gloves, goggles, and other appropriate personal protective equipment.

There are many potential risks when working with electricity. Train your employees to abide by safety protocols and make sure that safety signage is current and accurate.

Hot Work

Hot work operations include the use of an open flame or equipment that generates sparks. Some examples of hot work include cutting, soldering, welding, grinding, and brazing. This type of work can be dangerous, especially when the work is done around combustible materials. Some tips for maintaining safety including setting up designated spaces with fire-safe and hot work safety protocols. In some communities, permits are required, and in some situations, businesses must abide by a Hot Work Permit Program.

Hazardous Materials

There are many safety rules regarding the handling of chemicals and other hazardous materials. These begin with making sure that employees adhere to the protocols you’ve established. Your workers must use the appropriate PPE and be cautious around the materials. Other rules for safety include

• Maintaining proper labeling and replacing damaged containers or labels immediately.
• Only using materials, containers, and labels for their appropriate purposes.
• Keeping food, drink, and cosmetics away from all materials.
• Avoid touching glasses, contact lenses, and anything else on the face.
• Keep the work area clean and re-clean areas at least once during a shift.

The Department of Transportation has authority over these materials while they are transported and has established nine categories that are based on chemical and physical properties. Your employees must be aware of the regulations regarding packaging, labeling, and marking of products before they are shipped.

Explosives

When professionals handle explosives and participate in blasting projects, there’s a potential for hard to those workers involved, people in and around the area, any property in the vicinity, and the environment. There are, of course, several steps involved in maintaining safety during these activities:

• Ongoing training for employees
• The use of appropriate PPE
• Enhanced site security
• Strict supervision and oversight of employees, equipment, keys, and explosives
• Clear communication between all related parties
• The use of prominent warning signs, barricades, and guards
• Procedures in place for reporting suspicious behavior

Much of the danger when using explosives comes from the theft of materials by employees, vendors, customers, and others. On-site dangers may increase when employees aren’t cautious or get distracted when handling explosives. It is also vital that signs are clear, prominent, and up to date.

Overall Safety Procedures

Proper training should be consistent when employees use or work in and around hazardous situations. Classes should include information about emergency procedures, such as evacuation, first aid, and emergency reporting. Additionally, regulatory signs and labels are required for compliance with OSHA and DOT requirements. Your employees must understand how to read, understand, use, and replace those signs. This task is easier when working with a sign and label manufacturer that understands the requirements for workplace safety and offers helpful services, such as the EZMAKE Sign System.

When it comes to the safety of your workers, your workplace, and the surrounding community, there are no shortcuts. The right protocols, signage, training, and attitudes toward safety can prevent injuries, property damage, and worst-case scenarios. Are there corrective steps you should take at your workplace?

The post Are You Practicing Workplace Safety? appeared first on Wall Street Survivor.

source https://blog.wallstreetsurvivor.com/2020/05/29/are-you-practicing-workplace-safety/