Participating in Give NOLA Day is Good Business

Americans are by far the most generous nation in the world. According to Philanthropy Roundtable, annual private philanthropy in the United States represents 1.44% of the country’s gross domestic product. This is almost twice as high as the 0.77% recorded in Canada, which ranks No. 2 in a 2020 ranking.

However, with the COVID-19 pandemic, there are far more people in need, and many nonprofits have seen a reduction in private and business donations, as well as government funding.

Tomorrow is Give NOLA Day, the day when you and your business can help make a difference in our community. So many of our organizations truly depend on this day to sustain their budgets and missions. Early giving shows that almost 7,500 donors have already given $1.54 million to 699 organizations.

According to a study by the Wells Fargo/Gallup Small Business Index, 90% of small businesses support local charitable organizations and nonprofits. Cause-related marketing not only increases awareness of your own company, it also increases awareness for organizations you care about.

Aligning your business with a nonprofit can lead to an increase in sales, better shareholder returns, and an improvement in return customers,” says business blogger, Latasha Doyle.  That’s because studies show consumers want socially responsible businesses and will actually choose these companies over their competitors.

A study by Cone Communications examined consumer attitudes, perceptions and behaviors around corporate social responsibility. The study used data dating back to 1993 that revealed that 87% of consumers said they’d purchase a product because a company advocated for an issue they cared about and more than 75% would refuse to purchase a product if they found out a company supported an issue contrary to their beliefs.

A Nielsen study reveals that almost two-thirds (66%) of consumers are willing to pay extra for products and services that come from companies who are committed to positive social and environmental impact. They may even seek out responsible products and services as alternatives.

So, by supporting a nonprofit, a business can potentially sell more products, engage more customers, and be more competitive in the market.

We often think of the wealthy families and big corporations when discussing philanthropy. The truth is that all persons and businesses are capable of some form of philanthropy.

Tomorrow open your heart, show your passion and make your community stronger, healthier and more productive by giving to one or more of the worthy nonprofits on the GiveNOLA website.