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Trading for Good

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Why it pays to give cash to charity.

 

The first pillar of Trading for Good is about supporting charities and community. When charitable giving is something your business has at its heart, it’s important you give in a way that best meets the needs of your chosen charity - ensuring they gain as much as possible from your dedication to doing good through your business activities. 

The ways in which you can give back to charity are endless, however the charities that we at Work for Good help connect with businesses often tell us that cash donations make the biggest impact on achieving goals. Whilst volunteering, pro-bono support and in kind donations are all enormously valuable, cash is usually the scarcest resource and is flexible in allowing them to invest money into areas most needed at the time – something important to humanitarian and crisis relief charities for whom ‘on the ground need’ can vary significantly each week. 

Donate4Refugees is one charity who can attest to this. While the charity can help with donations of goods they focus on cash donations which are more flexible and better enable them to deliver on objectives saying “We struggle for funding for logistics. For example, we can have a container-load of tents, sleeping bags and food ready to leave the donor warehouse, but are struggling for funding. The aid could save lives, but to get it to Greece or The Balkans costs £4,500.

From a business perspective, cash donations can often be a more efficient means of giving back. Unlike training for a marathon or setting up fundraising events - both time-consuming and reliant on external input - pledging a cash donation is quick, easy and allows you to seamlessly incorporate giving into your day-to-day work. 

And Trading for Good members understand the importance of displaying a business’ values, cash giving pledges are a visible and transparent way to engage your customers and staff, and make giving part of your brand. Examples of this approach by Work for Good members include a restaurant that has a ‘giving table’ from which the profit of every meal goes to cause, a consultancy that gives 3% of every invoice to a charity of the clients choice, and a recruitment firm that incentivises referrals via a donation pledge. With 89% of clients willing to switch brands to support a specific cause it pays to be seen to be doing good, so this benefits your business as well as the charity . 

However, there are barriers to this charitable giving that can prevent small businesses making the impact they want. To donate linked to sales a business must have a Commercial Participation Agreement (CPA) in place with the each charity - involving negotiations, admin and legal costs. This is also painful for the charities who regularly turn away offers of business support if it is below surprisingly high thresholds - typically £25,000 a year or more - as they aren’t viable. Even with the biggest of hearts few small businesses can reach that.

Work for Good have solved this by establishing an online platform that facilitates business giving and crucially, handles the legal, tax and admin issues. And there is no minimum donation amount. We advise on smart giving strategies, we make it all easy to do, and we help you tell your giving story to differentiate your business and to inspire others.

For more information visit workforgood.co.uk or book a free consultation on how Work for Good can help your business realise its charitable giving aims.

 

 

Danny Witter
About the Author

Danny Witter

Danny is Co-founder of Work for Good. Prior to that he spent 25 years in the City of London, the last 17 at Deutsche Bank where he ran coverage of FTSE100 corporate clients. He was also Chair of the UK Corporate Citizenship Committee. His non-executive directorships include Shakespeare’s Globe, The Microloan Foundation, Shape History and Ivy House Learning.

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