In the past, many business leaders automatically assumed that for-profit ventures shared little in common with organisations in the nonprofit sector. A growing number of leaders, however, are discovering that strategic collaborations with nonprofits provide a number of benefits for their employees and their company as a whole.

The following are five of the top reasons why your organisation should consider co-operating, partnering or otherwise collaborating with a nonprofit.

It’s Good for Communities and Profits

Consumers today are more concerned about the impact business operations have on a number of concerns and social justice issues, from the environment to animal welfare, equality and even the health and well-being of a company’s workers. With the rapid rise in popularity of social media, a customer can quickly learn about the true impact that is made by a business. A growing number of consumers not only want to buy products that don’t harm the environment, but, they want to buy them from businesses that share their values and support the same causes.

Partnering with a nonprofit is not only an opportunity for businesses to create a positive impact in their communities but, it is a decision that can increase revenues and profits as more consumers become aware of the support that company provides to its communities.

Encourages Passion, Creative Problem Solving, Team Building

Nonprofit volunteers are passionate about their work. When for-profit companies partner with nonprofits to offer their employees volunteer opportunities, this same increase in self-esteem and self-worth is shared between nonprofit volunteers and the company’s workforce that is joining in their efforts.

Passion and enthusiasm are contagious, and workers are likely to bring their new attitude back with them to the workplace. By working with nonprofit volunteers on a service project, workers often find opportunities to practice and build creative problem-solving skills. Supporting a nonprofit as a group also facilitates a greater sense of purpose and interconnectedness among members of the company’s workforce and transforms them from employees to members of the same team.

Increases Morale, Loyalty and Retention

Working with nonprofits often provides a boost to team members’ morale, and increases their sense of loyalty to the company, as the work that they do takes on greater importance and seems more worthwhile. This improves retention rates and reduces the cost to recruit, hire and train replacement workers.

Creates Opportunities for Growth

The nonprofit sector provides valuable services to communities and is a growing field. When a nonprofit’s demographics for services and other events match the demographics of a company’s customers, both the nonprofit and the business benefit by networking with the supporters of each entity. This increases the opportunities for growth for each organisation. Nonprofits grow their potential pool of volunteers, donors and other supporters while for-profit businesses grow their base of potential new customers.

Expands Opportunities to Provide Business Services

Partnering with a nonprofit not only increases revenues by strengthening the bond with potential customers based on social justice issues but, many nonprofits themselves directly need a variety of business services. While nothing is guaranteed, many nonprofits are more likely to contract services with the companies that are supporting their cause through sponsorship and other supportive activities.