(TD Bank)

Majority of Small Businesses Show Customer Appreciation by Giving to Communities, TD Bank Study Finds

Originally published on TD.com

According to a recent survey, 73 percent of small businesses provide support to local charitable and communal causes to show their commitment to giving back and to express appreciation to customers and the community. The study, conducted by TD Bank, America’s Most Convenient Bank, revealed that even though small businesses typically have fewer resources than larger companies, they still donate money, time and resources to support these causes.

Giving Back, Even with Limited Resources

TD’s survey polled small businesses with $5 million or less in annual revenue and found that although they may not have major profit margins, 61 percent provide a value of up to $10,000 to their community through charitable gifts, sponsorships or volunteer time on an annual basis. Notably, 16 percent of businesses report donating $50,000 or more in gifts and time annually. In addition to their own charitable efforts, 37 percent of Small Business Owners (SBOs) encourage their employees to volunteer in their surrounding communities outside of work hours. However, despite their dedication to local efforts, the majority of small businesses (79 percent) do not have an established Corporate Social Responsibility (CSR) program or defined community giving or volunteer mission.

“Most small businesses, by their nature, are entrenched in their local cities and towns, serving as both an economic engine and a resource. Small business owners are local heroes,” said Jay DesMarteau, Head of Commercial Specialty Segments at TD Bank. “It is commendable that so many business owners find ways to give back when they themselves can often be strapped for time or resources. Developing a mission statement for charitable giving or volunteering should be part of any long-term business plan, however, to ensure any strategy is viable for both the community and the business owner.”

Putting Time & Money Where it Matter

When asked to identify the one or more ways in which they give back to their community, small businesses said they are most likely to donate:

  • Goods, like products or food (35 percent)
  • Money (29 percent)
  • Time to volunteer (29 percent)
  • Space for community events (12 percent)

In terms of preferred local causes, charities (30 percent) and youth-focused organizations like schools and sports teams (29 percent) are the most popular among small businesses. Religious organizations (18 percent) and police and fire departments (18 percent) are the next most popular causes supported by survey respondents, followed by arts and culture organizations like theaters and music programs (16 percent) and environmental organizations (14 percent). Perhaps aligning with differing generational values, Gen-Z and millennial SBOs (ages 18-34) give the most money to youth-focused organizations, while their Gen-X and baby boomer (ages 35-65+) counterparts prefer donating to well-established charitable organizations such as the Red Cross.

Personal Touches Make a Difference in the Digital Age

In an increasingly digital world, SBOs still understand the importance of personalizing appreciation. Despite their reputation as digital natives, Gen-Z and millennial SBOs prefer receiving a written “thank you” (28 percent) from their own vendors or service providers more than discounts (26 percent) or gifts (11 percent). In fact, only 10 percent of SBOs said they prefer to be thanked digitally, which is especially surprising during a time when most business communications are conducted online.

When asked how small businesses express appreciation to their own customers, a verbal “thank you” in person or over the phone (23 percent), loyalty discounts (18 percent) or written thank-you notes (17 percent) topped the list. These businesses also view their charitable efforts as a way to thank their communities, with 31 percent stating that giving back shows their gratitude to the community for supporting their business. This was topped only narrowly by cultivating a positive business reputation (32 percent).

“As the Unexpectedly Human bank, TD knows its customers and what’s most important to them better than anyone,” said Celia Moncholi, Head of Customer Experience at TD Bank. “Much like how small businesses show appreciation to their own customers, TD strives to celebrate all of our customers every day. Sometimes a little extra appreciation is in order, which is why we are dedicating an entire day to appreciating our customers and saying #TDThanksYou.”

TD Bank kicked off #TDThanksYou, a month-long celebration of TD customers, beginning with Customer Appreciation Day today. On July 25, customers can expect to see personalized thank you notes and unexpected surprises in TD Stores and across the bank’s Maine to Florida footprint. Additionally, the bank is extending a special thanks to its small business clients by recognizing the differences they make in their communities. Please see here for a closer look at the inspiring work being done by a few of these businesses, and the special ways TD Bank thanks them for their impact in our communities.

Survey Methodology

The study was conducted by Google among a nationally representative group of 502 small business owners from July 14-16, 2019. Included were small businesses of $5 million or less in revenue. To learn more about Google Surveys and their methodology, please see here.

Latest News

Atatiana Jefferson

Wrongful Death Lawsuit Filed in Police Shooting of Atatiana Jefferson; Drug Industry Announces Diversity Guidelines in Development of New Medications; and More

Wrongful death lawsuit filed in the fatal shooting of Atatiana Jefferson by police. Family members of Atatiana Jefferson, a 28-year-old Black woman who was fatally shot by police through a window in her own home, have filed a wrongful death lawsuit against the city of Fort Worth, Texas and the…

Southern Company: Georgia Natural Gas Opens 10th Annual TrueBlue Community Awards Call for Entries

Originally published on southerncompany.com. Honor recognizes nonprofits supporting Georgia during COVID-19 and distributes grants to sustain continued efforts Georgia Natural Gas (GNG), Georgia’s leading natural gas provider, announces the call for entries for the 10th Annual TrueBlue Community Awards. This year, the awards will recognize hardworking Georgia nonprofits for their service providing COVID-19 relief…

Cori Bush

Multiple Congressmen ‘Accidentally’ Called Cori Bush, Missouri’s New Representative, ‘Breonna’; American Medical Association Classifies Racism as a Threat to Public Health; and More

Multiple congressmen “accidentally” called Missouri’s new representative Cori Bush  “Breonna” during Capitol event. Congresswoman-elect Cori Bush said she was stunned and hurt on the evening of Nov. 16, after a number of different Republicans called her “Breonna” during a new member orientation at the Capitol in Washington, D.C. Bush, who…

transgender, election

Meet 6 Transgender and Gender-Nonbinary Politicians Who Broke Ground in 2020

Despite the fraught nature of the 2020 presidential election results, victories at state levels put at least six transgender and nonbinary individuals in legislative positions. These small but significant gains for transgender visibility in politics came just before Transgender Awareness Week, which celebrates transgender people from Nov. 13–19 before Transgender…

Roger Ferguson to Retire as President and CEO of TIAA

Originally published on tiaa.org. TIAA, a leading provider of secure retirements and outcome-focused investment solutions to millions of people and thousands of institutions, said Roger W. Ferguson, Jr., intends to retire as President and CEO on March 31, 2021. The company’s Board and Mr. Ferguson believe it is an appropriate…

Justice Samuel Alito

Justice Samuel Alito Delivers Series of Highly Alarming Partisan Remarks; Racism Impairs Brain Performance, and More

Supreme Court Justice Samuel Alito delivers an alarming series of homophobic, partisan remarks. Supreme Court Justice Samuel Alito rarely makes public appearances, but when he does he apparently wants to make them count, being as irksome and controversial as possible — and completely disregarding the usual ethics required of judges…

Hershey: Leading With Empathy and Connection

Originally published on thehersheycompany.com by Katrina J. Briddell Manager, Global Sustainability & Social Impact There’s no denying: it’s been a tough year for everyone around the world. Here in the U.S., we’ve faced an unrelenting pandemic, mass movements for racial justice, raging wildfires, devastating hurricanes, and an election cycle that…