As a small business owner, you’re bound to come into contact with customers, employees, and even other small business owners who help you in such a way that you feel inspired to pay them back with a gift. Figuring out the rules of business related gift giving can be tricky, so here are some things to keep in mind to make the process worry free.
When to Give
A gift should be given when money feels inappropriate or slight. For instance, if a couple of guys come to your shop or office and knock down a wall for you, you shouldn’t try to repay them with a gift certificate or tray of brownies; you should actually pay them for their services. However, a small token of appreciation—a gift card or something tasty—can be given in addition to payment for their services.
Give a gift when a client or colleague during holidays and when they’ve gone above and beyond in the workplace.
Make It About Your Business
If the situation does call for a gift, give one that’s related to your business. Offer a gift certificate, free consulting session, or some of your actual product. This is another way to get your name out there. Plus, if someone gets your product for free the first time, it often serves a sample and opens the door for them coming back to pay for it later. There’s also the chance that they could tell their friends and the product or service.
The Ethics of Gift Giving
There are some situations when a gift simply won’t do. Waiting to hear back from a health inspector after a visit to your restaurant? Sending a gift during that period could be seen as trying to buy their kindness.
If you’re giving a gift to an employee, make sure that there’s no chance any other employee feels slighted. For instance, if you give on employee a small birthday or holiday gift, you must do the same for everyone.
When it comes to accepting gifts, if it feels wrong or unethical, decline. Simply replying with, “How thoughtful of you, but I really can’t accept this” will convey your appreciation while also getting your point across.
Think About Taxes
Business-related gift giving will almost always have some sort of implications come tax time. Keep a detailed list of all business-related gifts you give throughout the year so you can hand them over to your accountant or bookkeeper. It’s might also be good to talk to them when planning your gift giving so there are fewer surprises come tax time.
A Thank-You Note Works
Flowers, sweets, or items of clothing make great gifts—but sometimes a simple thank-you note is the best gift you can give. A personalized note or card expressing your thanks can have a lasting impression and show the person on the receiving end just how much you appreciate them. A thank-you note is also basically free to give, helping your bottom line and allowing you to avoid the ethical questions that come up when giving gifts of a certain value.
The post The Art of Gift Giving for Businesses appeared first on Official Fiverr Blog.