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Why you should turn your business social

Why you should turn your business social

Article · By Kerry Needs on November 29, 2016

Social enterprises and social entrepreneurship are the newest ways of doing business. Doing good for the community and growing a business? This isn’t a fad or a trend - social enterprises are definitely here to stay.

 

There are thousands of social enterprises globally, and it’s popularity is rising, as more business owners decide to look beyond a purely financial model. The social enterprise model considers the three P’s - People, Profit and Planet. It’s a more holistic way of doing business.

 

There’s a huge number of ways that your business can benefit its community and the wider environment. Even if you think you couldn’t be a social enterprise right now, maybe some small tweaks to your business could make all the difference.

Want to know more? Here’s just a few benefits of turning your business social:

 

1.Make a difference

Quite simply, social entrepreneurs are people who are making the world a better place. The school for social entrepreneurs notes that 1 in 4 enterprises have a direct experience of the problem they are trying to solve. In most cases, you will see a direct, measurable benefit on the community you’re aiming to serve.

2. More investment

As a social enterprise, you’re eligible to apply for funding, although competition can be strong. Take the time to consider the social or environmental problem you are solving with your business, and how you will measure the impact. Organisations such as the Global Innovation Fund offer access to large pots of funding, and we also match your organisation with investors to help you get the financial support you need.

 

3. Support from a global community

You’re not alone in wanting to change the world. Doing business socially means you are co-operating with others, rather than competing with them, and this only adds to a sense of connection with fellow social entrepreneurs. Here at Inventshift we offer access to over 1,200 other social enterprises. There’s also other organisations such as The Global Social Entrepreneurship Network and UnLtd that offer great support and advice.

 

4. Make a profit

One of the key myths about social enterprises is that they are not for profit. That’s not true. You can make a profit, but profits should be principally reinvested back into the business or the community.  So this means that in some cases, social enterprises can aim to make profit which can be used to pay back investors.

 

5. Create a new future

Most social enterprises are aware that their business is bigger than themselves; that by using a sustainable business model, they are part of a new movement that is showing the world a new way to do business. The importance of this cannot be underestimated, as it feeds into the politics of leadership and control. By finding innovative solutions to today’s modern problems, social enterprises are flying the flag for what a world working together in harmony may look like.

 

Interested in changing your business model? Why not take a look at how we can support your social enterprise

Article by:

Kerry Needs
on November 29, 2016

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