What differentiates social enterprises from other companies is that they have both business goals and social goals. They follow a sustainable business strategy that seeks to positively impact society, the environment or both while benefiting its shareholders.
Business leaders are increasingly realising the power of sustainable business strategies to not just address the community and global issues but to drive business success.
Contrary to popular belief, there does not have to be a trade-off between making a social impact and bottom-line profits and investment returns. In fact, making a profit is core to being able to sustain the social impact goals that the business sets out to achieve.
There are a number of key business advantages of being a social enterprise as summarised below:
1. Stronger Customer and Client Relationships
Customers are increasingly holding businesses accountable for the impact of their core operations and look to buy from brands that are driving social and environmental change. This is also true for B2B relations where a shared vision around social and environmental goals is becoming more important.
2. Greater Employee Motivation and Retention
Current and prospective employees are actively seeking out companies to work with who are like minded when it comes to social enterprise. Employees are not just happy to know that the company they work for has shared social and environmental values, they are wanting to be an active part of that change in terms of planning and contributing to community activities and fundraising.
3. Increased Creativity
When you demonstrate your company’s values and passion through a social enterprise ethos, employees will feel encouraged (and supported) to develop new and better ways to do their jobs. The outcome being that employees feel empowered to start contributing to the bigger picture.
4. Increased Productivity
It goes without saying that a more motivated and creative workforce will ultimately lead to great productivity and in turn improved profits for the business. A win-win in terms of business outcomes as well as social and environmental outcomes.
5. Enhance Brand Awareness and Reputation
In today’s digital era, social enterprises are gaining exposure - and praise - for their social goals. Customers, employees and stakeholders feel good when they are connected with companies that are helping their community or the world at large. They will share their stories (good and bad) through their own social channels while at the same time, telling your story through social media can help you gain awareness and build your reputation.
Increasingly, investors, business partners, customers, and employees want to know that the companies they choose are doing more than just providing a product or service. They look for companies that are doing good and will feel a special connection to those whose values align with their own.
Sharesource is proud to be a social enterprise, seeking to equalise employment opportunities, empower future leaders, and positively impact communities.
Brendon Boyce founded Sharesource in 2013 because he saw firsthand smart talent being wasted simply because that person was living in the wrong country. He saw an opportunity to rethink the traditional outsourcing model through social enterprise.
“I believe in connecting talented people with meaningful work. My goal is to connect smart STEM professionals in developing countries with those disruptor businesses that are doing cool work.”
Ten years on, Sharesource can attest to the key business advantages of being a social enterprise as well as knowing that the result is a true win-win for Sharesource, its team members, partner clients and stakeholders, and the wider community.