A for-profit social enterprise is the way into the future.

Most people today are sceptical if this strategy will rule the world or whether it can become the new norm. It seems contrary to our society’s expectations to approve of this way of doing business. But it is, in fact, possible to build a successful company while also doing good.

But what exactly does for-profit social enterprise actually mean? This company model integrates social impact directly into its mission and strategy. Their main aim is to do good and have that ethos anchored in everything they are doing. If the company also gains growth along the way this would only mean they are achieving their goals as a for-profit social enterprise.

What makes this type of social impact so effective?

A social enterprise chooses a current issue they believe they can help (and they don’t think small). Usually they have the potential to create positive change on a large scale and would start with something impacting the population e.g. equality, climate change, local community issues or even the healthcare system. Once they have decided which issue to support they will find a way to make a difference for the better in people’s lives.

Social enterprises mostly focus on one goal at a time. And, all business strategies and activities are working towards this goal. It also becomes ingrained in the company’s DNA and will influence every single decision and the strategy to reach their goals.

Here at 4DP, we have meaningful long term relationships with our clients. We work with both nonprofit and for profit businesses. And all of them, including not for profit’s like Synergy Group or Smart Employment Solutions implement an ethos of providing greater good impacting their clients and community.

For example our client Mike Harvey from On Your Side Investments [insert external link] follows a very smart path. He invests his time and money to help people invest but also those who need support through his projects like ‘The Pencil Community’. Even on a smaller scale compared to big enterprises he is still providing help and value for people. It is so impressive because he recently started his own charity called On Your Side. He is a real modern thinker. Well done, Mike we love your work.

Let’s be real, smart companies no longer sell products to their consumers. They are building products and services around them which provide ongoing value to build and strengthen their relationships with their consumers. It is extremely important for consumers to choose a company with social responsibility today. 34% of consumers felt better about brands after learning what they stand for [source: https://engageforgood.com/stats/]. And, once consumers know what brands stand for and what their purpose is. They become much more favorable towards them and are more likely to choose that brand over one without such an ethos.

Focusing on doing something good and fighting on the right side, for the right cause is what’s important today. It is not a question anymore – if you are a large, medium or startup business, it is also important to implement a higher purpose and to make change in the world or your local community, and to use this to drive your business mission and strategy.

So, the answer to the question can your ‘For-Profit’ business still have a social impact? Yes! Definitely Yes. Every business or company can implement positive change in almost any industry and consumers today will thank you for it.

Peace!