Are you a Social Business?
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Are you a Social Business?

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Are you a social business? What does this mean to you? Do you have some aspect of it to give back or contribute to your community?

pay it forward

Social Business – A for-profit business established for the primary purpose of fulfilling a social mission. Social businesses either dedicate a significant portion of profits to a social cause, or the business operations themselves address a social issue. The key difference between a social business and a traditional business is its reason for existence. A social business is formed primarily to solve a social problem rather than to generate income for its owners, even though the business may be quite profitable.

As I did some more research, I was reading or which Dave stated in his summary that, Social businesses, could be a hybrid. As I do expect investors to invest in my business, I also have to respect them giving or investing and their expectations of what their return will be.

If our economy continues the and return on people’s investments is low, I did would feel that I would like to give them a better return on their investment, otherwise why would they? Simply for a tax write off?

Of is the best way just be a regular business, and have a Philanthropy or do good in giving, like 1-5% of the profits? This is what most companies end up doing, for a variety of reasons. Just for doing Good, also for what they are passionate about and tax reasons too!

Perhaps a purpose driven business is what we all should aim for. Here’s some ideas:

  • Employees become shareholders
  • Doing good is a business strategy
  • Be sustainable for grow
  • Having a triple bottom line

To read more about Cause Capitalism check out this blog.

Mari-Lyn Harris