This was a new term for me; my current understanding of the definition is “a company that contributes to the social good, at the same time earns a profit”. The following example of such a company I borrowed from an article by Mary Rowland.
“Warby Parker (warbyparker.com) sells prescription eyeglasses online at a price of $95. For every pair of eyeglasses sold, Warby Parker distributes a pair of eyeglasses to someone in need, someone who cannot see well enough to read or to work. Almost 1 billion people in the world lack access to glasses, according to the company, which means they cannot work or learn. Warby Parker aims to change that.”
This is not only a noble idea but the products that Warby Parker offers and their service are very good.
There is a movement among both young and older consumers who have decided to buy products and services from companies that treat both their employees and consumers well and at the same time work to battle social inequities.
Another source for additional information can be found at www.bcorporation.net. There is a lot of information on how to become a B.Corp and the many possibilities it offers. Recommended reading for all. As I become more familiar with the internal workings of this concept I will write a more detailed blog on the subject.
Christmas is always a time for more focused giving by both individuals and businesses. By adopting a family or taking a turkey to a kitchen that feeds the homeless, we feel good, pat ourselves on the back and go back to our regular way of life.
To be socially responsible means making a year-around commitment in our business and structuring our business plan to;
- Provide the best possible work environment for our staff
- Have a system for constant support for those in need
- Provide exemplary service to our customers
- Provide a decent return to you as owner and to your investors.
These principles should be the basis for your next business plan. How can you change your business to truly become a social entrepreneur?
Life’s most urgent and persistent question for leaders is, “What are you doing for others?” John C. Maxwell
Nick J. Petra CFP www.strategicduck.com