The pandemic severely impacted Australia’s economy and society. Post-COVID, with rising homelessness, unemployment, and pervasive social and economic disruption, the need for non-profit organisations and social enterprises is more significant than ever. The perennial call considers that charities, non-profit organisations and social enterprises all play a crucial role in society. Statistically, the industry supports about 1.3 million jobs and contributes 8% of Australia’s GDP ($155 billion).
“We cannot accelerate social, economic, and environmental transformation without social enterprises. To tackle the nation’s most serious concerns, they raise important economic, environmental, and societal questions, develop ground-breaking solutions, and mobilise both resources and communities,” connotes social entrepreneur and business consultant Lincoln Beck of BizHero.
But why should your business be a social enterprise? What are the perks? The points below explain how social enterprises create value in the post-COVID world.
SOCIAL ENTERPRISES EMPOWER CONSUMERS
When a company works to improve the world, customers unconsciously make a stand through their purchases.
In a 2018 worldwide Nielsen research, 73% of shoppers said they would change their purchasing patterns to lessen their environmental effect. According to Mintel research from 2018, 61% of older iGeneration customers (ages 18-23) and millennials (ages 24-41) indicate that they would switch to a business that promotes a cause they believe in. In contrast, 65% stated they would stop purchasing from a company if it engaged in careless business practices.
These figures imply that people will modify their buying patterns to reflect their ideals and expect companies to promote causes so that customers may make socially responsible decisions.
SOCIAL ENTERPRISE FOSTERS CONNECTIONS THAT GO BEYOND COMMERCIAL INTERESTS
Social enterprises can forge solid connections within social and commercial networks. Social relationships, as opposed to conventional commerce and other commercial partnerships, permit transactions nurtured primarily by emotional support given to those in need and the businesspeople themselves.
Similarly, sharing knowledge and resources across communities may be advantageous to comparable social groupings worldwide. For instance, humanitarian relief projects like fair trade have shown that social entrepreneurship can help generate networking possibilities between member nations and strengthen people who are discriminated against based on their economic and social status.
SOCIAL ENTERPRISE IS MORE RESPONSIVE IN GENERATING ECONOMIC AND SOCIAL BENEFITS
Relative to traditional businesses, the rapidly expanding sector of social entrepreneurs is more flexible regarding addressing social issues and seizing new market possibilities. Social enterprises may react to social problems more effectively since they are not only dependent on government agendas. Meeting the requirements of our society is also made more straightforward by not relying on the limited resources provided by governmental entities.
The core of every social enterprise is social benefit and transformation, in keeping with the principle “do well by doing good.” Entrepreneurs use financial gains as a tool to achieve objectives centred on people. Undoubtedly, social entrepreneurship is far more than a business venture; it offers society practical, game-changing answers at the forefront of change.
SAY YES TO THE CALL OF MAKING THE WORLD A BETTER PLACE—WE’RE HERE TO HELP
The importance of social entrepreneurship can’t be overstated. Social entrepreneurs feel compelled to give back to their communities. And in doing so, they develop novel strategies to address urgent local or global societal problems like homelessness, healthcare, or child labour.
Progressive Care Solutions, with our business-customised and well-curated workshops, are thrilled to help those who wish to make a difference in the world and become impact entrepreneurs. We don’t like pushy sales talk, so please check what our satisfied clients say about us and how we’ve helped businesses become heroes.
Contact us to learn more about our programs and solutions.