4 Steps to Social Enterprise Success
In recent years, many people have become aware of social problems throughout the world. Most of them decided to not only stay on the sidelines but to take steps to find a solution. Therefore, many social companies have come to overcome them. Now, business owners take their business on a global scale not focusing on making profits but more on helping those who are less fortunate.
In fact, government leaders encourage young people to become social entrepreneurs. Malaysia, for example, came up with a scheme to mentor youth about social entrepreneurship. However, being an agent of change is not easy. Before you leave your life and become a social entrepreneur, equip yourself with 4 keys to success in business:
1. Write Your Plan
Just like any other business, a warrants social company also has a business plan. But it’s not like a business plan that usually addresses social problems that aim to solve, how it will be handled and what makes an organization qualified to do it. And just like an ordinary company, it must include information about the management team, marketing plans, funding and financial forecasts.
2. Focus on Customer Experience
A social company basically has three types of customers to meet their needs. First is the person who also aims to make changes by sharing or giving to others without expecting anything in return. The next is a traditional buyer who wants your product. And finally, the recipient of your cause. While they know what they want, you, as a social entrepreneur, must make sure you provide quality products or services.
Come up with offers that will benefit both parties and the results of a successful company organization. Donors and volunteers contribute a lot of time and resources to make a non-profit organization develop. This is why it is important to give them back something not only as recognition, but also as motivation. Tax deductible donations can do much to share their time and money. And when it comes to typical customers, the idea of being able to help indirectly by buying certain products can be satisfying. This is why social business strategies sell and donate a portion of the amount obtained as a form of charity.
3. Improve Your Team’s Leadership and Management Skills
Leadership, management, finance and business skills need to be developed. Most businesses fail due to poor time management, lack of training for staff and poor management skills. So what kind of training do businesses and social enterprises need? These are the types who develop skills and support their programs. There are schools that offer training programs that are right for your organization.
4. Run at the Right Time
In order to create a niche in the industry, business owners must come up with unique services or products. And if there are competitors, they must prove they offer something better. Same is the case with social entrepreneurs. But the challenge is not what you really have to offer, it’s more about delivering at the right time and fast. If you wait for a sign before you give food to a hungry person, he may already be hungry. Only convey what you want to give. That will make a difference.
Being a social entrepreneur does not come without challenges but by knowing important aspects of social entrepreneurship, you can successfully make a difference.