What is a Social Good Company?
There is no universally accepted definition of social good, social enterprise, social benefit or any other hip and trendy name a company for creating a better world goes by today. At P3 we define social enterprise with seven points:
1. An entity with a tax designation of either for or not-for-profit,
2. from any number of industry sectors, with almost any style of business model,
3. whose chief purpose is for positive and effective social and/or environmental change
4. with stated goals and measurements of a triple bottom line (People, Profit/Prosperity, Planet) on how they will operate and achieve positive and effective social and environmental change through
5. a diverse revenue stream that includes earned income as a significant portion of revenues for business sustainability,
6. by incorporating and operating with stated core values that elevate people, generate profits through dignified and fair means, and minimize harm or enhance the natural environment.
7. Social enterprise organizations place mission first powered by revenue and operating processes that model the change they wish to create in the world through authenticity, abundance, accountability, collaboration, co-opetition, core values, education and transparency.
Clear as mud right? That's because it is a spectrum of opportunity to use business principals and structures to create a better world. Each industry, environment, key resources and marketplace has unique opportunities and niches to leverage to do great things for people, profit and planet.
Here are the mission statements of some well known brands:
Ben & Jerry's ice cream - operates on a three-part mission that aims to create linked prosperity for everyone that's connected to our business: suppliers, employees, farmers, franchisees, customers, and neighbors alike.
The Body Shop skin care products - To dedicate our business to the pursuit of social and environmental change. To creatively balance the financial and human needs of our stakeholders employees, franchisees, customers, suppliers and shareholders.
Equal Exchange coffee and chocolate - Build long-term trade partnerships that are economically just and environmentally sound, to foster mutually beneficial relationships between farmers and consumers and to demonstrate, through our success, the contribution of worker co-operatives and Fair Trade to a more equitable,
Patagonia apparel - Build the best product, cause no unnecessary harm, use business to inspire and implement solutions to the environmental crisis.
Seventh Generation cleaning products - Was founded to provide environmentally-friendly household products that help consumers lessen their impact on the planet. Our mission is to inspire a more conscious and sustainable world by being an authentic force for positive change. This mission is embodied in and fulfilled by our Global Imperatives and our Operating Principles.
Toms Shoes - To make life more comfortable. Towards that end, TOMS not only ensures that every pair of its slip-ons are soft, breathable, and lightweight for an optimal fit—the company has also charged itself with the responsibility of providing for the comfort of children in impoverished regions worldwide. For every pair of TOMS shoes purchased online or at retail, the company will provide a pair to a child in need.
Warby Parker glasses - Founded with a rebellious spirit and a lofty objective: to offer designer eyewear at a revolutionary price, while leading the way for socially conscious businesses.
What's your mission? How will you change the world for the better?
Want expert advice on developing your new or bringing your existing business, product or service to a triple bottom line for people, profit and planet ? I am only an email or phone call away. Subscribe below to the newsletter for an insiders view to strategic, triple bottom line business growth and development. I share the insights and secrets that helped me become a serial entrepreneur and I have no doubt they will help you grow your business and impact the world.
Get going! You have success waiting for you.