+61 0 416 027 385 jo@wilstenglobal.com

The Rise and Rise of Social Business

February 3, 2021

You might not be familiar with the term ‘social business’, but it is actually a very effective and creative way for finding answers to global problems.

Social business combines the cash flow, profitability and technologies of the for-profit industry, with the heart, passion and mission of not-for-profits to provide sustainable solutions to some of the world’s biggest challenges.

Why did social business come about? Because no-one can get their arms around these massive global problems. Governments, for the most part, are too inefficient, ineffective, broken or, in some cases, just too corrupt, to actually be able or willing to try to solve global challenges like poverty, disease, malnutrition, bad water, etc. Right now, social business is the only mechanism we have that can provide sustainable change to the world’s biggest problems.

Harvard Business Review

Social business has become the most sought-after curriculum in business schools all over the world, as an entire generation of young people want their lives to account for more than just a pay cheque. And so, as an organisation, if you want them to stay with your company, you’d better be focused on more than the bottom line and shareholder returns.

In the article “What Great Companies Do Differently” in the Harvard Business Review, it says that “Social business will become the most powerful, purposeful, profitable industry in the world in the 21st century.” They warned business and industry that, if they don’t get involved in some way in social business collaboration, they will be guilty of strategy malpractice.

In his book “How to Change the World”, David Bornstein said that if you want to be successful in social business you need to do four things:

  • Take on one of the world’s biggest problems and commit to doing whatever you can to solve it. And it needs to become part of your company’s culture, not just some ‘warm fuzzy’ thing you do each year, or when a staff member raises the issue.
  • Provide an innovative solution to that problem. Why do we need ‘innovative’ solutions? Because our current approach clearly isn’t working. In fact, for the most part, we’re failing miserably.
  • Find creative ways to create brand awareness for your mission.
  • Find a way to adequately compensate the people who are most passionate about your movement so you can drive it to the ends of the earth. Social business typically uses affiliate marketing to get the message out to the world in order to find people who want to help by putting together teams of people to champion the cause and exponentially increase the impact

If you want to know more about social business and what we are doing and would like to explore how you could also become part of it, please connect with us. Fill in your details on the “Contact Us” form and we’ll be in touch.

You May Also Like …

Each One Teach One

Each One Teach One

“Each one teach one” is a direct quote from former Nanny star, Fran Drescher. She was being interviewed in an online...


Submit a Comment

Your email address will not be published. Required fields are marked *