Caitlyn Buchanan, 15th January 2020
Are you looking to set a company to service the local community and promote social responsibility? A social enterprise company might be right for you.
A social enterprise is a business that provides essential services to address existing issues in their community. These companies attempt to solve major problems related to society or the environment such as accessible transport services, programs for children, community gardens or recycling facilities. The profits generated by a social enterprise company are reinvested back into the business or the local community.
Social enterprise companies are socially responsible companies that drive change. Social enterprises not only provide benefits to their communities through their services, but they can also increase employment opportunities in the local area while reducing stress on the government-run social programs.
Addressing social issues and leading change
Social enterprises typically exist to resolve or alleviate societal or environmental problems. They are driven by a strong focus on social responsibility and providing solutions to enable change.
Some examples of issues addressed by social enterprises include:
- Recycling and repurposing initiatives that benefit the environment while providing employment opportunities for people with disabilities.
- Educational and apprenticeship programs that address unemployment and help disadvantaged people to live independent from social welfare.
- Foodservice programs that serve meals to low-income school students or home-deliver low-cost meals to senior citizens and disabled people who are unable to prepare their own meals.
The success of a social enterprise is measured on more than just profits, they aim to make a sustainable impact in their communities. Social entrepreneurs are change leaders who must demonstrate transparency and integrity for a social enterprise to be successful.
Disclaimer This article is for guidance purposes only. It does not constitute legal or professional advice. No liability is accepted by Company Bureau for any action taken or not taken in reliance on the information set out in this article. Professional or legal advice should be obtained before taking or refraining from any action as a result of this article. Any and all information is subject to change.