What is Social Business? Addressing a Social Problem Unlocks Hidden Gems in Social Media Age
A social business is any entity that is created to by design to solve real life social problems. The business be of any structure and size but must have the goals and objectives of fixing social dislocations. All social businesses have some similarities somewhere in their mission statement – to solve mankind’s social problem from different perspectives.
Social problems are those unwanted outcomes that are either caused by human actions or by natural effects that causes avoidable harms in a society. Being a social business does not mean that the organization will not be profit oriented. In fact, social businesses stand the chance of making good sustainable profit that will stand the test of time.
Social businesses are masters when it comes to using the balanced scorecard’s core principles to strike a balance between social targets and financial metrics.
Although Prof. Muhammad Yunus – a Noble Peace Prize Laureate Professor argues that social businesses are non-dividend entities, but I think that applying the social business principles should not be restricted to the businesses in the space of non-profit sharing.
I know you may be wondering what solving a social problem has to do with businesses meeting their objectives. Well, the answer to that question is – everything!
Zig Ziglar, a renowned motivator in his time is known by his popular say ‘you will achieve everything you want….if you can help enough people achieve what they want’.
This is pure game of numbers because abound are numerous social problems that’s needs solution. Businesses have to work collaboratively with willing individuals to proffer lasting solutions to social problems.
Businesses that are not performing social audit from time to time risks being overtaken by entities that are social business conscious – have wondered why Elon Musk bought twitter for about $44b?
How businesses can solve social problems
Below are some of the things that a business can do to solve real social problems