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Management

Is Social Entrepreneurism Right For Your Business?

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Social entrepreneurism is used by for profit entrepreneurs and also not for profit startups.  It’s  popular and a considerable number of ‘for profit’ companies are also incorporating social entrepreneurship into their business strategies as a way of giving back to society.

However, social entrepreneurship isn’t clearly defined and thus it’s meaning mis-interpreted, and misused particularly in marketing initiatives.

Let’s look at it in more detail and examine the advantages or disadvantages of launching a social enterprise.

What Is A Social Enterprise?

A basic definition of social entrepreneurship is an organization which operates in order to identify, create and implement solutions to social problems. Of course, the wide-ranging nature of social problems means that social enterprises can be focused on hundreds of areas.

Whether it focuses on poverty, homelessness, health or the environment, a social enterprise typically aims to promote a cause, alleviate suffering and/or resolve serious problems which are affecting communities, countries or the population as a whole.

Why It’s Popular

Social entrepreneurship has really taken off in recent years and companies which align themselves with positive values appeal to customers. Those among us who are more discerning about where we chose to shop and what we buy, will chose the ‘feel good’ that comes with knowing our purchase can indirectly improve the conditions of those less fortunate.

If you’re a purchaser who often feels guilty for buying for yourself, then knowing your purchase is not solely about you is all you need for guilt free pleasure. Plus the feel good experience, motivates you to share it with friends, family and followers in social media. It’s a reason to buy from the same company, time and time again, and every business wants a repeat customer.

Should It Be Where I Focus My Business?

Labelling yourself a social entrepreneur can be a savvy business decision. However it’s also a responsibility that you must fully commit to, as it requires a bonafide desire to make a difference.

Commit To It

Dedicating resources and some of your business profit to social causes is not for everyone. A halfhearted approach may backfire too if your business fails to follow through in any way.

We know how fast a business can be destroyed through carelessness.  Who doesn’t remember Ratner’s fall from grace and it’s reputation irreparable.

Consumers are becoming accustomed to a whole host of organizations identifying as social enterprises and the media spotlight means self-proclaimed social enterprises do need to back-up their claims with clear goals, actions, and results.

Positives Of A Social Enterprise

Becoming a social entrepreneur can have many benefits and it can be extremely rewarding.

By identifying a worthy cause which needs exposure so it receives the support to make a difference to people’s lives, your business can help to alleviate a genuine social, culture or environmental problem.

Regardless of the size of your organization, knowing you’re helping to resolve a harmful issue can be rewarding on a personal and professional level.

Free PR, Discounted Marketing & Advertising

Perhaps more cynically, incorporate a social enterprise objective into your organization can garner positive PR.

Aligning yourself with a worthwhile cause can lead to free or reduced-cost advertising, and it can certainly help to gain support from similarly-minded individuals.

Tax Breaks

In some cases, social enterprises can benefit from tax breaks too so there could be a financial incentive to take a professional interest in social issues.

Grants

If your organization operates as a non-profit or eco-friendly enterprise, there may be certain grants you’re entitled too as well, not to mention PR-friendly awards you could be eligible for.

With so many benefits surrounding social entrepreneurship, declaring your organization a social enterprise may seem like a no-brainer. However, there are some disadvantages which can arise from social entrepreneurship.

As well as meeting your legal obligations as a company director or owner, you may need to fulfil additional requirements if you’re operating as a social enterprise. There are often strict guidelines which must be adhered to if you claim to operate for the benefit of cause and you’ll be expected to back up your claims with evidence.

Are There Conflicts Of Interest Between A Social Enterprise Versus A For Profit Business?

Not necessarily. A non-profit organization may run as a social enterprise but this doesn’t prevent for-profit businesses from incorporating social entrepreneurship into their for-profit business strategy.

Inevitably, a percentage of your revenue will need to go towards a particular cause if you claim to be supporting it but this doesn’t prevent your company from continuing to make a profit as well.

As the number of social entrepreneurs continues to grow, the definition of social entrepreneurism continues to evolve. Whilst there are a number of considerations to take into account before declaring yourself a social entrepreneur, adding a social enterprise element to your business or launching or non-profit organization can be beneficial for you, your business and your chosen cause.

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Management

4 Tasks That Your Business Should Outsource

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With every period of business growth, there is more to do. Often a growth spurt can take a business owner by surprise and leave them with too much to do, and not enough time to do it.

Existing personnel are expected to take on tasks and responsibilities outside their comfort zone, and maybe you too need to upskill in areas you’ve got little hands-on experience, just to get the job done. What a recipe for ‘mountains of stress’!

Almost half of all entrepreneurs are taking too much on, and Gallup Wellbeing Index says it the women who are reporting their stress more than men. Hence, it’s hard to say which gender is better at delegation.

While there’s no single solution, mainly if the growth spurt is unpredictable, outsourcing tasks to third parties can lessen the strain on management. You may not need to use third party providers and being locked into lengthy service contracts instead look at a more flexible workforce.

Delegating appropriate tasks to freelancers or external teams allows you to focus on doing what you do best – and what makes you happy. This is leadership.

Managing everything in-house is unrealistic for most businesses today. However, some tasks require your special touch. It’s those that are too tedious, complicated or expensive that you’ll benefit from outsourcing. Here are four such functions.

Marketing

There are several reasons to outsource marketing. Working with the right agency can give you a fresh perspective that’s backed up by professional insight. It will also be easier to scale up your efforts, not to mention lower overhead expenses.

Moreover, you can gain access to the latest technologies to improve efficiency and achieve more significant results, and this is especially valuable for smaller businesses that aren’t familiar with current digital trends in marketing. You can gain a significant competitive advantage by implementing a digital strategy that’s developed by experts.

Admin

In a whitepaper by Harris Poll, staff spend an average of 40% of their day handling administrative tasks. Most of it involves repetitive, menial activities that can be done by someone else for a fraction of the price. This includes data entry, document management, travel arrangements, inbox organization and proofreading.

Thanks to websites like Upwork, Fiverr and Guru, you can easily find a freelancer to do these things for you. The key is to pick someone who you can rely on to do the job right. This guide details where to start in the selection process.

Legal

As you may be aware, in-house lawyers aren’t cheap. But if you want the peace of mind that comes with knowing your business is compliant with all relevant rules and regulations, you need to have access to legal expertise. This can spare you the (much higher) cost of running into a lawsuit or another unforeseen legal issue.

These days, you can access legal services through online marketplaces like Avvo and UpCounsel, while Rocket Lawyer and LegalZoom provide legal documentation

Human Resources

Every new employee increases your human resource responsibilities exponentially, so it’s a good idea to consider hiring outside help. Plus, several risks come with being unable to keep up with the demands of human resources, such as failing to make payments and file documents on time, not to mention hiring the wrong employees.

Outsourcing to a provider can ease the load and reduce your risk. Depending on your circumstances, you might not need to ship off everything. For example, a payroll company can process compensation while you handle the rest.

Conclusion

Businesses need to be more nimble to survive recessions and staff up when business demands it. Also, make sure you’re not overloading yourself with mundane jobs. Think carefully about the tasks that take up most of your time and outsource some jobs.

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Finance

5 Ways Your Business Can Slash Expenses Now

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When you feel the time has come to slash business expenses to reduce overheads, then there are plenty of different approaches to achieve this goal. Needless to say, when there’s been too little attention on spending less up until now, they’ll be greater opportunities for savings. However, don’t despair – there are always a few ways to make it happen.

Here are five ways that your business can save money.

1. Purchase Recycled Office Furniture

Whether you’re wanting to replace tired desks or chairs that are now proving unstable or a new office is being equipped, it’s necessary to set the office up with what the staff needs.

While companies often only look at buying new furnishings, there is another option, and that’s used office furniture, including workstations, chairs, desks, tables. Near new workstations, for example, are a good purchase for startups with a limited budget. With more than half of all new businesses going to the wall every year, many of these companies sell off their office equipment and chattels making it a far more affordable option for businesses keen to improve their carbon footprint. Used office furniture from reputable suppliers is high-quality and often comes with a warranty.

2. Optimise the Marketing Plan

Instead of marketing across many different channels and seeing varying results with each one, try narrowing the marketing strategy down. Examine the results to determine which channels and marketing campaigns have delivered the most customers at the lowest customer acquisition cost. In case that’s unclear, the customer acquisition cost is based on the average amount that it was necessary to spend to secure one new customer.

Once you know this information, it’s possible to tweak advertising plans to only spend on the most profitable campaigns from a customer acquisition standpoint. This optimises the current marketing approach to reduce the total marketing spend while delivering the same results.

3. Reduce Recruitment Costs

Look for ideas that will cut down on recruitment costs.
For instance, ask existing outperforming staff for a recommendation of a friend or colleague who might be interested in joining the company. Also, see if there’s anyone that you’ve been impressed with who could be invited to come on board.

When you’re using recruitment consultants, get the best deal in terms of what they charge. Check around on different job boards for the industry and other alternatives. See if you can do some of the recruitment work in-house to avoid the often-extortionate recruitment fees by putting in a bit of legwork.

4. Improve Systems and Limit Staff Meetings

Most workers aren’t that productive. Repeatedly, research has shown that office workers tend to grind for half the day and lose the other half to inefficient processes and procedures, overly long meetings, excessive breaktimes, gossiping, using social media and the internet, and more.

Breakdown each role so that there are systems and processes to follow. Remove all redundant steps to cut out the time-wasting elements. Also, have the staff members suggest better ways to get their work done, which often results in time savings there too. With meetings, go in with a plan, stick to it, set a time limit on the meeting, and get everyone back to work right after.

5. Be Greener

Use green technologies and ideas to save money on energy expenses.
Look at everything from energy-efficient light bulbs, dropping PCs down from performance modes to lower energy ones, and turn off what’s not being used all the time. Ask the staff for their suggestions on other ways that the company can be greener – employees often have amazing ideas in this area that can be implemented quickly.
There are a good many ways to save money as a business. Thankfully, it doesn’t mean it’s necessary to operate like a Scrooge either.

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Management

How Agile Training Can Improve Project Performance

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Project management is a complex practice that requires the many stages of planning, execution, monitoring, and others. Usually, you work with a planned set of activities that are completed in a rigid sequence, with little to no room for changes. The ultimate goal is to achieve a particular result within a specific time while considering constraints.

Over the years, the agile methodology has become more popularly used in organizations. The approach has proven to be effective in improving project performance and responding to market dynamics compared to traditional forms of project management. However, given the differences between agile and traditional styles, agile training is crucial to making the shift in management practice.

Agile is About Increment and Iteration

Agile is essentially a mindset or framework that you can adopt in your organization’s projects. It is about breaking down work into smaller and more manageable pieces called user stories that are delivered in repeated cycles called iterations.

The rationale of the approach is to have shorter cycles so that you can continuously respond to changes and adapt to them rather than trying to deliver everything in one go at the end.

As its name implies, agile refers to being able to move quickly, especially in today’s volatile market. With such an approach, you can measure performance at the end of each cycle, so you immediately know how consumers respond. Although agile was initially targeted at software development, it has, over time, emerged as a global strategy that can be used in any organization.

Benefits of Agile Methodology

Nowadays, managers are embracing the agile methodology because the short iterations help lower risk and take action at the early stages. With an agile approach, you can expect to get a higher product quality since you are frequently testing it during the development stage. Since agile is flexible, you can make adjustments and developments incrementally to improve your product.

The agile method can also help you increase customer satisfaction since you can respond to dynamic and changing needs in the market. Likewise, being able to deliver products to the market quicker will merit positive reception from the consumers. Another benefit of adopting the agile approach is that the fast iterations will help you generate quicker returns on investment (ROI).

Agile Training is Critical

To successfully adopt the agile methodology, getting agile training is crucial. In the agile approach, collaboration among team members is critical, so ensuring that each member is well-versed with the strategy will help maximize its benefits. You have to train your team to be consumer-focused so that you are always addressing needs.

There are many agile training frameworks existing today, with one of the most popular ones being Scrum. The Scrum team typically consists of a Scrum Master, Product Owner, and developers.

The Scrum Master leads the team and ensures that the development team is effectively fulfilling its goals. The Product Owner then makes decisions for the projects, which include writing the user stories. Finally, the developers create the software and conduct continuous testing throughout cycles.

With the popularity of the agile approach today, you will find several training courses available to get you started. Courses typically tackle different project life cycle frameworks, essential agile values and principles, and the roles of each team member. Once you complete your training, you will become a certified practitioner, something that will surely give you an edge in the workplace.

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