Grow Your Social Enterprise with These Tips

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A social enterprise, like any other business, can suffer from setbacks. There could be a million external factors for this, such as the pandemic, the economy not doing well, people not having enough money to spend, customers not buying right now, no one wanting what you’re selling, more contests from cheaper options, your business is operating at full capacity, and so on. I could go on, but one thing is certain: you have accepted a reason why your social enterprise is not developing.

The issue is that none of these explanations are true. Yes, these external issues may be true, but how does it explain why some social enterprises continue to grow? It can’t be luck, and it isn’t; it is the product of your views about your social enterprise, how profitable it can be, how much money you are satisfied earning, and your everyday actions.

These set a limit to the scale of your social enterprise

Whatever the external issue is with your social enterprise, it is almost always the result of your inconsistent daily behaviors or beliefs. Most social entrepreneurs seek a quick fix for their stopped growth, which is possible, but if you want to build your social enterprise, my top advice is to perform the following continuously:

Beliefs are important; decide today to change your beliefs about what is possible. Don’t claim that you can’t change your beliefs because you can. Determine what you no longer think to be true and what your new reality will be.

Start with a great product

You could apply the best social enterprise techniques and support a great cause, but your business will fail if your product does not appeal to your target market. A successful social enterprise unites appealing to the cause that your target consumer supports with items that meet their needs and desires. You will set your social enterprise up for success and, ultimately, greater impact if you fully understand your consumers and effectively articulate the story of your mission.

Involve your customers

When people are invited to participate in the process, they feel more connected to social enterprises. Involving customers in the philanthropic process will make them feel engaged on a deeper level, whether it’s encouraging them to join humanitarian excursions, asking them to share their tales of social good, or asking them what social concerns are most important to them. And make them advocates instead of clients.

Demonstrate your impact

Your social enterprise should be built around storytelling. It is not enough to state the total amount of money donated to your cause; go one step further and demonstrate the overall impact of your initiatives on a personal level.

Create a landing page devoted to your cause, objective, and measurable impact. Share photographs, stories, and in-depth analyses of the good you’re doing. Make it apparent to your customers that you’re carrying out your company’s philanthropic aims – and promises – and you’ll have long-term supporters.

Take advantage of the social enterprise package from banks

Specifically designed to address the needs of a social enterprise, a bank package provides a low-cost banking solution that allows companies to focus on their cause.

Preferential transaction rates and no-account fees. With this, businesses get preferential transaction rates via a package. There is also no initial deposit or minimum monthly balance.

The multi-currency account feature lets you transact in SGD and up to 12 foreign currencies. DBS is the first and only bank in Singapore to offer solutions tailored for social enterprises as part of the DBS Foundation.

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