Ensure Your Social Enterprise is Financially Sustainable
Social Entrepreneurs are often those who are passionate about their social impact and thrive in social entrepreneurship. They are often very involved in trying to change the world, in trying to gain a social return on their time and their energy.
The point for today is to think about your financial sustainability as a social enterprise.
Non-Profit Social Enterprises & the Challenge of Finances
This is especially important for non-profit social enterprises.
Now I’ve been involved with, and helped out, and worked with quite a number of non-profit social enterprises. What I find at times is the major challenge that some face, especially those starting up, is the area of finances.
Social entrepreneurs come up with great innovative ideas, and many of them come from backgrounds that are not from within the financial area. They may come from a more social sciences or arts or humanities field at times. On the one hand, this can be great because you have a background in areas of social concern, and it can be useful to help you find solutions to those issues. But part of finding solutions as a social enterprise is to be sustainable, and to be long-lasting.
Focus on Finances to Be Long-Lasting and Scalable
To be long lasting, you must focus on your finances.
I’ve seen quite a number of social enterprises or organizations dealing in the public sector, and sometimes they get so focused within the social issues that they leave their finances to the side.
So my message today is: As a social enterprise, continue to think about your financial sustainability because it does impact on your scale.
It does impact on whether or not your social enterprise will be long-lasting and sustainable.
Share Your Experiences
Have you ever been involved with a social enterprise or in social entrepreneurship that left its finances by the wayside? Tell us about it. How did you overcome it? Was it even overcome at all?