Highlights: Unlocking the potential of business for GOOD

At Global Sisters we use the phrase “GOOD business” to encompass any form of business – for good. This might include social enterprises, social purpose businesses or socially responsible businesses – think of the environment, supply chain or end of life cycle, community orientation and give backs.  Our panel discussion explored GOOD business with four front runners in the field in Australia – Mindy Leow (B Corp), Dewi Cooke (Social Studio), Lara Stephenson (Social Good Outpost) and Donna Logue (Two Good) .

Take a look at some of the highlights from the panel and we’ve summed up some of the key takeaways below.

There are a range of ways you can do good through a business

There are a range of ways that you can design a business that seeks to be both commercially viable and have a social impact. Social enterprises are businesses that have a clear social, cultural or environmental benefit, greater than a private benefit. Purpose-led businesses are more traditional businesses but are led by a social purpose. Ethical and responsible businesses are businesses that operate commercially with clear social, community and environmental standards around their business operations. These definitions continue to evolve in Australia. 

Have an impact that also makes sense for your business

When building a social purpose into your business model design, take into account what is possible for you as a micro business. Getting the balance right is important because the business needs to make money in order to be sustainable and continue to have an impact into the future. Social change is a lifelong experience so pick an aspect to influence through your business as you can’t do it all (even though we know you want to!).

Balancing the messaging of your brand is important

First, having a great product or service is the foundation for any great business. Then, finding the balance between how you communicate your social impact and the quality product or service you offer is key. This is likely to evolve over time. 

The social purpose sector is unique and evolving

Getting involved in the social purpose sector is an opportunity for you and your business. There are unique avenues of support and while the sector is growing and evolving there are still opportunities for you and your brand to be a leader.

Have our social purpose leaders helped inspire you to build a business model with both a social and commercial purpose? Watch the full-length video for more insights into how to do this. Also, our Sister Portal offers more valuable business knowledge and expert tips. For more hands-on guidance, join our free Global Sisters business programs.