Types of Social Enterprise
The category of social enterprise includes several different types of businesses and organisations.
Non-Governmental Organisations with commercial arms
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What is a Social Enterprise?
A social enterprise or social business is defined as a business that has specific social objectives that serve its primary purpose. Social enterprises seek to maximize profits while maximizing benefits to society and the environment. Their profits are principally used to fund social programs.
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Benefits of a Social Business
A social business can gain more and better insight into customers' behaviours, sentiments and actions
Better customer relationships
By being a social business, you are seen to be open, transparent, accessible and responsive. If a customer can communicate with a company in real time and through a platform that suits them, then they will feel valued and respected. Better still, if that company exceeds their response expectations, then you don't just have satisfied customers, you have potential brand advocates.
A social business can gain more and better insight into customers' behaviours, sentiments and actions. That, in turn, can create more targeted and relevant campaigns and product development.
A social business allows employees to be part of the conversation, both internal and external. The result is more involved, more collaborative, more motivated teams, who can, and are empowered to, make a difference.
By encouraging open collaboration and involvement, a social business enables a better flow of communication internally and a culture of getting things done as a team.
New ideas are more like to be shared, built upon, developed and put into action. Internally, employees from all parts of the business are empowered to innovate; externally, customers can contribute valuable insight and opinion about product or service development.
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