Social impact is important to us. We also know profit and cash are important to keep our business moving forward.
As a start up, how can we meet our financial goals AND make social impact?
Here are some tips we are using to make our dream of a viable, social impact company a reality:
1. Focus on culture.
By putting our culture first, we are building the foundation for a sustainable team, putting what matters most first. (Great quote from @thefinancecafeofficial this weekend: “Follow your heart and your bottom line will follow!”)
2. Formalize policies.
A culture is only as strong as its policies. Write these down. Make these accessible and available to everyone on your team. Prioritize what’s most important and start there.
3. Look outside.
Who are your vendors? Are they practicing social responsibility? Who are your customers? Are you filling a need to support underserved groups? How are you making your services and products accessible to them?
4. Track metrics.
Social impact doesn’t have to be about $ spend, especially in a cash crunch. What is your employee retention? What is your waste reduction? What is your community engagement?
5. Know your numbers.
To make the financial impact you want for your team and the world around you, you need to understand the money coming in and money going out. Monitoring your cash and bottom line is critical for social entrepreneurs.
We know small acts have big impact. Let’s start there.
“This is how you change the world, the smallest circles first… That humble energy, the kind that says, 'I will do what I can do right now in my own small way,' creates a ripple effect on the world.” - Richard Wagamese, One Drum