Running a business can be both exciting and challenging. Let’s say we throw in the idea of not just growing a business, but benefitting humanity on top of it all. We feel a sense of pride in making a little impact on the world, but in order to leave the biggest impression, success is crucial. While growing my own socially beneficial business, I have learned a few tips (some the hard way) for running a successful socially beneficial entrepreneurship.
- Sell the Opportunity
What are you creating your business for? What is its purpose? In my business, my social benefit is to create jobs within the food industry for adults with developmental disabilities. All of the sudden I have created a business that few people dare to do. I have created my niche.
So who cares? Actually, a lot of people. According to Forbes, more than 88% of consumers think companies should try to achieve their business goals while improving society and the environment, and, 83% of consumers think companies should support charities and nonprofits with financial donations.
In the back of your mind, you and maybe a few stakeholders are the people that want your enterprise to do well, but a large number of people want your business to do good. It is important to market that doing good is exactly the business you are in. Whether it’s local newspapers, news clips, or social media, share your story. Otherwise you will be grouped in with the other side stands selling the same product.
- Quality Equals Loyalty
As people start to hear your story, they will be ready to see your product for themselves. This is your one shot. Think to yourself, how many times have you felt that you needed to support someone in something? You build an empathy towards them. Maybe it’s supporting someone financially for a medical bill or a mission trip. Maybe it’s just that little favor you promised someone last week and you know it should be fulfilled. Once the money or favor is given, you cross it off your mental list and continue on your day. It makes you feel accomplished.
What is my point? People will have that same urgency to try your socially responsible business. People will also have the same ease at crossing it off their list.
You have to give people a reason to come back through your product. At my business, we have built some very loyal clientele with one item—the cinnamon roll. People love them! Of course you want people to love all you have to offer, but if you can have at least one item that gives you competitive advantage over your competitor, or gets people marketing your business for you, then you have begun to build loyalty.
- G.U.E.S.T. Services
When you’re running a socially responsible business, it does not matter how elaborate your product inventory list is, you are in the service business. We’ve all had the waitress who is having a bad day, or the sales clerk who is everything but cordial. Often times we just tip a little less and move on with our lives. But especially when running a socially beneficial business, careless composure is bad for business.
Here’s my point: when people start to hear word of your social benefit, it gives them a good enough feeling to try you out. Don’t let them leave with a bad feeling. Many businesses have different ways of working with their employees to achieve a great service. One of my favorite acronyms is G.U.E.S.T.—Greet the customer, Use their name, Eye contact, Smile, and Thank the customer.
When you’re running a socially beneficial business, the customer might not be your primary beneficiary. That is, they may not be the one you started your business to benefit. It is important to remember that their contribution is what allows you to fuel your primary beneficiary, which makes them equally as important.
- Use Your Internal Hard Drive
We’ve all heard the phrase, “The Customer is always Right”. While waitressing my way through college, I’ve learned that that phrase is simply not true. I remember waiting on one lady. She sent back her steak that was clearly cooked how she had ordered it, cheekily looking to claim a free meal. I returned with a steak that looked extraordinarily similar to the first, but slightly more pleasing to the woman’s appeal. I candidly asked her if she would like her water refilled. She replied, “My water glass should always be full!”
As I shed a couple tears in the back room, my boss looked at me and said, “The customer is not always right, but don’t ever let them think anything else.”
As an employer it is important to show adoration to the external portion of your business—the customer. But more importantly, you should always put a large sense of pride toward your internal forces, or employees. They are often times more of the face of your business than you are. If you can help them build a sense of pride for your business creation, their self-esteem and overall quality of life will shine outwardly. This will help them to deliver quality and service to external prospects with ease.
- Aim for Profit
Of all of the tips above for a social benefit entrepreneur, this is the most important. First, your business won’t operate in Black Friday mode right away. Your ribbon cutting and other special events might draw in some people, but your mission won’t appeal to everyone from day one. You have to fight competitors for attention as if your social benefit is just as much of a competitive edge and Bob’s Chili Dogs’ secret recipe.
Second, you are running a for-profit business. In your eyes you might be making a difference to your social beneficiaries, but you are not making a difference in the eyes of the business realm until you profit. So what? You might say. Do you want to not work a day in your life doing what you love? Do you want your business to expand and make an even bigger difference? To fulfill these questions, you need money.
Third, build on soul and mind. As social benefiters, we are built on the heart aspect. We want to leave people feeling satisfied; it fuels us. When finances aren’t going as planned, we rely on our immeasurable feelings. Don’t. The numbers are a variable that is defined. Be an entrepreneur; take what you can control like marketing, quality products, and excellent service to build your business. This doesn’t mean give up on your primary mission. A socially beneficial business is a paradox in itself. To be successful, you must be both creative and regimented; Follow your heart, but don’t forget to use your brain.