a Social Enterprise
Operating a Social Enterprise
Congratulations on taking the bold step of starting a social enterprise! The next phase involves growing and operating your venture to ensure its sustained impact and success. Listed below are key steps and useful resources to help you navigate the complexities of scaling up your social enterprise while staying true to your mission and values.
Some food for thought
As you seek to expand your impact, maintain a clear focus on your mission and the change you intend to create. Scale strategically by identifying opportunities that align with your core values and strengths. Prioritise quality over quantity and ensure that growth doesn’t compromise the integrity of your social impact.
While growth is essential, consider the depth of impact you have on your target beneficiaries. Strive to understand their evolving needs and adapt your solutions accordingly. It is best practice for social enterprises to measure impact and there are now some great tools to help you get started.
- Centre for Social Impact have created Seed Kit, and online impact measurement tool
- Impact Seed consulting
- A Guide to Social Impact Measurement from Social Ventures Australia (SVA)
- Check out these basic evaluation frameworks from Social Impact Toolbox
- Australian Institute of Company Directorys and Social Outcomes Australia teamed up to bring you this guide on Impact Measurement and Governance for NFP directors
Partnerships and Collaborations
Forge strategic partnerships with like-minded organisations, government agencies, and corporations. Collaborations can amplify your reach, bring in complementary expertise, and provide access to new resources. However, ensure that your partners share your values and commitment to impact.
Building a Strong Organisational Culture
Your team is the heart of your social enterprise. Foster a supportive and inclusive organisational culture that empowers employees to contribute their best. Engaged team members who believe in your mission will drive innovation, productivity, and overall success.
Fundraising and Investment
As you grow, explore fundraising and investment options that align with your values. Seek impact investors and partners who are genuinely interested in your mission, and carefully evaluate funding opportunities to ensure they do not compromise your social goals.
- Looking for investors? Check out this page by Impact Investing Australia
- Watch Impact Seed’s Impact Investment 101 video
- The Funding Network are pioneers in finding and funding exceptional grassroots non-profits and social enterprises
- Philanthropy Australia have loads of tools and guidance to help you seek funding
Active Impact Investors in WA
- Minderoo Foundation
- First Australians Capital
- Paul Ramsey Foundation
- SVA – Social Ventures Australia
- Impact Seed
- Sentient Impact Group
Remember, the impact you’re making isn’t just about the growth of your enterprise; it’s about the positive transformation you’re bringing to individuals, communities, and the planet. Stay committed to your values, stay open to learning, partner and collaborate first, and stay true to your mission as you continue to nurture and amplify the impact of your social enterprise.