How should you contribute your company’s time, talent, or treasure?

What cause should your company be aligned with?

For many entrepreneurs, these questions are not always easily answered because most are overwhelmed with the sheer number of great causes and asks.

To make a meaningful and lasting impact that makes sense for your business, there are a number of factors every entrepreneur should consider prior to diving in.

In this blog I will focus on one key consideration: Who are the stakeholders of your business?

For effective social responsibility, it’s not just about the business owner or shareholder and their pet cause.

Ideally, prior to choosing a cause, the stakeholders of your business must be considered. This includes not only your customers or target market but any other group that your business touches like your employees, contractors, suppliers, and the community you serve or are geographically located in.

Once you have your list of stakeholders, start thinking about what causes they might care about and consider whether your business supporting that cause would make sense.

A case study: MAC Cosmetics

A company that has inspired me for over 25 years is MAC Cosmetics. Founded in Toronto, Canada, early on the company strove to lead with purpose. In 1994 at the height of the AIDS epidemic, they committed to supporting HIV/AIDS research and charity through their VIVA Glam collection. To date, they have raised over $500 million for healthcare initiatives.

Additionally, at the very heart of MAC, they have striven to celebrate diversity. They have unabashedly created products that are suited for all ages, races, and genders. This has enabled their purpose to be at the centre of their brand and ensured a loyal community of customers that sets them apart from the competition.

MAC is a great example of being aligned with its market and the stakeholders of its business. This commitment to a thoughtful purpose has been good for their business and life-changing for the causes they care about!

The post Building Your Business with Purpose appeared first on WeBC.

If you’re exploring social entrepreneurship, you may have heard of Co-operatives, Community Contribution Companies (C3 or CCC), and Not-for-Profit Societies and Charities, but how do they differ and which one is right for you?

Read more to develop a basic understanding of each type and find out where you can learn more.

1. Co-operative

Co-operatives are businesses owned by a group of people that pool their resources together. BC Tree Fruits is an example of a local co-operative that includes over 430 grower families.

• Interested in learning more? Connect with Co-operatives First. They are a not-for-profit organization that provides information about the cooperative model, relevant examples of successful co-ops, insight into governance, and more. They are based out of Saskatchewan, but they are mandated to support us here in BC.

2. Community Contribution Company (C3)

Ever heard of a C3 company? This is a new business model available in BC which is designed for businesses that generate profits while serving a social mission.

• Interested in the C3 model? Find answers from the Ministry of Finance.

3. Not-for-profit (Society)

Not-for-profit organizations are known as Societies. They are usually formed to work toward solving a social problem. If your sole business goal is to work towards a social mission, then a non-profit society might be right for you. Women’s Enterprise Centre is a not-for-profit that helps women entrepreneurs!

• Find out more information about the BC Societies Act, and through the Province of BC.

4. Charity (Status)

Again, if your business has a social mission, you may want to consider becoming a registered charity. This business model has different benefits like being able to issue tax receipts and being eligible for tax rebates.

• Learn more about obtaining charity status, and about the different charity structures, through Canada Revenue Agency.

Next Steps

Still unsure about which business structure is right for you? Contact us and we can provide advice and referrals.

The post 4 Alternative Business Structures for Social Entrepreneurs appeared first on WeBC.