How can small businesses balance profit and social responsibility?

There will be times when you want to give up, and go back to being employed - because being an entrepreneur is NOT the easiest dance. And that's when you have to be clear on WHY you're doing what you're doing, and who you're doing it for. The clearer you are on the PURPOSE of your business, the easier it will be for you to find back to that motivation during those rocky times.

A purpose-driven small business anchored in social responsibility is not just admirable in this day and age, but effective. By defining a clear purpose for your team, vendors, and clients, every decision becomes a step towards fulfilling this goal. This clarity fosters a cohesive, motivated environment where the pursuit of profit aligns seamlessly with societal contributions. Such businesses attract loyalty and trust, proving that when purpose and profit walk hand in hand, sustainability and success are natural outcomes.

Independently of WHAT it is that you're doing, and HOW you're serving people - you will have an IMPACT on other people's lives and the environment. Becoming clear on that snowball effect is life-changing. For example, when you help and serve ONE person, that person might in their turn go and serve another person - meaning, you've in theory helped TWO people. There is NO better feeling or reward when you get positive feedback from your clients, and they tell you about positive feedback they've received themselves.

Networking with others - WITHOUT a hidden agenda is super important. Never assume that a person you just connected with will become your next client - but ALWAYS be open to connecting with people. BECAUSE, you and the success of your business are dependent on your network and your stakeholders. Some will become your clients, some collaborators, and some strategic partners - and you need them all to grow your business.

Planning, getting clear on your purpose, and growing your community are important, HOWEVER if you never implement, nothing will happen. Don't wait for that moment when everything is PERFECT - because then you might have to wait forever. There is no better time to implement than NOW. And here's why. You will learn as you implement, and you get to adjust and optimize. You don't know what you don't know, and if you haven't tested it in real life yet - you won't see what needs to be amended and changed.

Profit goals and social responsibility goals do not have to be mutually exclusive. In today's environment, the more socially responsible your business is, the more profitable you can become. Promoting social responsibility enhances your reputation with customers because they are socially conscious themselves and prefer brands that are as well. It creates trust between you and your customers. Customers who see your business as socially responsible are more likely to buy from you rather than from another company whom they see as solely profit-motivated. Even investors may be more inclined to put up money for your business if they realize that social responsibility isn't the antithesis of profit...it actually leads to more profit.