3 years ago I didn't know what a social enterprise was ....

When you hear the words ‘social + enterprise’ together, it reads like some sort of ground-breaking-yet-not-quite-tangible ideal. Those were my initial perceptions when I stumbled upon an exciting new role in the social impact sector three years ago.

This is what I’ve learnt since.

Sitting at the intersection of business and purpose – lies the humble #socialenterprise concept. Basically, these businesses exist to do something ‘good’. For the community, the environment, a specific ‘social’ issue, or all of the above.

What sets them apart from a conventional business is that they literally exist to do good things. The good things aren’t a side hustle – they are THE hustle. And that’s what makes the whole thing so cool.

The BBQ pitch for this business phenomenon often goes like this; ‘you know like the Thank You group – they are a social enterprise’. Thank you to Thankyou for getting the message out there! (pun intended).

But social enterprises don’t just sell products. They deliver any goods and/or services that you can literally imagine. There are new one’s popping up constantly – delivering fruit boxes to your office space, cultivating your local rooftop farm, designing your latest marketing collateral, sourcing your newest team recruit and even coaching you to build empathetic leadership skills.

So, what gives? Why is this sustainable #Business4Good solution still so ‘unknown’? Only now, after a pandemic, mental health and housing crises combined, a youth loneliness epidemic and bungled politics (to put it shortly)… are we starting to comprehend how putting community at the heart of business can solve a lot of problems. A lot of big - seemingly unsolvable – social and environmental problems.

What we are experiencing right now has been coined an ‘era of shocks’ by peak body the Australian Industry Group. These ‘shocks’ have “have jolted the Australian economic machine out of its normal mode”.?Essentially, we can’t keep going as is. Something has to give if we are to pick up where we left off circa 2019. To quote a recent analysis piece from the ABC, we now need new ‘meaningful solutions’ to cushion the shocks.

It’s also what the next generations need. And want to see.

Generation Z are now stepping into more senior positions across the workplace and are looking for more then what we generally accepted at the same age. They are looking for equity in the workplace (did someone say ‘gender pay gap’?!). They want to work somewhere with authenticity and where mental well-being and community values are a high priority.

They know that many doors are slammed shut for the most vulnerable members of our community. And that simply ‘working hard’ just isn’t enough. It’s easy to dismiss generations that come after us, but what if their insights stack up?

Putting community at the heart of business could propel our economy while engaging younger generations in tangible and meaningful ways.

Look no further then the Times article here, for insight on why and how business-with-purpose is stirring young talent.

Is it time to start measuring, what matters?

This is the question posed by Australia’s first well-being economy framework, led by Treasurer Jim Chalmers and backed by the Albanese Labour Government. The premise of a well-being economy is to start measuring social implications against economic indicators. Putting ‘people, progress and opportunity at the core of Australia’s economy’ (SBS, 2023). Do we have all of the data points? The answer is shocking – we don’t. Because we’ve never formally tackled the economy from a well-being perspective. Who would have thought!

With the recent inclusion of social enterprise in the Federal Budget, all signs are pointing toward business for good as the antidote. Social enterprises support some of Australia’s most marginalised people, including people living with disability, experiencing poor mental health, impacted by the justice system, seeking asylum and refuge in our country, and, women escaping family violence. They offer diverse business models, contribute to employment opportunities and cover a large cross-section of systemic problems across the country.

Am I being too optimistic here? Perhaps. I'm no economist, but it would seem we need to see a fundamental shift. After three stranger and stranger years, we know that social connection and inclusion mean more then we ever gave them credit for. As technology leaps ahead of social progression, we are now at an inflection point. We can start making smart business decisions. We can spark a new well-being economy. And meaningfully engage the next generations in the process. Or we can keep idling through the shocks.

Words by Bella Borello

About me -I am a professional communicator & corporate story-teller with a Masters in Communication for Social Change. I have just finished three years working with the pioneers of business for good – Social Traders. I’m open to freelance project work and/or new permanent opportunities. Reach out if you’d like to connect!