The Social Enterprise Network of Central Ontario (SENCO) has dedicated the entire month of April to creating virtual spaces to connect, share and innovate as a growing sector. Let's use this time to support one another and put our #changemaking skills into action!
The age of social awareness is upon us. As more businesses choose to include social objectives in business models, the hope for a sustainable economy becomes increasingly achievable. Developing a social enterprise takes some serious planning. There’s a lot of moving parts and pieces. How do you generate revenue while spending money on the good of your community, the environment, and your employees?
Tags: Social Innovation, StartUp | ScaleUP, Social Enterprise
The first time the business community heard the term “triple bottom line” was the mid 1990’s when John Elkington, a business writer from London England began touting the importance of sustainable development. Elkington believed deeply in corporate responsibility and the idea that modern businesses should be accountable for what they put into the world, not just the money they earned from it.
There was a time when the concepts of social responsibility and sustainable revenue lived in two separate worlds. For-profit businesses rarely considered the environment, their social impact on the world, or the importance of creating jobs for a purpose other than to generate revenue. Now, the concept of the triple bottom line, the introduction of B Corp Businesses, and the influence of the millennial business model have made these concepts interchangeable.
The business world is changing at a rapid pace and it’s beginning to focus on more than just finance as a bottom line. In fact, many businesses are working toward developing a triple bottom line. The triple bottom line is one of many business models working to increase social objectives into the workforce.