Profile of Survey Participants
Key Observations from Socially-Driven Companies
Here are some key observations from those companies that identify themselves as socially driven companies compared to those that do not.
Socially Driven Companies Are Not Non-Profits
Another misperception about socially driven companies is that they only exist for the greater good and aren’t that interested in profits. This is not true either.
While there are material differences between 2 of these responses for both groups, 75% of socially driven
businesses are “for results” or “for profit.” At the end of the day, they are still profit-making businesses where the owners manage their businesses to achieve results.
Socially Driven Business Owners Appear to be more Optimistic
When we asked respondents about how their revenue changed over the past year, the results for socially driven companies and other companies were very similar.
But, when we asked them In one year from now, how do you anticipate your sales revenue changing? the results were substantially different.
These are very significant differences, especially those owners expecting sharp increases. Some of this difference can be attributed to differences industries with less socially driven companies in manufacturing and construction. However, these differences are significant enough to conclude that socially driven business owners are generally more optimistic about future growth prospects.
Does a Socially Driven Company Have a Competitive Advantage?
We asked business owners Today, how is your company faring against the competition, overall?
This finding also reflects potential optimism of socially driven company owners. However, owners of socially driven companies are likely to see their social purpose as being an important distinction compared to their competitors and therefore a genuine competitive advantage.
Socially Driven Owners Have Stronger Personal and Business Visions
Socially Driven Companies are Fixtures in Their Communities
One of the strongest differences in the survey was in response to the question My company is a fixture in the communities that we serve.
Some Cultural Observations
The following compares other select responses between the two types of companies who responded to our survey.
Regardless of how long you have been in business or the number of employees you have you need to ensure your focus is not on becoming the king but on increasing wealth in your organization. The first step each business owner needs to learn is whether you are focusing your efforts and HR’s efforts to do just that.