Corporate social responsibility has become a sexy term nowadays, with more businesses eager to incorporate social responsibility into their practices.
But the next step - businesses becoming social enterprises - still seems remote. Many assume that profit making does not go hand-in-hand with social objectives - a view aired at this year's Social Innovators' Forum. But that perception is a myth.
Instead of sticking to a single bottom-line, social enterprises tend to look at two key performance indicators - profits and social impact.
The Body Shop, for instance, is a global manufacturer and retailer of beauty and cosmetics products founded on five values: protection for the planet, fair trade, defence of human rights, enhancement of self-esteem and aversion to animal testing. It claims that the making of its cosmetic products involves no cruelty to animals, and that the ingredients it uses are obtained fairly. These qualities have actually become a successful branding tool.
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