Summary
The term "non-profit" has been criticized as fiscally inaccurate and negative, when the goal of these organizations is, in fact, positive. The US Internal Revenue Service Code state that earnings gained by "non-profit" organizations may not benefit individuals or stakeholders, which neglects a broader, social-context definition of the term "stakeholder". This paper presents a new conceptual framework for social impact, "social profit," which can be a goal shared by for-profit enterprises and non-profit organizations ("pure social profit enterprises"). A range of social profit enterprises (SPEs), SPE functions, and methods for determining the strategic value of social profit ventures are identified. By rebranding nomenclature used in discussing social good and utilizing the rigor of for-profit, business-like thought, social profit enterprises can maximize their impact. These practices would include implementing evaluative metrics, standards-based goals, individual stakeholder incentives, conservative operations, enterprise risk and opportunity management Baranoff and Golden 2009, and effective communications strategy.
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Extract
Re-Branding Social Good: Social Profit As a New Conceptual Framework
INTRODUCTION
With increased access to and use of technology, the world's citizens are more connected and aware than ever before. Globalization forged an inextricable relationship among global stakeholders. Social issues, e.g., climate change, world poverty, famine, disease, over-indebtedness, child abuse, gender inequity, and modern slavery, are impacting the planet, its people, and its societal organizations. Now the importance of social context has been crystallized, for without people or a planet, profit cannot exist. Businesses, organizations, and citizens are responding because they realize survi...See the full content of this document
(Copyright 2011)
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