The Government defines Social Enterprises as “businesses with primarily social objectives whose surpluses are principally reinvested for that purpose in the business or in the community, rather than being driven by the need to maximise profit for shareholders and owners.”
Many companies consider themselves to have social objectives, however for a Social Enterprise the social or environmental purpose is central to what they do. They compete in the market like any other business to make a profit, but it’s what they do with the profit that makes the difference, continually reinvesting it to the business or directly into tackling the worlds issues head on.
Social Enterprises are at the cutting edge of social change, operating and reporting against a Triple Bottom Line:
People
Social Enterprises work to alleviate social problems, alongside fair and beneficial working conditions for employees. Typically a Social Enterprise seeks to ‘give back’ by contributing to the strength and growth of its community.
Planet
A Social Enterprise endeavours to benefit the natural order as much as possible or at the least to do no harm and curtail environmental impact. A Triple Bottom Line company does not produce harmful or destructive products.
Profit
Social Enterprises work to achieve economic impact in terms of a sustainable profitable business, as opposed to a total reliance on grant income. Profits are continually reinvested into the business, or directly into community and/or environment.
This enables Social Enterprises to be sustainable and robust; having an economic impact as well as a social and/or environmental impact.
SEQ is the qualification for the Social Enterprise sector; supporting learners to set up socially enterprising activity in their schools, community or wider market place