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Profits for a Purpose & Social Enterprise
Businesses and Organisations may be a "profit for purpose" which means they aim to benefit Veterans and their families through trading and channeling a portion of their profits towards their mission to support Veterans.
A social enterprise or social business is defined as a business with specific social objectives that serve its primary purpose. Social enterprises intentionally tackle social problems, improve communities, provide people access to employment and training, or help the environment.
Conventionally, in the past there were two different types of businesses and organisations. There were either “for profit”, numbers-driven that relied on selling products, or “not-for-profits and charities”, community-driven that relied on grants, donations and fundraising to survive. The Profit for Purpose and Social Enterprise businesses and organisations have evolved, to not only support their own benefit but to also support the community. In recent times, with the climate and social crisis in Australia, many have decided to sustain a future not only for their own benefit but also towards a wider cause. This means that a Profit for Purpose is “led by a mission to achieve social, community and environmental benefit through trading and channelling a portion of their profits towards their mission.”
Even though the role of social enterprises has expanded, it is important that you research and make an informed decision whether their entrepreneurial strategy, is in line with your values and understanding.
What to consider (but not limited to):
What is the main purpose, for example; they are not maximising profit but instead attaining to maximise their economic and social goals of supporting Veterans.
Is the business or organisation, for example; training and employing Veterans, First Responders and families, supporting the health and wellbeing as well as needs of the Veteran Community.
What percentage of profit is supported to their cause, for example; is the business or organisation sharing a larger proportion of the benefit beyond the business founders, employees and shareholders after their overheads.
Some questions to ask:
What are the names and registered numbers of ALL legal entities (some have multiple websites/programs/profit and charity registrations under an umbrella company) providing the products or services and charitable purposes?
Is that entity(s) registered with the States and/or Commonwealth or an equivalent? If not, why not?
Is the organisation able to demonstrate a credible track record of delivering social value and can it properly articulate the extent of the impact that your purchase will create?
Does your purchase of their product or service represent an efficient and effective use of resources, for example after their overheads and wages?
Does the business or organisation publish FULL financial statements that demonstrate its use of profit? and are those financial statements audited?
Is there tangible evidence supporting the social value being provided and expended?
Australian Veterans Connect (AV Connect Program) does not establish, recommend or endorse any business or organisation listed on this site, unless precisely stipulated. The information, hints and resources on this site, are a collection of publications designed intended only as a guide. To discuss individual circumstances and seek advice please contact the proper services or professionals that are equipped to provide advice, structure and costs.