In 2019, the number of small businesses increased to 32.5 million, accounting for approximately 99 percent of all firms in the United States. Owning a business may appear simple at first glance, but there are numerous procedures and know-how required to run one. Many people rely on businesses for a living, but what if you could use your business to help society?
One such example is Kevin Cohee, the CEO of OneUnited Bank, who has already made a difference in the black community. OneUnited Bank, the first of its type, strives to enhance financial literacy and narrow the racial wealth gap. Continue reading if you're interested in launching a business to benefit communities and promote equality.
Strategies to Build a Successful Business and Make a Difference
Employ The Right Talent
The era of the internet has made everything easily accessible. In that case, finding the right talent for your business might become a complex process. To simplify the process, start with references from your family and friends. This way, you’ll be able to help people in your community while having references from your circle.
Build A Good Work Culture
A good work culture is tantamount to a successful business venture. Provide valuable feedback for growth, get employees involved in decision-making, and encourage creativity. Building an inclusive work culture goes a long way in building relationships and nurturing them.
Involve Money and Resources
If you want to build a socially innovative business, invest in good things. For example, OneUnited Bank focuses on money to improve the black community. Whether it's buying a home, starting a business, or simply outfitting students with school supplies, the community is important to OneUnited Bank. Make it a point to invest in charitable donations or help employees in need. Additionally, you can partner with NGOs to have a social impact.
How to Empower Your Community Through Your Business
When it comes to empowering your community, employing your people is a fraction of the pie. Below are a few ways to create an impact and bring a change in the lives of people who matter to your business.
Teach and practice financial literacy
Re-invest your profits in local communities
Empower your employees to join local communities and help them
Implement a transparent workflow and decision-making
Stick to your business values
Social impact-driven businesses are great for communities, but they don't happen overnight. Nevertheless, by following business best practices alongside the right values, you can make a difference in your community.
