With over 20,000 social enterprises in Australia alone, there is immense potential for driving positive change through sustainable business models. However, many impact-focused ventures face obstacles in areas like measuring impact, raising capital, scaling operations, and securing revenue opportunities.
A recent study by Pepperdine University outlined several common challenges faced by aspiring social entrepreneurs, including securing startup funding, finding qualified employees, and sustaining impact over time. Understanding these potential hurdles is key to creating plans to overcome them.
A recent study from Harvard Business Review also analysed over 100 social entrepreneurs who received the Skoll Foundation Award for Social Entrepreneurship. The research uncovered two key strategies used by successful social enterprises to create sustainable impact (Osberg & Martin, 2015):
Adding new actors like enlightened consumers and engaged government to shift power dynamics and economics
Dramatically improving systems through lower-cost substitution, new technology creation, or technology repurposing
By changing actors and technologies within existing systems, leading social enterprises have sustainably transformed outcomes for marginalised populations. The research provides a roadmap for the impact strategies that emerging ventures should consider in their models.
To address these capability gaps and nourish a thriving ecosystem, I have compiled the top 10 ways for social entrepreneurs to maximise growth and impact in 2024. Grounded in our more than 10 years of experience helping startups internationally, these practical yet strategic recommendations equip leaders to leverage emerging best practices and accelerate purpose-aligned outcomes.
Many impact-focused ventures face obstacles in areas like measuring impact, raising capital, scaling operations, and securing revenue opportunities.
Here are the 10 ways to grow your social enterprise and impact in 2024:
Focus on measuring and demonstrating impact using our DO IT Impact Framework:
Determining your organisation's theory of change.
Outlining your organisation's outputs and outcomes.
Identifying your impact goals.
Tracking results using aligned metrics and measurement systems
2. Participate in social procurement opportunities and leverage commitments by governments, universities, corporations, and other anchors to direct more procurement funds towards social objectives. However, barriers exist that have limited the impact of social procurement policies, including issues with organisational capabilities and support networks (Natoli et al., 2023). A holistic ecosystem perspective is key.
3. Consider innovative corporate forms designed specifically for social enterprises that balance both profit and purpose and unlock new investment opportunities.
4. Take advantage of government grants and initiatives offering funding and skill development platforms to strengthen capabilities like impact measurement, funding models, and building revenue streams. Learn about and determine the fit for such support mechanisms.
5. Leverage digital tools and technology to increase reach and scale - Use resources to centralise key functions from impact assessment to CRM, marketing & data analytics. Explore partnerships with developers on customised platforms and digital solutions to grow impact.
6. Partner with larger companies interested in co-funding new initiatives and gaining access to impact stories and networks in exchange. Co-host aligned events, webinars, and community-building initiatives.
7. Join networking events to connect with peer social entrepreneurs, impact investors, support organisations and mentors. Get more involved with industry events and eco-system workshops.
8. Develop clear KPIs and track progress to showcase growth - Beyond conceptualising a theory of change, break down exactly what indicators will demonstrate progress towards impact goals. Show measurable increases across metrics annually.
9. Share your story through case studies, media outreach and content - More actively communicate your objectives, activities, model, milestones, and stakeholder experiences through storytelling. Utilise media channels for profile building.
10. Stay innovative - pilot new ideas, tap into emerging trends - And continuously engage your target communities via user panels, surveys, and co-creation processes. Stay on top of developments for new trials. Maintain an experimental mindset through the startup lifecycle stages.
By adopting some of the approaches outlined, aspiring change-makers can set their enterprises up for increased visibility, stability, and influence driving social innovation.
Get Support
One10 Group offers customised advisory services, access to networks and practical resources so you can focus your energy where it matters - enabling real-world impact.
To learn more about how we can help assess your needs and develop targeted strategies for growth in line with your vision get in touch. Together, we can work towards mainstreaming social entrepreneurship, multiplying success stories, and evolving business into a transformative force for good.
References
4 Tips for Making a Career Move to Social Entrepreneurship. (n.d.). GSEP Blog | Pepperdine GSEP. https://gsep.pepperdine.edu/blog/posts/4-tips-for-making-a-career-move-to-social-entrepreneurship.htm
Ek Österberg, E., & Zapata, P. (2023, March 23). Activation of unemployed through social procurement: from policy to practice. Innovation: The European Journal of Social Science Research, 1–20. https://doi.org/10.1080/13511610.2023.2191829
Osberg, S. R. (2015, April 20). Two Keys to Sustainable Social Enterprise. Harvard Business Review. https://hbr.org/2015/05/two-keys-to-sustainable-social-enterprise