Social matters have an impact on any type of business across all sectors of our global economy Even with an antagonistic relationship with profitability of our entrepreneurial businesses something must be done for improvement We have to reconfigure our operations so as to comply with this growing phenomenon that has made most businesses socio-and-ecological sensitive as progressive brands of our modern business environments Just to say there is a perfect nexus between social matters of societies around entrepreneurship and the business profitability
To start with a business has its main goal to make profits (mostly abnormal profits) Yes that is the reason to be in business so as to have more profits and working capital for improved future equity of the business As entrepreneurs we strive to grow in our capacity, revenues and investment which is an outcome of having made attractive profits to invite other venture capitalists and shareholders in the business That is the same reason why the costs of running a business should be by all means reduced if not eliminated
It is then the reason for this edition to consider societal social inclusion as most businesses run away from costs that are associated with societal welfare This is worrisome especially when we get our sales, customers and revenues from these societal we are harming and ignoring of their welfare In most businesses social costs (SC) are always higher than private costs (SC) which is known as negative externalities in running a business As thriving entrepreneurs we should strike a balance towards real sustainable profits
As we relate, the modern global customer has become high social and ecological sensitive to an extent of only patronising those establishments that are certified to be friendly through compliance and in practice This is not only as customer-centric ideology but goes beyond to align with some global institutes that also spearhead business modelling and global branding Mainly the UN Sustainable Development Goals (SDGs) including: SDG 6 (Clean Water and Sanitation); SDG 8 (Decent Work and Economic Growth); and SDG 9 (Industry, Innovation and Infrastructure) All these relate to the operations of our entrepreneurs mainly those in manufacturing, agriculture and environmental related businesses
As entrepreneurs we should go beyond internal configurations that eliminate our direct costs to innovate in non-polluting mechanisms for those emitting carbon dioxide through production, water treatment/recycling for those in chemical production, sound proof for noise reduction and any other societal friendly mechanisms that cut across all sectors Treating societies as part of direct production rather than a silo should become a practice by our entrepreneurs Source: The Standard Zimbabwe
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Source: Thestandard
