Here’s How Social Impact Companies Can Survive

At this point in time, there is an increasing need to formulate tech solutions; business leaders are comprehending this problem and coming up with tech-enabled services
  • BY Jaspreet Kaur

    Feature Writer, BusinessEx

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  • Jul 27,2020
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  • 13 Mins Read

Technology has become an integral part of everyday life. It is amalgamated with everything from education to shopping to healthcare services. At this point in time, there is an increasing need to formulate tech solutions. Business leaders are resolving this problem, hence, coming up with tech-enabled services. 

For social impact businesses, survival in the present business landscape is the utmost difficult. They are identifying ways to survive the hailstorm and continue making an impact on society. Here are some of the tips that can help social impact companies operate seamlessly during the epidemic.

1. Comprehend the Problem Deeply

If an entrepreneur has a business idea to help society, then he needs to know how to do it actually. Technology has to be merged along with the solution and to perform it effectively, he may need another individual. That’s how a co-founder comes in the picture! 

One has to choose a co-founder who carries immense experience in the sphere. After picking a co-founder, the entrepreneur needs to realize that he needs to collect more information so as to  build a better solution. For that, he has to look for mentors and industrialists who can give insights about the particular industry.

After all this hard work, an entrepreneur can formulate a social impact company and resolve problems that are inflicting society. 

2. Introduce a Product Rather Than Starting From Scratch 

Once the product or solution is formed, it is time to carry out a pilot program to test its viability. The company needs to ensure that the newly formed product is an early version of the planned solution. So, it can go under modifications depending on the feedback. The pilot project should be carried out for a considerable time and then, create a beta product. 

For creating a beta product, the company has to escalate its current tech solutions to formulate a better product or solution. It cannot start from scratch. 

Once the product gets launched globally, the company has to keep hold of customers' feedback and continue scrutinizing the product, and altering it to fulfill objectives.

3. Become a Non-Profit Company

If a social impact company offers tech-enabled solutions, then it becomes highly beneficial for society. It can associate with other companies to create mutually beneficial rapports that help increase business sustainability as well as enhance user base.  

For instance, a company that collects money for the growth of underprivileged classes usually reaches other companies and individuals for funding. This takes a large amount of time and effort. To reduce the hard work, the company can start a sustainable online platform where people can contribute and make efforts to escalate poor children out of poverty. 

4. Form a Team 

To attain the mission, it is essential for the company to create a team. While hiring the employees, a business owner should consider that each team member strives for the same cause. He also has to keep another co-founder who holds a knack in the IT segment. In this way, the burden would be equally distributed amongst the two co-founders.  

Following this, the entrepreneur has to start employing experienced and talented people. Initially, the company should try to employ a limited set of professionals. Despite holding a large funding sum, the company should narrow down its essential needs and accordingly, hire professionals. It has to preserve money for the forthcoming projects as well.

5. Calibrate Your Offerings 

Before stepping into the market, a social impact company has to brush up its fundamentals anew. It has to ascertain as to whom it is serving and why it is offering products and services. It has to recheck its distribution channel. It has to form a concrete plan about objectives, strategies, and desired outcomes. 

As the company thrives, it has to assess its growth. It has to measure how its work is being valued in the industry. It can be a daunting and critical job as it not only surrounds the work but also comprises elements that have contributed to the company. 

The aforementioned tactics will help every social impact firm to withstand the pandemic. These tips will help work for a newly established social impact company as well.

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