What is a Social Business?
To watch the actor Michael Sheen explain, click here.
Secret Projects is proud to be a social business. The model we follow is the one set out by Professor Yunus. He says there are 7 principles that must be followed. They are:
1. Business objective - to overcome poverty, or one or more problems (such as education, health, technology access, and environment) which threaten people and society; not profit maximization
2. Financial and economic sustainability
3. Investors get back their investment amount only. No dividend is given beyond investment money
4. When investment amount is paid back, company profit stays with the company for expansion and improvement
5. Gender sensitive and environmentally conscious
6. Workforce gets market wage with better working conditions
7. Do it with joy
In the UK, companies that run as a social business can join the organisation Social Enterprise UK. We are proud to be a member.