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3 reasons why social enterprises are thriving in the UK

Social Enterprises

Social enterprises like Latimer are coming out on top lately in the United Kingdom. According to findings released Tuesday by Social Enterprise UK and The Guardian, they outperformed the private sector last year. The BBC also reported that social enterprises were growing twice as fast as private companies.

But why?

1. It’s social

Social enterprises help the economy and promote social change. It’s no surprise that young people in particular want to get on board with this and make a difference. Last year, social enterprises brought £18.5 billion to the economy and employed almost 1 million people, according to Social Enterprise UK.

2. It’s diverse

Social enterprises tend to employ and be owned by women and ethnic minorities way more than other businesses. More than a third have female leaders. More than half of all social enterprises also hire people who have had a difficult time finding a job. In other words, it’s bringing business into the 21st century.

3. It’s about community

A third of social enterprises are centered in the most deprived communities. This focus on people creates a sense of trust and humanity, whereas strictly for-profit businesses usually can’t do this. Giving back to youth, homeless people and the elderly is always important.

Social enterprises are doing better than ever in the UK and it’s easy to see why. Follow Latimer Group on LinkedIn for professional advice, updates and upcoming networking opportunities.