The four Ms of good social business management
In this first episode of our video and podcast series on running a fit social business, Pioneers Post host Tim West quizzes social entrepreneur Louisa Ziane of Toast Ale and expert Eddie Finch from Buzzacott accountants on four key 'Ms' to get right.
Running a business is a hugely demanding task – make it a social business and not only do you need to stay strong and sustainable from a financial perspective, but you have to deliver on your mission too.
For the person or people leading that social venture – whether you are the CEO, the management team or the founding social entrepreneur – the pressure you are under can be huge because the wellbeing not just of your team but of your local community and often many thousands of beneficiaries can depend on how effectively you do your job.
And then there are all the operational issues: during the pandemic Toast Ale co-founder Louisa Ziane was confronted with a whole new selection of these, from the mental health challenges of her team to shortages of ingredients, cardboard, aluminium cans and CO2 gas in their supply chain.
In this series of Fit for the Future videocasts and podcasts, Pioneers Post has paired up with Buzzacott accountants to explore these challenges in candid discussions with social entrepreneurs who are dealing with them every day.
We look at the pressures and the solutions, the nuts and bolts of the business and also the human side of what it means to run a social business that is fit and healthy and can deliver your social goals.
- READ: Introducing Fit for the future - a new series helping social businesses build financial health, agility and staying power
In this episode, we focus on the Four Ms of Good Business Management: Money, Markets, Management and Me (well... you). We hear from social entrepreneur Louisa – whose enterprise turns surplus bread into beer – alongside expert advisor Eddie Finch from Buzzacott, in a discussion chaired by Pioneers Post’s Tim West.
They cover what’s most important for businesses and social enterprises to consider, including:
- Managing your money, sourcing finance and investing in growth.
- Understanding your audience, assessing the market, connecting with your customers.
- Operational effectiveness, building a strong culture and team, focusing on your mission, ensuring you have the right plans and people in place to deliver on your financial and social goals.
- Being a good leader, looking after yourself, avoiding burnout and finding the right work life balance.
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