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Social Business Compass™

By |August 1st, 2014|

What are the characteristics of a social business and how can an organization become one? Two of the questions I’ve received most during the past two years, that I’ve spent on this matter. I’ve not only tried to answer these questions, but to build a model that will guide you on our course to become a social business. I’ve named it the Social Business Compass™

First, let’s define a social business:
A social business is a customer-centric organization that uses social technologies to improve the communications and collaboration between all stakeholders in order to reach it’s business goals.
Although this definition by itself is just, it leaves out many aspects. So, to understand how a social business is defined, we’ll have to look at all the factors, including leadership, cultural aspect, structure, governance, trust, collaboration, reputation, transparency, customer-centricity, goals, operations, processes, systems and so on.

In the next few weeks I will present the Social Business Compass™ in a management book that will include both the model, as well as a description of the context in which the model could be put to practice.

 

Ed Freeman on Corporate Stakeholder Responsibility

By |November 5th, 2013|

We’ve found that Milton Friedman was convinced that the social responsibility of business was to increase the shareholder value, as Milton believed that everything else would derive from that. Prof. Ed Freeman doesn’t support the term social responsibility, nor does he support the focus on shareholders. Instead he believes in a more holistic approach to business, in the jointness of stakeholder values and in the idea of corporate stakeholder responsibility.

Philip Kotler on Marketing for Profit

By |November 5th, 2013|

In our search for the definition of social business and to understand the road towards a social business strategy, let’s look at prof. Philip Kotler‘s definition of marketing: Marketing is the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit. 

Milton Friedman on Social Responsibility

By |November 4th, 2013|

There is much confusion on the term social business. Let’s examine the following insight: Milton Friedman’s essay in The New York Times in 1970. Friedman made a strong case, stating it is the social responsibility of business to increase profit. Is this view contrary to a social business? Friedman is often portrayed as a shareholder-advocate versus the more modern stakeholder-theory of people like Ed Freeman.

Rachel Botsman on Peer-to-Peer Finance

By |October 24th, 2013|

Rachel Botsman is a social innovator who writes, consults and speaks on the power of collaboration and sharing through network technologies. She has inspired a new consumer economy with her influential book What’s Mine is Yours: How Collaborative Consumption Is Changing The Way We Live. TIME Magazine recently called Collaborative Consumption one of the “10 Ideas That Will Change The World“.

Introduction: The Third Wave

By |October 3rd, 2013|

The first mention of the word ‘social media’ dates back to at least 15 years ago. Ted Leonis, a former executive at AOL, was quoted using the term in 1997: “social media, places where they can be entertained, communicate, and participate in a social environment”. Thanks to Web 2.0 technologies social media enhanced websites like Friendster (2002) and MySpace (2003) could emerge.