BCG consultants volunteer to help social enterprises in need
Social Impact Hub, Westpac Foundation and Social Traders have teamed up to launch a program aimed at helping social enterprises in Australia successfully navigate Covid-19 challenges. Consulting firm Boston Consulting Group (BCG) has joined the initiative as a partner.
The partnership sees Boston Consulting Group offer pro-bono consulting support in key areas such as finance, business strategy and human capital. As part of the scheme, consultants from the strategic consultancy, which has four offices in Australia (Sydney, Melbourne, Perth and Canberra) and more than 90 globally, are offered the possibility to volunteer their time to help social enterprises in need.
The firm’s consultants specialise in helping corporate Australia with corporate strategy and organisational change, as well as helping governments with policy development and execution. They will now leverage this experience to help social enterprises with among others adjusting operations to stablise cashflow and pivoting a business model to find new revenue streams.
Social enterprises are organisations whose main objective is to have a social impact rather than to make a profit for their shareholders. They address social issues, such as sustainability, social exclusion, homelessness or animal welfare. According to the latest estimates, there are more than 20,000 social enterprises in Australia, and this number is growing.
“We are thrilled to jointly deliver this critical support to social enterprises at a time where it is so desperately needed,” said Jessica Roth, the founder and CEO of the Social Impact Hub. “Social enterprises are critical to our social fabric and we hope this pro bono business support program will help the sector emerge from the crisis intact.”
Echoing her words, Social Traders managing director David Brooks said, “social enterprises address today’s most entrenched social and environmental challenges and it’s critical that tailored assistance for retention of these businesses flows now rather than rebuilding from scratch in 12 months’ time.”
Westpac Foundation CEO Susan Bannigan highlighted that she hopes that “many businesses will take advantage of the program”, which includes receiving a dedicated support team for 4-6 hours per week for a duration of three to six months, matched to the needs of social enterprises. “There are so many professionals who are ready to give their time and expertise to help.”
Other companies taking part in the initiative are MinterEllison, a large Australian law firm, and CAST (a coaching, consulting and training firm dedicated to the not-for-profit sector).
