Good business – Good lives
We believe that purposeful business builds community, provides a pathway of self-determination and ultimately reduces inequality. We do this by working with partners in supporting the Small and Medium Enterprises (SME) impact sector in developing economies and communities.
Why support the SME impact sector in developing economies?
- Inequality is on the rise. The COVID-19 pandemic led to a global increase in inequality. Impact SMEs are well placed to create jobs and economic development whilst reducing inequality.
- SMEs create jobs, community and a pathway for self-determination. SMEs are responsible for more than two thirds of all jobs worldwide. They also account for the majority of new job creation. They provide a pathway for self-determination and connectedness at a community level.
- Impact SMEs create greater financial equity and better development outcomes. Businesses led by women in developing economies reinvest 80% of their income in the wellbeing and education of their families.
- SMEs deserve our attention and support. SMEs are known as the ‘missing middle’ in developing economies, they are often too large for micro-finance and too small for mainstream investors and larger banks.
- SMEs are vulnerable to shocks. Between 40-60% of SMEs do not open their doors after a disaster.
“The COVID 19 pandemic showed us how vulnerable we all are. None of us were spared its impacts. It has also shown us is that the systems and structures we had previously built do not serve us well. This is particularly the case for the most vulnerable and marginalised. The pandemic exacerbated and amplified inequality within and between countries. It has caused our social fabric to fray and in some cases tear. We are continuing to see this play out. While the current situation is challenging, it also provides us with an opportunity. I believe that good business has a role to play in building resilient communities and addressing injustice. We are part of a global movement, I invite you to join us.”
Peter McMullin AM, Co-Founder and Chair of The Good Business Foundation.
Helping Business get SET for the future
– Sustainability, Entrepreneurship, Trade –
Sustainability: without a functioning biosphere there is no business
It is now widely accepted that business has a critical role to play in addressing the climate crisis. But with over 50% of Greenhouse Gas (GHG) emissions from business coming from the SME sector support is needed. We work with capacity building organisations and business associations in highlighting the need and ways to help SMEs make the climate transition.
Entrepreneurship: Building local capability and mindset
We believe that local communities and entrepreneurs have solutions to their own development and prosperity. We partner with values aligned organisations that help entrepreneurs identify and develop their ideas in an inclusive, profitable and sustainable way. We call these businesses ‘commercially minded but impact oriented’. Our work together is focused on how best to build local capability and the right mindsets to enable inclusive economies that in turn reduces inequality.
Trade: Access to markets and capital for Impact SMEs
Creating access to capital and markets not just capacity within impact SMEs is critical. This work focuses on how to create access to the right kind of capital and markets to help these businesses flourish. This approach aims to build sustainability and impact within the mainstream financial system, not just the SME sector.
Partners
The Good Business Foundation acknowledges Aboriginal and Torres Strait Islander people as the first people of Australia and the traditional custodians of the land on which we work and live. We pay our respects to Elders past, present and emerging. We acknowledge that sovereignty was never ceded, and we support establishing recognition, self-determination and representation for First Nations People in the governance of our country
Please note applications for support can only be made upon invitation.
