A tale of two SMEs
22 Oct 2019
SMEs contribute 50% of Singapore's GDP and employ two-thirds of its workforce, but when it comes to giving, they tend to be less active than their larger corporate counterparts.
However, in recent years a growing number of SMEs are finding innovative ways to deliver meaningful social impact whilst also maintaining the commercial bottom line. Two examples of such bright spots are early-stage SME and social enterprise, Spic & Span and family-run SME business, Feng Ming Construction Pte Ltd. The Company of Good's 4 'I's Framework of Good Giving helps us to see what the ingredients were for each company's success.
For Spic & Span, the key was in Integration: starting from a blank slate and operating with an open mind, founder Ben created a business model that enables both profit and social impact, meeting great success as Spic & Span was recognised as a Champion of Good for both 2017 and 2018. For Feng Ming, the big opportunity was around Institutionalisation: by establishing a new staff-led CSR Committee and a more structured decision-making framework, Feng Ming has built the foundation for a future of increasingly strategic giving.
The common thread in both of these examples is a passion and conviction that companies can and should give back to society — and that with some persistence and creativity, it is possible to do so in a way that also benefits the business. Download our case study below to find out how their tales unfolded!