Nairobi, 01 November, 2024 / 10:56 AM
Faith-based organizations can transform their social ministries from challenging enterprises into sustainable ones through partnerships, designing and implementing “business” models, realizing a diverse “revenue streams” and ensuring strategic monitoring and evaluation, the Chairperson of the Association of Sisterhoods in Kenya (AOSK) has said.
In her keynote address at the Regional Social Entrepreneurship Research Symposium realized on Thursday, October 31 under the theme, “Transforming Social Ministries to Sustainable Social Enterprises”, Sr. Josephine Kangogo challenged Institutes of Consecrated Life and Societies of Apostolic Life (ICLSAL) to consider the outlined strategies if they have to achieve their respective sustainable goals, including self-reliance.
Partnerships have proved successful in transforming social ministries that ICLSAL undertake into sustainable social enterprises, Sr. Kangogo said at the Symposium that the Kenya-based Strathmore University Business School organized.
The Kenyan member of the Religious Institute of the Daughters of the Sacred Heart (DSH), where she serves as Provincial Superior of the Eastern Africa Province added, “As we seek these partnerships, we, as faith-based organizations, need to align our goals, values, and organizations with those of our partners.”
“We should consider the complementary resources and expertise we can gain from partners and evaluate their reputation and track record, as not every funder or donor shares the same values,” the AOSK Chairperson further said.
She called upon faith-based entities to consider exploring partnerships with government bodies, microfinance institutions, as well as individual persons dedicated to social change.
“We share a single mission: to make a lasting and impactful change in our communities,” Sr. Kangogo said in her emphasis of the need for partnerships.
In her keynote address at the research symposium that sought to “explore studies that focus on the intersection of social ministries and social entrepreneurship”, the AOSK Chairperson also advocated for the designing and carrying out clear business models.
Such business models, she said, should involve “outlining the products or services offered, the societal issues addressed, the target market, and the value proposition.”
She also stressed the importance of defining a revenue model, costs, and exit strategy, recognizing that some social enterprises may not thrive indefinitely.
At the October 31 research symposium that brought together academia, practitioners, policymakers, and the private sector among other stakeholders, the Nairobi-based DSH Provincial Superior invited faith-based entities to “diversify their revenue streams”.
Such diversification entails “exploring various sources such as product sales, service provision, partnerships with private businesses, and social investment,” she said.
In seeking to diversify “streams” of revenue, the aim is “to ensure that the enterprise is not overly dependent on a single source,” Sr. Kangogo emphasized.
To transform social ministries into social enterprises, the AOSK Chairperson also advocated for monitoring and evaluation strategies, underscoring the need to define clear and measurable goals to track both social impact and financial performance, ensuring a balance between mission-driven work and sustainable growth.
Monitoring gives an opportunity for entities to adjust their strategies if they notice any decline in performance, promoting a proactive approach to challenges, Sr. Kangogo said at the regional research symposium that focused on a wide range of topics including social entrepreneurship theory and practice, social ministry and sustainable development, and concretion in social entrepreneurship, among others.
She noted that faith-based organizations have provided solutions to social problems, resulting in systemic positive changes and social transformation.
Transformations, the AOSK Chairperson said, have enhanced community development and realized social inclusion, including the reaching out to marginalized individuals through strengthened social enterprises that generate profit while prioritizing social impact.
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