January 2nd, 2010
There are numerous factors that contribute to the success of a social organization, particularly one like Better World Books. Founded in 2002, Better World Books is a social organization with an exceptional self-sustaining business model that focuses on charity, the environment and profitability. In an increasingly competitive business climate, the company develops a customer-centric philosophy that is based on a triple axis strategy: offering customers a unique online bookstore; funding world literacy; and protecting the environment through book recycling.
Better World Books began as a book donation. The three founders were collecting book titles, which they were then selling for the funding of a reading program at a local community center. Soon, their idea grew into an online bookstore that integrates social responsibility into the core on its business model. The resale of used books to fund global literacy and protect the environment through book recycling positioned Better World Books into a niche customer market with an inherent desire for social responsibility.
Today, Better World Books is a fast-growing enterprise that employs nearly 200 people and sustains social and environmental responsibility as a core element in its business strategy. Focusing on promoting literacy, providing employee benefits, and protecting the environment, the company’s main mission is to fund global literacy. Being one of the ten winners in the 2008 Fast Company Social Capitalists Awards and being appointed as a founding B Corporation, Better World Books has agreed to amend its corporate governance to incorporate the interests of all its stakeholders, namely its employees, community and the environment. The company’s founders believe that every book has lifelong value and the potential to help can change the world. Hence, they see their job as helping to find new homes for used books.
More than two million books are available for sale at Better World Books. The company acquires its inventory of used books from a Campus Collection Program that features book drives at nearly 1,200 colleges and universities on a regular basis and from a Library Discards and Donations Program that furnishes more than 1,000 local libraries that can no longer keep used books in their shelves. In 2006, the company launched BetterWorld.com, its own retail site, while buyers can also find Better World Books through Amazon.com or eBay marketplaces.
In May 2009, Business Week readers voted for Better World Books as the best U.S.-based social enterprise that is both making a difference and earns a profit. Having donated $7.4 million to literacy programs and libraries around the globe since its foundation, the company is widely regarded as a sustainable organization. According to surveys, one out of seven people (14%) has the economic means to buy used books from Better World Books, while approximately 10,000 books are sold per day. The company aims at increasing the level of global literacy to meet its long-term strategic goals.
While other small businesses have faced major economic difficulties to survive in this economic downturn, Better World Books has watched their revenues growing from $4m in 2005 to a projected $31m in 2009. However, their main goal remains to be a great online bookseller. And this is what makes them a really great responsible business.
Christina Pomoni has acquired her MBA Finance from the American College of Greece. Her advanced familiarity with financial statement analysis, capital budgeting and market research has been acquired through her professional career at high-esteemed organizations. As part of her long journey, Christina has served as an Equity Research Associate at Telesis Securities (EFG Eurobank) and a Financial & Investment Advisor at ING Group. Besides, having lived at Chicago, IL, Boca Raton, FL and Paris, France has helped her, not only to be a successful professional, but mostly to see life under a more creative and innovative perspective.
Since 2005, Christina provides high quality writing services to numerous websites and research companies contributing her knowledge and expertise. Her areas of specialization are Business, Finance & Investment, Society, Politics & Culture. She also has a very good knowledge of Entertainment, and Health & Fitness.
Christina currently designs the website of her own writing company. Believing that knowledge is the road to opportunity and development, her mission is to promote her already established knowledge to a growing number of visitors and to provide high quality writing services to meet the most demanding customer requirements.
Image taken on 2006-10-01 01:10:33. Image Source. (Used with permission)
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