The authors propose an approach to assessing the social efficiency of small and medium businesses relevant in the context of the current risks of entrepreneurial activity. The article gives the author’s interpretation of the concept of social efficiency of business, where considerable role is assigned to corporate social responsibility as an element of social efficiency. The authors analyze the key risks of entrepreneurial activity that affect social efficiency and describe the connection of such risks with communication with various actors in business environment. In the final part of the work, the authors represent the results of a study (survey of business executives, N=412) devoted to the analysis of the relationship between the social efficiency of small and medium-sized businesses and communication with key audiences. It has been found that small and medium business representatives are aware of the impact of social efficiency on the profitability of the enterprise in the long term. Besides, it was revealed that the implementation of social performance indicators is linked by the management of enterprises with communication with other organizations and with personnel, though a significant part of the respondents also noted the importance of communication with consumers.