Setting your Social Impact goals 

Social impact is one of the three areas the Social Value Act examines. Social impact goals might include:

• Create jobs: One of the most important ways that a business can have a positive social impact is by creating jobs. When you create jobs, you are providing people with the opportunity to earn an income and support themselves and their families.
• Provide training and development opportunities: Another way that a business can have a positive social impact is by providing training and development opportunities for its employees. This can help employees to improve their skills and knowledge, which can lead to better job opportunities and higher wages.
• Support local businesses: Small businesses are the backbone of the UK economy. By supporting local businesses, you are helping to create jobs, boost the local economy, and strengthen the community.
• Give back to the community: There are many ways that a business can give back to the community. You can donate money to charities, volunteer your time, or sponsor community events.
• Advocate for social change: Businesses can also use their voice to advocate for social change. You can speak out against injustice, support policies that promote social good, and encourage others to do the same.

These are just a few suggestions for social impact goals. The specific goals that you set will depend on the nature of your business and the needs of your community. However, by setting social impact goals and working towards them, you can make a positive difference in that community.

When looking to set social impact goals:

• Be specific: Your goals should be specific and measurable. This will help you to track your progress and make sure that you are on track to achieve your goals.
• Be realistic: Your goals should be realistic and achievable. If you set your goals too high, you may be setting yourself up for failure.
• Be flexible: Your goals may need to be adjusted as your business grows and changes. Be prepared to adapt your goals as needed.
• Communicate your goals: Share your goals with your employees, customers, and other stakeholders. This will help to build support for your goals and encourage others to help you achieve them.

As you deliver social impact in line with your goals, make sure you gather evidence to demonstrate your achievements:

• Identify key stakeholders: Once you have set your goals, you need to identify your key stakeholders. These are the people or groups who are affected by your business’s activities. Stakeholders can include employees, customers, suppliers, the local community, and the environment.
• Collect data: Once you have identified your stakeholders, you need to collect data on the impact of your business on them. This data can be collected through surveys, interviews, focus groups, and other methods.
• Analyse the data: Once you have collected the data, you need to analyze it to understand the impact of your business. This will help you to identify areas where you are having a positive impact, as well as areas where you could improve.
• Report on your findings: Once you have analyzed the data, you need to report on your findings. This will help you to communicate the impact of your business to your stakeholders and to the wider community.

Measuring the social impacts of your business can be a complex and time-consuming process. However, it is important to do so if you want to understand the impact of your business and to make improvements where necessary.

• Use a variety of methods: There is no single best way to measure social impact. You may need to use a variety of methods, such as surveys, interviews, focus groups, and observation, to get a complete picture of the impact of your business.
• Get help from experts: If you are not sure how to measure social impact, you can get help from experts. There are a number of organisations that can help you to measure the social impact of your business, such as the Social Value Lab and the Social Value Network.
• Be patient: Measuring social impact takes time. Do not expect to see results overnight. Be patient and persistent, and you will eventually be able to measure the impact of your business in your local community.