Setting your Economic Impact goals

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

• Create jobs: One of the most important ways that a business can have a positive local economic 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.
• Generate tax revenue: Businesses also generate tax revenue for the council. This tax revenue can be used to fund local services, such as schools, libraries, and parks.
• Boost the local economy: Small businesses are the backbone of the local economy. By supporting local businesses, you are helping to boost the local economy and create a more vibrant community.
• Innovate: Businesses can also help to drive economic growth by innovating and developing new products and services. This can lead to new jobs, new businesses, and new industries.
• Improve the quality of life: Businesses can also help to improve the quality of life in the community by providing goods and services that people need and want. This can include things like food, clothing, healthcare, and entertainment.

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

Here are some additional tips for small UK businesses that are looking to set local economic 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.

Here are some specific examples of local economic impact goals that a small UK business could set:

• Create 10 new jobs within the first year of doing business with the council.
• Generate £10,000 in tax revenue for the council within the first year of doing business with the council.
• Boost the local economy by £50,000 within the first year of doing business with the council.
• Develop a new product or service that will improve the quality of life in the community within the first year of doing business with the council.

Measuring the economic impact of a 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.

• Track job creation: One way to measure the economic impact of a business is to track the number of jobs that it creates. This can be done by tracking the number of new hires, the number of promotions, and the number of employees who are retained.
• Track tax revenue: Another way to measure the economic impact of a business is to track the amount of tax revenue that it generates. This can be done by tracking the amount of income tax, sales tax, and property tax that the business pays.
• Track spending: Businesses also spend money on a variety of goods and services, such as office supplies, marketing materials, and employee salaries. This spending can have a positive impact on the local economy by stimulating demand and creating jobs.
• Track innovation: Businesses can also have a positive economic impact by innovating and developing new products and services. This can lead to new jobs, new businesses, and new industries.

By measuring the economic impact of your business, you can demonstrate the value that your business brings to the community and to the economy. This can help you to attract new customers, attract new employees, and secure funding for your business, as well as being able to win tenders.