Nowadays, more and more organisations and businesses are being asked to prove the social value they generate – it’s now seen as just as important as your financial position. The Social Value Act was introduced in January 2013, and means that all businesses delivering public sector service contracts have to demonstrate their social value as part of the tendering process. Social value is a way of identifying the important impacts an organisation or business has. SROI puts a financial value on these.
CSR is Corporate Social Responsibility and businesses are increasingly being asked to report on more than just their profits. The Government is considering make CSR reporting compulsory for all companies.
Measuring your social value looks at the impacts important to stakeholders, and is valuable in demonstrating the changes or differences created through delivery of products or services. It is also a valuable tool in identifying areas where the organisation or business could improve, and can be utilised in conjunction with traditional business planning, and very importantly your brand awareness and development.
Who are Social Value and SROI for?
Social Value and SROI are for any organisation or business that wants to understand the changes they create, improve their chances of securing public sector contracts and build their reputation as a business that cares about more than profits. It is particularly useful for:
- Small businesses and corporations (to demonstrate they don’t just care about profits but their Social Value and Corporate Social Responsibility – CSR)
- Social enterprises (to demonstrate their social purpose)
- Community Interest Companies (CIC’s) (to demonstrate their community benefits)
- Charities (to demonstrate their public benefit)
What are the benefits?
Reporting on your Social Value or Corporate Social Responsibility has enormous benefits for your organisation or business:
- Staff are more motivated as they can be involved in community projects, initiatives and see that the business thinks about more than the share price or profits
- Skill development for employees that can be applied in their work
- Greater brand awareness with customers and the local community
- Proof of your social, environmental and economic credentials
- Increased sales and more consumers buying locally from you
- Ability to effectively tender for public sector service contracts
- Leading business/organisation – demonstrating you are at the forefront of Social Value and CSR reporting
- Showing you are ethical or socially orientated in how you operate
We provide three comprehensive packages to make it effective and easy to do..