02 Mar Do you know what your social value is?
Do you take your business seriously? Are you passionate, driven, committed to success? Do you see how planning, action, and commitment create positive outcomes for a company to achieve more profit?
So how can social value support your ability to create more profit when planned, acted upon, measured and communicated?
Social value for a business is when it considers more than just the operational aspect of the organisation and its ability to generate profits. Social value is when a company actively considers its people, communities and the planet and contributes positively and responsibly while sustaining its business.
By developing social value activities, a business owner actively futureproofs that business by taking a long term view.
By planning and committing to outcomes that positively impact society, a business owner chooses to do business better.
An organisation will experience many positive benefits when it takes the time to consider how it impacts wider society.
Social value activities help create a better environment for your employees by encouraging them to be part of and take ownership of the social value commitments that will see them become part of local changes that can impact globally.
And by doing this, together they are helping to reduce social disparities and further damage to the planet.
When taking a formalised approach to social value, a business promotes itself as one that isn’t just about making a profit but one that offers a better work experience and opportunities for those looking to work for a socially responsible company.
But let’s be clear – being a socially responsible business isn’t just about ‘being seen’ to do socially responsible things but doing them, recording them, understanding their impact, and sharing success with stakeholders, the industry, and the communities.
And all of this supports a business in securing new contracts, winning bids and tenders and achieving accolades and recognition, as social value questions form part of all submissions and applications.
And when you continually develop your activities, upholding the commitment you have made to achieving social value, this is when you begin to realise the benefits and recognise the importance of being a socially responsible business.
- Builds trust with stakeholders
- Keeps customers loyal
- Wins new business
- Creates a unique selling point (USP)
- Attracts funding and investment
- Secures loans
- Wins accreditations, accolades and awards
- Opens up new markets and opportunities
- Retains staff
- Improves productivity and efficiencies
- Reduces costs
- Attracts new talent
- Tackles industry issues (skills gap)
- Champions collaboration
Below are some statistics highlighting the need for businesses to consider social value to benefit society and the planet.
- 97% of climate scientists around the world agree climate change is happening
- The oceans have heated up at a rate not seen in at least 125,000 years
- 95% of the thickest Arctic ice is gone
- Climate change causes 150,000 deaths per year
- 15 million people live in poverty in the UK
- 100,000 UK households experience food insecurity
- The gap in life expectancy between the richest and the poorest demographic is now ten years for men and 8.5 for women.