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Well-managed activities, and good reporting of the social value in your business, will enhance your brand, increase your organisational reputation and provide tangible benefits to the community.

What about your customers? The not-for-profit sector (central and local government, housing associations, etc.) is required by the Public Services (Social Value) Act to take social value contributions into account when choosing a supplier for a requirement. Although technically this only applies to services and only over a certain contract value, many not-for-profit organisations are asking about social value for all invitations to tender and contracting situations.

Importantly, having a well thought out social value strategy will positively impact every part of your business including: staff retention, customer engagement, community involvement and financial performance.

We’ve probably all seen an organisation in the news for the wrong reasons – a chemical spill, an accident, a strike over working conditions. Wouldn’t it be nice to be in the news for reasons that make people want to connect with you – to buy your products, to tell their friends and colleagues that they are a customer? That’s why (and how) you want to be in the news. And the media want to see evidence, like numbers, to support the headline and press release.

If your managing director played Santa for a local school, let’s be realistic, it probably won’t make the news. But if a team of staff, supported by your company, refurbished a community hall and 20 groups use it per month, then the newspapers are a lot more interested. One way to look at the social value Return on Investment is “how much would it cost me in advertising and PR to get the same benefit?”

In other words, it matters to your ability to win business – your income. And it matters to your costs, and the difference between income and costs is profit. If you don’t understand the social value, contact us to discuss how The Social Value Practice can support your organisation.