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Social impact is becoming increasingly crucial for businesses. As consumers are making a demand on companies to make a difference in society, more organizations are adopting it as one of their core values. But what is social impact? Why is it important? How is it different from B Corporations (B Corps), nonprofits, and corporate social responsibility? And what kinds of challenges are businesses aspiring to transform?
Positively influencing communities, the environment, and society as a whole is gaining momentum, and it’s a common mission and goal taking organizations by storm.
Social impact organizations prioritize work that intentionally, methodically, and sustainably transforms, influences, and affects individuals and communities. And this primary desire affects everything an organization does. You don’t need a title to be a social impact organization.
B Corps are certified organizations that fulfill the utmost “standards of verified social and environmental performance, public transparency, and legal accountability to balance profit and purpose.” They aspire to reduce inequality, improve the environment, build stronger communities, decrease poverty, and increase quality jobs with intentionality and dignity. B Corps are certified by achieving a minimum verified score on the B Impact Assessment, which rigorously evaluates its impact on their consumers, community, environment, and workers.
Benefit Corporations for Good is an example of an organization that helps businesses be a force for good as benefit corporations.
A benefit corporation, often confused with a B Corp, is a legal framework for an organization, similar to an LLC or a corporation. These corporations are empowered legally to seek profit with a positive stakeholder impact.
A nonprofit organization, otherwise known as nonprofit foundation (NPO), non-business entity, not-for-profit organization, or nonprofit institution, is committed to advancing a specific social cause or supporting a common perspective. The organization’s fundamental goal is not to make a profit. It’s also tax-exempt upon requesting a 501 (c). Nonprofits receive funding from the public, government, and private foundations.
A social entrepreneur is an individual that creates an enterprise to solve social problems or shape social change.
Now that we’ve examined some standard definitions in the social change world, let’s look at the various challenges social impact organizations are attempting to overcome. They include:
The mental health and well-being of employees are vital to positive work culture. And today’s generation understands the value of taking care of its workers, focusing more and more on growth as a whole and not just earning a profit.
While your business’s impact is as unique as your mission, there are some key elements that you should include on your impact page:
How do organizations measure the impact they have on their communities and environment?
Contrary to the standard bottom line where an organization focuses solely on making a profit, the triple bottom line is when businesses dedicate themselves to measuring their social and environmental impact as well. It’s divided into the “three P’s:” profit, people, and the planet.
SROI is how an organization understands, measures, and reports its social, economic, and environmental value.
Our society’s growth relies on businesses moving towards a positive change within their community and environment. Suppose we can’t all do our part to make a difference. In that case, we won’t be able to tackle the more significant issues the world is currently facing, such as cultural equality and the climate clock (an online clock that counts down to reaching zero emissions).
You can impact the communities and environment around you with simple, actionable steps, like practicing the “art of neighboring” or sponsoring and donating to local nonprofits.
You can also create sustainable practices in the work environment by:
https://worldshifttech.com/our-social-impact/Tackling a greater good for the community and environment is rewarding and needed for continual transformation as a society. And organizations and individuals can play a crucial role in social impact. Here at World Shift Technologies, we’re doing our part as we continuously strive to influence our community and environment.