ENGAGEMENT OF PEOPLE MOST AFFECTED BY THE PROBLEM
One area of strength for your business is the engagement of the people most affected by the problem you are seeking to solve. You understand that your very business survival depends on your ability to deeply understand the problem from the perspective of those you serve, and on your ability to understand how your solution fits into their context. This strength, in combination with Actionable Measurement, will help you to adapt your solution based on the actual experiences of the people who benefit. This is a foundation for a healthy social enterprise.
COMMUNICATING YOUR SOCIAL IMPACT
The other area of strength for your business is the ability to communicate your social impact. You realize that your "social impact" isn't primarily the number of people your business serves, but rather the number and stories of the lives who have been positively changed through the support of your business. The people who read these stories are likely inspired and encouraged, and invested in your business because they feel they are contributing to solving an important problem by supporting your business.
A word of caution, however: since you may struggle in Actionable Measurement (described below), you may be at risk of misrepresenting the scope or depth of your social impact. If you're not careful in how you communicate the stories, you may risk customers and investors losing trust in your business.
OPPORTUNITY FOR GROWTH
The area in which you struggle is in Actionable Measurement, a term coined by the Gates Foundation. You either do not yet collect data that you can use to improve your business or do not know how the data you have can be used to improve your business. This will put you at risk of not being able to improve and adapt your solution to the inevitable changes that occur in the context of the problem you are seeking to solve.
The good news: You have the foundation you need to gather useful data and evidence, which is strong and respectful relationships with the people most affected by the problem. This will allow you to more quickly identify culturally respectful data collection methods and will ensure that maintaining and building trust is at the forefront of your data collection activities. You can then improve your solution, and ensure your business is on the pathway to creating social impact and profit.
TAKE THE NEXT STEP
If you'd like to explore how you could further increase your social impact, sign up for your complimentary consultation here. In this 45-minute strategy call, I'll help you identify specific actions you can take to increase your social impact.
START LEARNING MORE
You will receive helpful articles in your email over the next couple of weeks. In the meantime, head on over to this article on actionable measurement.