Are you being left behind in the Social Impact Arena?
According to Deloitte, 89% of Fortune 500 companies are actively engaged with Social Impact (Deloitte Four corporate archetypes to maximise your social impact report) and customers/clients & employees are increasingly expecting companies of all sizes to be socially minded rather than purely focused on making a profit.
But where do you start?
Do you want to/know you should have a more deliberate approach to how your business contributes positively to society but don’t quite know where to start?
‘Develop a social impact strategy & plan’is a big task to have on your to-do list and our experience is that although it is seen as an ‘important’ task it is not necessarily prioritised as an ‘urgent’ task so gets relegated to the bottom of the list.
The trouble is, developing and implementing a meaningful Social Impact strategy and plan is not an overnight quick fix, it needs focused thought to develop, and time to embed to deliver genuine impact for both business & society.
And there is no doubt it will become ‘urgent’ in the very near future. Stakeholders are increasingly demanding companies make a social impact as well as delivering profit:
- 80% of people expect companies to make a positive social impact while still pulling in revenue (Edelman’s Trust Barameter)
- 67% of respondents said they would prefer to work for a socially responsible company (Nielsen Doing Well by Doing Good Report)
Procrastinating until it becomes an ‘urgent’ task carries the risk of being left behind or leads to the implementation of tactical, rushed initiatives that fail to add value to any party.
Using the Atticus Social Impact Matrix © can help you take the first key step to developing your Social Impact plan
As Stephen Covey famously said, ‘start with the end in mind’. The first step in developing your Social Impact plan is to identify where you are now in relation to your competitors and where you want to get to as a business.
The Atticus Social Impact Matrix ™ provides a framework to identify the expectations of your stakeholders and whether you (and your competitors) are meeting, exceeding or under-achieving against these to then identify where you should be aiming to get to.
Atticus Social Impact Matrix ©
Plot where your stakeholders are on the ‘Level of Importance’ axis
- Do you have a staff engagement survey that gives you an understanding of your employees’ expectations?
- Is having a positive Social Impact important to your clients? To what extent do they have Social Impact strategies in place?
- Are your customers/consumers motivated by socially minded brands? What does the research say about how important it is for them?
Review your current social impact initiatives and where your business sits on the ‘Level of Engagement’ axis
- Is making a social impact seen by your stakeholders as a core element of your business?
- Could your team clearly articulate what your company does to make a positive contribution to society?
- Are your social initiatives all anchored by a Social Impact Vision or are they one-off, tactical events that have no or little connection?
Identify where you currently sit in in the matrix
- What box are you in?
- Acknowledging there is a spectrum in each box, where do you think you sit specifically within the allocated box?
Do the same exercise for your competitors
- Where would your competitors sit?
- Is there a risk of falling behind or an opportunity to deliver competitive advantage by meeting or exceeding stakeholders’ expectations better than your competitors?
Identify where you want to get to
- Is your current approach aligned with your stakeholders’ expectations?
- If yes, is there an opportunity to achieve competitive advantage by exceeding their expectations?
- If not, where do you want to get to?
Once you have identified where you are currently and where you want to get to at a top line level, you can move onto identifying what this looks like specifically for your business and how you are going to get there.
If you would like a free audit on where your business sits on the Atticus Social Impact Matrix© or if you would like to meet up to discuss how to move your Social Impact Plan forward, we would love to hear from you.
Call Claire on 07872 624 568 or email on firstname.lastname@example.org