Why is social impact important to you? Your business? Or your organization?
What is social impact?
It is a significant and positive change that addresses a pressing social change.
It is how organizations, businesses or individuals’ actions affect the surrounding community.
It can be the result of an action, activity, project, program or policy. It is about our positive contribution, a drastic change that we should all be striving for.
What is the importance of social impact?
In the past social impact is mostly restricted to the government and non-profit sector, more and more for-profit companies, otherwise known as social enterprises, are now acknowledging the need and choosing to develop and invest in social impact driven business models that support economic, social, and environmentally conscious practices. Research has shown that 87% of consumers will purchase from a business based on social issues that they care about and the company advocates for. Also, 78% of consumers want businesses to address social justice issues, and 76% will refuse to purchase products and services from a business that support issues that are in contrast to their consumers beliefs.
Which pushes Corporate Social Responsibility to take on a new role in recent years, as traditional corporations are becoming more aware of the increasing demand from consumers for more transparency and social responsibility. While social impact in the past may have been viewed as idealist and charitable, with the state of climate change today social impact business models are now a necessity for both economic and environmental sustainability — and companies are catching on. More than anything else, with all the issues that we are facing not only in our community but also in the world. Creating and enhancing your social impact as an individual or organization promotes the solutions the world needs.