Maximising Social Value: Best Practices in Governance
Social value isn't just a buzzword—it's a necessity. While many organisations are eager to make a positive impact, there's a significant difference between simply doing social value and doing it right. Properly recording, tracking, and integrating social value into your company's DNA can set you apart and amplify your impact. So, how can you ensure you're on the right path?
1. Craft a Comprehensive Social Value Policy
First things first: lay the groundwork with a solid social value policy. This document should clearly outline how your organisation intends to contribute to society. Think of it as your roadmap, guiding every decision and action toward making a meaningful difference.
2. Develop a Strategic Social Value Plan
With your policy in place, it's time to get strategic. Your social value strategy should detail what you plan to do and, importantly, why you're doing it. Align your initiatives with your company's core values and the needs of the communities you serve. This strategic approach ensures your efforts are purposeful and impactful.
3. Establish Robust Governance Structures
Good intentions need good governance. Appoint a dedicated Social Value Lead to champion your initiatives and keep them on track. Include a board representative to ensure social value remains a priority at the highest levels of decision-making. Empower social value champions throughout your organisation to foster a culture of responsibility and engagement.
Creating a dedicated committee that meets regularly is also crucial. This team can discuss ongoing projects, brainstorm new ideas, and ensure continuous improvement. Regular meetings keep everyone accountable and enthusiastic about the mission.
4. Celebrate and Share Your Achievements
Don't keep your successes to yourself! At the end of each year, compile a comprehensive social value report. This isn't just a formality—it's a chance to reflect on your achievements, learn from challenges, and set goals for the future. Plus, sharing your report publicly showcases your commitment and can inspire others to follow suit.
5. Leverage Social Value in Your Bids
When it comes to bidding, your robust approach to social value can be a game-changer. Use your policy, strategy, and governance structures to strengthen your bid answers. Demonstrating a well-thought-out and effectively managed social value program can set you apart from competitors.
In Conclusion
Doing social value isn't just about ticking boxes; it's about embedding it into the very fabric of your organisation. By establishing clear policies, strategic plans, and strong governance, you ensure that your efforts are not only impactful but also sustainable and scalable.
Remember, social value is a journey, not a destination. Celebrate your milestones, learn from your experiences, and continue striving for greater impact. Together, we can build a future where businesses don't just succeed—they also make the world a better place.