(based on the materials of Social Impact: Planning for Success course by Philanthropy University)
There is no doubt that every businessperson aims to remain profitable and competitive as long as possible. However, currently, there are more and more business challenges. For instance, a truly successful business is not the same as a profitable business. In both highly developed economies and some other countries, we observe the following trend: successful business is almost equal to socially responsible one.
Our friends and clients are always trying to remain successful. Thereby, we have summarized for you the tips of an international expert, posted on the pages of Philanthropy University course “Social Impact: Planning for Success”.
The Philanthropy University instructor, Shashi Buluswar, is the co-founder and CEO of the Institute for Transformative Technologies and teaches in the Center for Social Sector Leadership at the Haas School of Business at the University of California, Berkley.
Let us get equitant with his strategic algorithm to estimate your company’s success.
1.Assess your current success.
An actual magnitude of improvement you are having on each of your intended beneficiaries. For example, increasing the average life expectancy for patients in case of a health project implementation.
The project audience. For example, the number of patients using your services.
Efficiency and the amount of money you're spending to achieve the impact. For example, how much do you spend to save one life?
2.Potential obstacles and what you have to watch out for.
Think of all possible indirect effects of your project in the context of both positive and negative influence within our society.
The issue of sustainability. This issue is especially relevant for social enterprises and philanthropists. Thereby, many of these programs have only a short-term effect.
The probability of your success. Assess all possible external risks.
3.Your future impact.
Further scalability. This means the decrease of cost for each beneficiary attraction.
In particular, this is ability to implement your strategy or social program in another country or region.
A catalytic effect that occurs when your program inspires others to conduct similar actions.
Do not to measure your success! Only a successful organization can remain interesting for donors during the long time.
Let us stay social-oriented, sustainable and inspirational!