Is impact the domain of social enterprises or NGOs? It really isn’t. Identifying an enterprises’ impact is indispensable to show the value it is delivering to its beneficiaries and society as a whole. Here are three reasons why identifying impact can be an impulse to the enterprises you work with.

1 | Funders increasingly demand it

True, some enterprises are focused on survival, and thus see doing good in their communities and environment as a ‘nice to have.’ But here’s why it’s becoming increasingly a ‘must-have’. Impact is of growing importance to funders, donors and investors, and so should be prioritised if you are chasing the limited supply of finance for start-ups. For organisations looking to access funding to start, grow or scale, demonstrating impact can open new doors. Demonstrating how they deliver economic, social and environmental impact can make the difference between securing funding and missing out.

2 | Impact mapping is a great way to identify and manage the key stakeholders of an enterprise

Ask any enterprise and they’ll be able to tell you their target customers. But what about the people they touch that are not their customers – the community they operate in, the suppliers they work with, their employees, or even the local government? Considering your impact also means thinking about who you impact. This can help the enterprise identify and then manage its most important customers, thus allowing the enterprise to play to their strengths.

3 | Focusing on impact makes for a good story

We’re convinced impact and doing good is here to stay. With the growing awareness around climate change, the footprint of products and services, or responsible business, considering their impact can only strengthen an enterprise. If an enterprise can effectively communicate its work, it should help develop good engagement with stakeholders. Furthermore, it makes a strong story for the enterprise and its customers.

At SEED's BDS+ Training of Trainers workshops, participants are introduced to the SEED Enterprise Toolkit. The Toolkit consists of up to 32 tools, and includes Understanding Impact and Impact Monitoring tools that help enterprises develop Key Performance Indicators in regards to their social, environmental and economic impact.

Convinced? Keep an eye out for upcoming training for business development providers here.