Measuring your wider impact helps you understand and promote your real value…
The days when businesses need only measure the financial impact of their actions are fast disappearing.
The UK is the first country to require companies to report on environmental matters, employees, social and community issues and risks down company supply chains, where they are necessary to understanding the company’s business going forward, the performance of organisations will be evaluated on their triple bottom line – economic, social and environmental.
Similarly, the third and public sectors are also operating in a climate that increasingly demands higher standards of accountability with respect to social, environmental, and economic impacts.
It is often no longer sufficient for third sector and public organisations to simply say they are doing ‘good work’: they must provide proof that this is the case.
To meet the growing demand to measure the social and environmental, as well as the economic impact of an organisation’s activities, P3 offers a practical socio-economic analysis tool that provides organisations with a transparent way of incorporating the measurement of otherwise intangible impacts in the calculation of their effectiveness.
The toolkit developed by New Economic Foundation (NEF), helps an organisation both measure the true impact of its activities and compare these to its investment. It also allows organisations to better understand the process by which their actions affect their stakeholders.
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