6 minute read
Impact refers to the direct and indirect effects that a venture and its products have on employees, customers, stakeholders, surrounding communities, and the environment.
Every venture has an impact. By measuring and managing social and environmental impacts, ventures can avoid causing harm and instead, have a positive impact. From a societal perspective, those impacts play an important role in either addressing or exacerbating issues such as climate change, systemic racism, gender inequality, and environmental degradation. As these issues increasingly threaten the sustainability and stability of our society, companies that fail to manage their impacts and, worse, are seen to exacerbate these issues, lose stakeholders' trust and put their own social license to operate at risk.
From a business perspective, proactively understanding and managing impact can provide positive benefits such as:
To see the research and perspectives on the advantages of managing non-financial outcomes and impact, click here.
No matter how much time you have, you can take a step toward better understanding and managing your venture's outcomes and impact.
Book an orientation call and we’ll help you explore practical next steps for where to go next on your journey toward better outcomes and impact.
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