How do you measure social impact without breaking the bank?

1 Define your goals

The first step to measure your social impact is to define your goals and objectives. What are you trying to achieve and why? How will you know if you're successful? By setting clear and realistic goals, you can focus your measurement efforts on the most relevant and meaningful indicators. You can also use a framework like the Theory of Change or the Logic Model to map out your inputs, activities, outputs, outcomes, and impacts.

2 Choose your methods

The next step is to choose your methods for collecting and analyzing data. There are many different methods you can use, depending on your goals, resources, and context. Some of the most common ones are surveys, interviews, focus groups, observations, case studies, and experiments. You don't have to use expensive or complicated methods to measure your social impact. You can use simple and low-cost tools like Google Forms, SurveyMonkey, Zoom, or WhatsApp to gather feedback from your stakeholders. You can also use existing data sources like government reports, academic studies, or media articles to supplement your own data.

3 Use a standard

One way to make your measurement more credible and comparable is to use a standard or a guideline that is widely recognized and accepted in your field. A standard can help you define your indicators, collect your data, and report your results in a consistent and transparent way. Some of the most popular standards for social impact measurement are the Social Return on Investment (SROI), the Impact Management Project (IMP), and the Global Reporting Initiative (GRI). You can learn more about these standards and how to apply them on their websites or through online courses.

4 Track your progress

Once you have your data, you need to track your progress and see how well you're doing against your goals. You can use tools like Excel, Google Sheets, or Power BI to organize, analyze, and visualize your data. You can also use dashboards or scorecards to monitor your key performance indicators (KPIs) and track your changes over time. Tracking your progress can help you identify your strengths and weaknesses, learn from your successes and failures, and improve your performance and impact.

5 Communicate your impact

The last step is to communicate your impact to your stakeholders and the public. You can use different formats and channels to share your stories, data, and insights. For example, you can use reports, presentations, infographics, videos, podcasts, or social media posts to showcase your impact. You can also use platforms like Impact Hub, B Lab, or the Global Impact Investing Network (GIIN) to connect with other social impact organizations and investors. Communicating your impact can help you increase your visibility, credibility, and influence in your sector.

Measuring social impact doesn't have to be expensive or complicated. By following these steps and using these tips and tools, you can measure your social impact without breaking the bank. You can also learn more about social impact measurement and other related topics on our website or by joining our online community.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?