How do you track your social and environmental impact?

2 Choose your impact indicators

Once you have defined your impact goals, you need to choose the indicators that will help you track and evaluate your impact. Indicators are quantitative or qualitative measures that show how well you are achieving your impact goals. For example, if your impact goal is to reduce carbon emissions, your indicator could be the amount of CO2 saved by your solution. You should choose indicators that are relevant, specific, measurable, achievable, realistic, and time-bound. You can use existing standards and frameworks such as the Global Reporting Initiative, the Impact Reporting and Investment Standards, or the Sustainable Development Goals to select or adapt your indicators.

3 Collect and analyze your impact data

After you have chosen your indicators, you need to collect and analyze your impact data. This means gathering the information that will show how your solution is performing against your indicators. You can use various methods and sources to collect your impact data, such as surveys, interviews, observations, experiments, or secondary data. You should also establish a baseline and a counterfactual to compare your impact data with what would have happened without your solution. You can use tools such as Excel, Google Forms, SurveyMonkey, or Impact Cloud to collect and analyze your impact data.

4 Report and communicate your impact

Finally, you need to report and communicate your impact to your stakeholders, such as investors, customers, partners, employees, and beneficiaries. Reporting and communicating your impact can help you showcase your achievements, demonstrate your credibility, attract more support, and learn from feedback. You should report and communicate your impact in a transparent, accurate, and engaging way. You can use formats such as impact reports, dashboards, stories, or videos to report and communicate your impact. You can use tools such as Canva, Tableau, Storyteller, or Vidyard to create and share your impact reports and stories.

Tracking your social and environmental impact is not a one-time activity, but a continuous process that requires planning, monitoring, evaluation, and learning. By following these tips and tools, you can track your impact in a way that reflects your startup's values, goals, and performance.

5 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?