Why Should Businesses Track their Social Impact?

Tracking a business’ social impact can lead to competitive advantage.

Beginning in 2020, one of our project managers brought up the challenge of how our project can better support technology business incubators in their journey to boosting startups and impact-driven enterprises. We recognized that there are a ton of institutions out there who are already providing support and capacity-building to these incubators. And so we ask, how might we add more value to these business incubators for them to be able to provide better support to their clients?

It was not an easy question to answer, but we were quick to recognize that there is difficulty in knowing where exactly an impact-driven business is headed to. It’s easy to claim that a business is making an impact, but how and did it really? Thus, we focused our training to impact management and measurement, specifically to help not only incubators but also entrepreneurs on how they can track their impact footprints.

Let’s start with ‘why’ as popular book author and motivational speaker Simon Sinek recommends. Why do impact-driven businesses need to track the change they are creating for their communities and beneficiaries? Isn’t it enough that they built their business having a social impact at the core of their operations and not just profit? The answer is no.

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