Part 4 of 8: Hot Spot Quarterly Goals for Social Enteprise

Social Impact Goals!

Part 4 of 8: Hot Spot Quarterly Goal Setting for Social Enterprise

Social Impact Goals!  

If you have been following this series, you know that we are hitting four main areas and two subareas within each one. For review, they are:

Part 1 of 8: Business Enterprise: Products

Part 2 of 8: Business Enterprise: Customers

Part 3 of 8: Social Impact: Measurement Options

 

Today, we tackle Part 4 of 8: Social Impact- Setting the Goals

Setting the Goals for Social Impact

You will need to complete Step Six in Part 3 of 8 to complete this next session of goal setting. Jump back and do it quickly if you haven't yet had a chance.

Pull up your chart from Step Six. Here is an example of one for reference.

 

In this example, Walking Web Head has all three types of possible and desired social impact. You can see that type organizes it and a unit of measurement is assigned.  It is almost impossible to set the goals unless the impact has a type and unit because you must be able to measure and execute. You also have a rough idea of the cost of execution to your organization by assigning a dollar value to the units.

Remembering our process of setting very short term goals in Part 1 of 8, we must select something very small that can be accomplished within the next 90 days. Attempt to consider this goal in the context of how much time and effort it will take alongside the resources needed to deliver it.

Social Impact Goals are the only goals in your organization that will directly oppose your profit.  

It is also the area of the goal setting that can quickly become larger than life because it is fun and exciting!  We understand that this is the reason you probably started your organization! 

So, keeping this in mind, set ONLY ONE goal in this area. Why only one? Because you have seven other short-term goals to accomplish for your overall organization!  Yup, this is where almost everyone slides off course. The temptation is strong to 'do more.' 

Remind yourself that you will do more if you stay balanced as an organization and you stay open!

Let's look at our example with Walking Web Head. Here were the short term goals selected over the past several quarters:

  • -Interview four candidates for employment with learning disabilities
  • -Hire one candidate for employment
  • -Send ten patches to Ghana children's home
  • -Pilot a patch program with one high school freshman at Brain's High School

Are the sample goals measurable? Will they know if they hit them after 90 days? Yes.   

Given their target of thousands of patches to send to children, a short-term-goal of sending only ten can seem minuscule, right? What if I told you Walking Web Head likely has already sent over 1900 patches? Now, Walking Web Head is a fictitious company. However, this is how this process happens. Small steps over and over again lead to significant results!

Are you ready to try setting measurable short-term goals for your organizations' social impact? Write them down, and you are now half-way home on your discovery of stepped building blocks for sustainability!

 

Next Up in the series...

Part 5 of 8: Operations: Staffing

Part 6 of 8: Operations: Processes

Part 7 of 8: Marketing: Promotion

Part 8 of 8: Marketing: Sales

See you next time!

 

Gingras Global ~ Speaking Truth. Demonstrating Impact. Declaring Life~

Part 3 of 8: Hot Spot Quarterly Goals for Social Enterprise

Part 3 of 8: Hot Spot Quarterly Goals for Social Enterprise

In this series, we have been tackling four area hot spots in short-term quarterly reporting. As we mentioned, you have to do more than the average bear as a social enterprise. You must be an Olympic athlete to pull off this type of business.

Our focus is on these four areas:
Business Enterprise
Social Impact
Operations
Marketing

And further.

Business: Your Product/Service and Your Customer/Client
Social Impact: Your Measurement Options and Your Related Goals
Operations: Your Staffing and Your Processes
Marketing: Your Promotion and Your Sales

Access earlier blogs:
1 of 8: Business Enterprise-Products
2 of 8 Quarterly Goals: Business Enterprise- Customers

Today, we dive into the vast subject of Social Impact!

Your Measurement Options of Social Impact

For brevity, we will avoid participation in the vast arguments about social impact reporting. There are just as many theories as the millennial. Please keep in mind that everything Gingras Global reports out is from the 'field' or 'street' observations. Therefore, what we are about to suggest is a working model for social impact measurement as of the date of this article.

One more frame to consider. The strategy is set up to further the growth of your social enterprise but also communicate effectively with an impact funder. Goal setting and reporting through only one of the two will prove limited in the long-run. 

Social Impact is about tracking and reporting. It is about building credibility for your organization with practical measurement tools. 

The great news for you is that there are not a lot of options!

Follow the seven steps below and quickly determine your best measurement options.

Step One: Write down your social mission. This time, instead of keeping it short, let yourself ramble to include as many details and images of the outcome impact you would like to produce. Freethink.
Write down the profile of your social impact beneficiary.

Step Two: Make a list of those details and images of your desired impact outcome. This exercise is re-establishing and anchoring you to your mission. If you have not been challenged by outsiders already, you will be. It is critical that you and your team are firmly rooted in your WHY about social impact. These items in this list of Step Two will be your goal feeder in the next blog. 

One last note in this step: Do this every quarter. Don't skip it. If you are transparent with yourself, these may change or tweak slightly over time and it is good! If you do not update them with your exact truth, you will be likely to bend or give yourself permission to not meet them.

Step Three: Run the social impact beneficiary and outcome list by your team. Obtain agreement and make changes before moving on to Step Four.

Step Four: Review the list in Step Two in the context of disagreement. What if a funder or other critical partner does not agree with items on your list? Are you grounded enough not to change them? This is a major factor in your social impact and the place where many bend.

Social Impact, like philanthropy and art, is in the eye of the beholder. You must understand that these details are important to you and your team and may hold little value to another. Or, they may only value a few items on your list and tell you to scrap the rest. Don't do it!  

Once you feel comfortable that you and your teammates will stand on your desired outcome list, we now move on to Step Five.

Step Five: Take your agreed upon list of desired impact outcomes. Group them into one of three categories: Resource Sharing, Social Staffing, or Product/Service Impact. Let's break this down:
   (a) Did the impact outcome that your organization provided happen because you provided something out of your organization such as money, products, or time? Did you give the beneficiaries a percentage of your revenue or profit? Did you offer a product or service from a buy-one-give-one model?  Did you or your team serve your recipient with time? An important note here: Do NOT include any volunteering. ONLY include volunteering or serving that is unique to your social impact beneficiary.
  (b) Did the impact outcome generated happen from hiring your intended social impact beneficiary? If yes, then this is social staffing.
  (c) Did the impact outcome generate because your product or service has impact embedded within it? Does your product or service generate impact as it is purchased and used?  

In general, products or services that have to do with improving health or environmental conditions fall into this category. If this is where your impact is generated, then you must answer one more set of questions:
   (i) Is the impact generated upon product production? or
   (ii) Is the impact generated upon product purchase? or
   (iii) Is the impact generated upon product use?

Review all of the items in your intended social impact outcome list and place them in a grid/table with a category for all three types: Resource Sharing, Social Staffing, Product Impact. In Step Six we will place more items next to each one.

Step Six: Let's do this!  Place the possible unit of measurement next to each list item in the grid/table made in Step Five.  There is a way to grab a unit of measurement for each list item. Here are some examples:
 (a) Resource Sharing Category:  units can be dollars and units of products -easy to track. This needs to be tracked from within your organization.
 (b) Social Staffing: units can be hours on the payroll, dollars on payroll, dollars paid over a living wage, dollars paid for additional services such as GED classes, etc. Again, this data needs to be tracked within your organization
 (c) Product Impact: The first and most important item to track here is the product or service unit. Is it one wheel/sweater/muffin/hour? What is your product or service unit? Write it down here. Again, this information should be tracked within your organization. 

All of the items written here so far are your Natural Data. This is data that comes from within your organization; this data is generated from the ordinary processes of running your organization. Knowledge of your Natural Data will be a major key in establishing your credibility.  We created a podcast in 2015 on Natural Data. To listen to the podcast, click here.
This new list of natural data is the epicenter of your best social impact reporting and goal setting. You will use this list for many strategies.

 -The next area of this blog is attaching a monetary value to your units of measurement. You may not need this for goal setting. We only suggest you tackle it while your pen and paper are out! -

Step Seven: Now we place a monetary value, if available, to the units of measurement. If you have items in the Resource Sharing or Social Staffing areas, go back and place a dollar value per unit item in next to each unit item. It is easy. 
The tricky category is the Product/Service Impact category. This dollar valuation often depends on outside information- which is dangerous!

Let's side step for a moment to discuss formulas. A formula is a combination of data to express a relationship. 2 + 4 = 6 or red plus blue equals purple. Both statements are formulas whether they are numerical or text, right? They are both expressing what happens when you put different items together. 
Ideally, we only want to use formulas with your own natural data. Why? Because you can always have access to it and it belongs only to your organization which increases the value of your work. 
However, when your product or service has embedded impact, you often must rely on someone else's data in addition to your natural data. Furthermore, whenever your are reducing something (air pollution, etc.), you will always rely on some outside data to express relationships.

To assign a dollar value, you may need to source another entities' data. Here is an example: You make a product that keeps people from overheating in the extremely high temperatures, and your target social impact beneficiary is the elderly. Your natural data is how many products you produced. You will need to contact either a group of users for testimony data or an organization that is performing research on this issue. Assume you located a university hospital that has documented the cost of health care/health care related issues due to overheating with this population group. Assume they know that the health care system is burdened by $40,000 of costs per patient that has a body temp over 100 degrees Fahrenheit. Assume they know 1000 patients per year overheat. Assume your product keeps temperatures down below 95 degrees. You see where we are going here? 
This is the only way to place a dollar figure on the Product Impact. The most important point here is that you must differentiate between your natural data and outside data and formulas. Obviously, document the source of your outside data/formulas if you are required to report such things.


Now that we have discussed your measurement options, you will be ready to set goals around these choices. In the next blog 4 of 8: Quarterly Goal setting for Social Impact, we will easily set the goals for social impact!

Have Fun!

Gingras Global ~ Speak Truth. Demonstrate Impact. Declare Life ~

 

 

Part 2 of 8: Hot Spot Quarterly Goals for Social Enterprise

Part 2 of 8: Hot Spot Quarterly Goals for Social Enterprise

Remembering that your customer is the ultimate investor and promoter!

 

In Part 1 of 8: Four Hot Spots of Quarterly Goals for Social Enterprise, we covered the four broad areas for short term goal setting the corresponding sub-categories. Use the link to refresh yourself if needed. 

Part 1 of 8 addressed the goal setting for Business Enterprise specific to the Product or Service. 

Part 2 of 8 covers the second part of Business Enterprise goal setting specific to The Customer.

Before we select the from the possible categories around The Customer, let us take a moment to review the...

Ten steps we will use to set up this short term goal:

Step One: Pick one of the categories above
Step Two: Write a description in no more than two sentences what you want to tackle during the next three months.
Step Three: Ask yourself if it is measurable (i.e. how will you know if you have accomplished this 3-month goal). If not, go back to Step Two.
Step Four: Decide on your Key Metric. What will you use to understand if the goal has been met? Observation? A Report? Your Team?  Be specific.
Step Five: Ask yourself if it is a small enough goal that can be done (we mean completed) during the next three months. Ask yourself how much time it will take to accomplish this goal and what resources it will require. Remember: you are setting yourself up with 8 of these at the same time. We are firmly encouraging something small so that you can build a pattern of success, not failure, for your reporting.
Step Six: Write down the benefits of accomplishing this goal to your social enterprise. What will this mean to your organization?
Step Seven: What strategy will you use to make the goal? Write this down in no more than two sentences. 
Step Eight: Decide where you will record your activity, strategy, key metrics; decide where the team can visually feel accountable.
Step Nine: Communicate this goal with your team, be in agreement.
Step Ten: Calendar a time NOW in 90 days that you will review this goal. REPEAT!

Now that we remember the process of evaluation, let's pick a category specific to the customer. Whether you name your buyer a customer, a client, or a purchaser, the game is the same. We want the customer to be happy, have a good experience, and purchase our product and service over and over again. Actually, we really want them to become an advocate!  We want them to market our products for us, don't we!

Which one of the following categories would you like to set a short term goal in for the next three months specific to your customer?

1) Improving the Customer Purchasing Experience

2) Understanding your Customer Needs

3) Improving Customer Service

4) Delivery and Distribution- Improving Customer Access

Please remember that all four areas are important as your customer is the ultimate investor and promoter. And, unfortunately, the best at producing negative commentary if not attended. 

While it is easy to select all four (because they are all important), the exercise here is to discipline yourself to select only one and perform it with excellence for three months! Three months feels like a minute when you have 7 other short term goals you are managing all while running your organization.  

Keep the goal small, doable, and measurable and watch your organization gain strength and wisdom.

 

Stay tuned for the next 6 pieces released weekly in to complete the series.

Forge On!

Speak Truth. Demonstrate Impact. Declare Life

 

 

Four Hot Spots of Social Enterprise Quarterly Goal Setting: Part 1 of 8

Four Hot Spots of Social Enterprise Quarterly Goal Setting: Part 1 of 8

Want to move to the front of the sustainability pack in social enterprise?

Quarterly Goal setting is often discussed and then, discussed, and then discussed again. Unfortunately, just like our personal goals, our short-term goals end up shoved aside into tomorrowland. Or, worse yet, never attempted. Ugh, we have all been there!  

Assuming we don't need to discuss the WHY of setting short-term goals (think about daily distractions), let's move right to the categories you need to cover each quarter. 

Disclosure: We, at Gingras Global, don't claim to be experts in everything. However, we know a lot about social enterprise 'in-operation.' And, we work with impact investors who regularly communicate their thoughts about reporting and goal setting. So, we suggest you give this some thought!

Four Areas
If you are a social enterprise, you have to do more than the average bear. You must be an Olympic athlete to pull off this type of business.

We suggest you focus on these four areas:
Business Enterprise
Social Impact
Operations
Marketing

We further break down the four areas into two sub-categories totaling eight areas for quarterly goal setting and metrics for your social enterprise.

They are as follows:
Business: Your Product/Service and Your Customer/Client
Social Impact: Your Measurement Options and Your Related Goals
Operations: Your Staffing and Your Processes
Marketing: Your Promotion and Your Sales

Over the next several blogs, we will tackle each one!

Today, we begin with the first of Four Categories... 

 Business Enterprise: Your Product & Service

Your product/service is the enterprise engine that fuels the social impact. 


Every quarter we suggest you pick one of the following categories to work on during the next three months:
*Product/Service Improvement
*Product/Service Distribution Improvement
*Product/Service Research or Testing/Beta
*Product/Service Cost of Goods Sold analysis/reduction

Step One: Pick one of the categories above
Step Two: Write a description in no more than two sentences what you want to tackle during the next three months.
Step Three: Ask yourself if it is measurable (i.e. how will you know if you have accomplished this 3-month goal). If not, go back to Step Two.
Step Four: Decide on your Key Metric. What will you use to understand if the goal has been met? Observation? A Report? Your Team?  Be specific.
Step Five: Ask yourself if it is a small enough goal that can be done (we mean completed) during the next three months. Ask yourself how much time it will take to accomplish this goal and what resources it will require. Remember: you are setting yourself up with 8 of these at the same time. We are firmly encouraging something small so that you can build a pattern of success, not failure, for your reporting.
Step Six: Write down the benefits of accomplishing this goal to your social enterprise. What will this mean to your organization?
Step Seven: What strategy will you use to make the goal? Write this down in no more than two sentences. 
Step Eight: Decide where you will record your activity, strategy, key metrics; decide where the team can visually feel accountable.
Step Nine: Communicate this goal with your team, be in agreement.
Step Ten: Calendar a time NOW in 90 days that you will review this goal. REPEAT!

We encourage you to follow this eight-part series all the way through so that you can move your team to the front of the social enterprise pack!

We know you can do it and we are here for you!

Speak Truth. Demonstrate Impact. Declare Life.

Proving Concepts in Social Enterprise

Does it seem like it is taking longer than usual for supporters to ‘buy-in’ to your social enterprise?

You may be right on track.

Since this blog is about trends and patterns I observe, I am going to tackle this one and shine some light on it.

Lately, I am running into people in the field who are wondering if they are off track because of the extensive concept proving requests from funders and supporters. As I observe, many social entrepreneurs wonder how long the proving season will last. My answer would be that it may be longer than you think, and, that is okay! However, there are a few things you can do to shorten the time period.

Proving Seasons

What is a concept testing or proving season? For the purposes of this article I would simply define it as a time period that the social enterprise/entrepreneur is ‘proving’ to a set of people that their product, service, or overall organization possesses something of sustainable value.

The set of people targeted could be investors or customers. They may be governance members such as Board or Advisory members. They may be vendors or other professionals.

What are you proving?

Generally, the concept testing phase refers to two main areas of discovery:

1)      The product or service works; has been tested

2)      There is a market or customer base/demand for your product and service.

While there are many different focuses during concept testing phases, I would submit that most of the testing falls into the two listed categories above. Other elements can be items such as:  unique value proposition, other uses of the product, easier methods of production, or details on customer demographics. There are many points of initial discovery that are important.

How Long?

The season or period of time lasts long enough to satisfy enough people that your organization will now move into a new phase of actually selling your products and services MORE than you are explaining the products and services.  

Proving Three Concepts Instead of Two – Social Entrepreneurship          

We all know it is normal to move through a season of demonstrating that your product or service has validity. However, there is something unique to social entrepreneurship that I have begun to witness as a pattern.

Social Entrepreneurs are also proving the validity of their organizations’ dual nature. They are literally proving out that an organization can deliver a social impact AND sell a product or service.

I spend a lot of time with impact investors, funders, and curious observers. The magnetic draw to the dual nature of the organization pulls them in. I think we have all watched many social entrepreneurs enjoy the media attention and praise for their concept.

The joyful singing stops suddenly when the potential funders start to ask questions about the sustainability power of the organization. I watch the investor begin to drill in with very technical questions while simultaneously watching the social entrepreneur begin to realize that they are about to have this conversation for the 100th time.

The most gifted business professional will still have questions about the concept. Why?  

Okay, get ready for this very technical answer. Ready?

Because it has not been done before with consistent success. Yup, it is not yet normal for many. The reality is that we do not have millions of working examples for hundreds of years. It is new. That is all!  

The truth is that social entrepreneurs must prove out three concepts instead of two. It is just how it is right now! They must prove:

1)      Product validity

2)      Market of customers

3)      Organization Model

Given the bigger proving set, the social entrepreneur can, at times, become discouraged. It appears as though it is taking longer than most other businesses. That is because it is true. It is taking longer!

The social entrepreneur may be embraced faster in the local community and praised for their effort earlier than a traditional model. Yet, when requesting funding, the process can take 2- 5 times as long as a traditional business model. This is because of the need to prove out the third element of the organizational model.

Shortening the Season

Here are a couple of key strategies on shortening the season that we are observing in the field.

1)      Prepare some materials to address your organizational model head on. Jump right on that elephant in the room and talk about it!  Become an expert on this part of your sales pitch.          

a.       Prepare some written materials that demonstrate how your model works from a financial perspective. For example, a for-profit model can highlight the cost of the social mission that will offset profit. A not-for-profit organization can illustrate how adding in an ‘enterprise’ element to the organization can help reduce donor fatigue.

b.      Illustrate your knowledge of the compliance, legal, or tax issues when combining social impact and your legal structure. Demonstrate that you understand how to comply with the highest standards.

Tip:  Don’t take a path of a rogue here. It is only cool in the movies.

c.       Talk about your team- the depth and the expertise. Include governance persons in your discussion. This shows your willingness to be ‘governed’ for a season if you are asking for funding.

d.      Be excited about addressing this organizational model issue. Be excited in front of your supporters that you are a responsible pioneer and honored to do it!

              Tip: Don’t have a victim mentality about needing to explain your model.

2)      Learn the investment and financial language to shorten the translation. Now, just as I am asking you to learn the language, I am having twice as many conversations with the investors around your language and your models. This is a discovery around credible financial management. Remember that the investor is already at the table because they are interested in you but must be able to demonstrate a financial knowledge so the investor can feel comfortable that basic mistakes will be avoided. The bottom line is that if you can demonstrate that you understand your financial strategies and statements, you will build credibility faster and shorten your concept testing phase.

Putting it all together

So many social entrepreneurs can feel like they are misunderstood or dismissed. I am hoping we have highlighted that you may have been missing a great opportunity to sell your organization by highlighting the validity of your organizational model. If there is any group of business leaders that we want to be capitalistically driven, it is the ones with a social conscious!  

As we all know it has been either a capitalistic or social silo type structures. As we combine them we must demonstrate a knowledge of both enterprise and social. While we are not dismissing the social impact it is imperative that the enterprise model is highlighted and honored.

Therein lies the truth of the moment.

Forge On Social Enterprise!

#socent impact impactinvesting

 

Podcast Party with Ginny Fischbach of Impact 100 # 58

Link to Episode

Romy interviews Ginny Fischbach of Impact 100 in Oakland County, Michigan. 

What happens when 100 women each bring $1000 for social good? Find out in this great episode.

 

Full Transcript:

 

 

More Links

Jump over to the website for the podcast at www.bonfiresofsocialenterprise.com

Give us a question to the mailbag!

Find us on Facebook and Twitter @bonfirespodcast

 

Find more about Gingras Global at www.gingrasglobal.com and www.gingrasglobalgroups.com  and Facebook of Gingras Global and Twitter @gingrasglobal

Podcast Party with Chelsea Koglmeier and Jessica Robinson #56

Chelsea Koglmeier of O.R.O.  on Bonfires on the Move

Jessica Robinson, our mobility expert, interviews Chelsea Koglmeier of Bicycles O.R.O.

Chelsea Koglmeier, founder of Bikes ORO, joins us on this episode for a conversation about bicycles as a vehicle for social change. Her own product is a bicycle that’s thoughtfully designed with inspired simplicity and beautiful utility to make riding simple and fun. By partnering with World Bicycle Relief, she has also built a social mission into the core of the company, proving that bikes can be engines of social and economic change for people globally, enabling kids to get to school, families to access professional opportunities, and anyone to reach quality health clinics.

Program Links

United Nations Girl Up SchoolCycle: https://girlup.org/schoolcycle/

 

More Links

Jump over to the website for the podcast at www.bonfiresofsocialenterprise.com

Give us a question to the mailbag!

Find us on Facebook and Twitter @bonfirespodcast

Our Blog and Content gingrasglobal.squarespace.com

Find more about Gingras Global at www.gingrasglobal.com andwww.gingrasglobalgroups.com  and Facebook of Gingras Global and Twitter@gingrasglobal

 

http://bonfiresofsocialenterprise.com/season-2-chelsea-koglmeier-of-bicycles-oro-jessica-robinson-of-bonfires-on-the-move/