Your business’s reputation can be significantly impacted by the views of the wider public, so it’s essential to have achievable social value strategies in place.
Originally, the Public Services (Social Value) Act 2012 brought social value to the spotlight, as this mandated those commissioning public services to consider how they might achieve broader social, economic, and environmental benefits.
With these additional factors being central concerns in the procurement of contracts for public services, businesses with social value strategies in place may find themselves at a distinct advantage when vying for these contracts.
As such, social value can also be a critical factor when seeking investment, grants or work from public sector organisations.
Which social value strategies can you adopt?
If your plans involve tendering for public sector work, here are a few strategies to augment the value of your enterprise:
· Minimising waste and enhancing/improving recycling
· Offering work experience placements
· Improving the natural environment surrounding the business’s location
· Generating jobs for the local community
· Awarding sub-contracts to local enterprises
· Selecting a ‘charity of the year’ and organising fundraising events
· Launching employee initiatives such as weekend volunteering and lunchtime cycling/jogging sessions
How can these benefit your business?
By employing social value strategies, your business’s reputation in the local community will be improved, which can have a knock-on effect when applying for public sector contracts.
The Government allocates up to 10 per cent of marks for social value, so this could be the decisive factor between winning or losing a bid.
A business with solid social values could also appeal to new clients, as they may appreciate your efforts to go above and beyond for your community.
Additionally, it can foster a positive working environment, with staff enjoying the employee initiatives, potentially boosting overall productivity.
For support with your business’s strategies, get in touch.
