Economic Impact
Shared Value
The idea of Shared Value provides a strong case for businesses working with community organisations, as it secures new income streams for CSOs, a bottom-line return for the corporate partner and economic & social value for both sectors.
This innovative approach extends the community partnership between corporates and society utilising the skills of businesses in ways that enhance community benefits and reduce societal problems. The added business skills can be employed in community organisations providing support for the growth of the community organisation. Measuring the impact that this has on social value and identifying complementary activities such as Walking Football supporting investment in both, social and corporate sectors. This creates new income streams that improves health and wellbeing in targeted groups and improves the financial surplus at the club.
Taking the Shared Value model one step further by aligning the business sector with local communities enables society in general to benefit from improvements not only in the economy but also in Health and Wellbeing, Education and life opportunities, while simultaneously improving the return on time and money invested (ROI), for the businesses.
Employing these shared principles generates sustainability and with it, access to social investment for stakeholders in the community, and shareholder benefits for the company as it fulfils its social purpose.
Creating an aligned partnership leads to growth of markets, ‘licence to operate’ and enhanced relationships with the community; providing a more productive approach to strategic growth for businesses and communities alike.
Corporate & Education Sectors
Two further income-generating components of wellbeing developments are the Corporate and Education sectors, incorporating wellness programmes into businesses and schools, delivered by the organisation’s wider partnership.
These activities will add significantly to both social impact and provide an enhanced bottom-line return for businesses. Similarly organised programmes can provide benefits for schools such as improving self-esteem, reducing the impact that poor body image has on young people’s mental health, whilst businesses improve their productivity, reduce absenteeism and enhance staff engagement.
“Society is demanding that companies, both public and private, serve a social purpose. ………. delivering financial performance, but also showing how business makes a positive contribution to society”
More prosperous communities across the UK
The 2017 Industrial Strategy refers to the creation of ‘prosperous communities across the UK’ that contribute to a more economically productive ‘place’.
A healthier social setting within the community creates an environment that encourages local residents to contribute to their own health improvements, as they recognise the benefits of taking responsibility for their own wellbeing.
Sport and physical activity have not traditionally been supported in the same way as other parts of the economy;
We know, however, that the two are complementary. A stronger and more successful sporting economy can help meet customer needs more effectively, and a strong demand from the public for opportunities to take part in sport and physical activity will also help drive the sporting economy. This is on top of the direct benefit for the UK of additional jobs and economic activity. (Sporting Future 2015)
The government indicates that achieving social objectives ‘will define who we fund, what we fund and where our priorities lie in future’ Tracey Crouch Minister of Sport 2015
Thereby attracting funding not simply for physical activity but the same principle applies to alternative funding that generates improved education, employment and income levels.
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