How you can unlock additional social value through partnerships

In recent years, we’ve seen businesses across all sectors become more ambitious with their social and environmental impact. And it’s brilliant. But despite all the progress we’re seeing, it’s important to remember that achieving large-scale change isn’t a solo mission.

There’s a limit to the impact a single organisation can have. We don’t mean this in a pessimistic way; we’re always stronger when we work together. Despite the best of intentions, there’s only so much noise one company can make.

Maybe you want to do more to reduce social inequalities in your local community but are lacking the manpower and knowledge in-house to do so. Or you have an endless supply of great ideas for reducing the impacts of climate change but are lacking the resources to bring them to life. 

In these scenarios, social value and sustainability partnerships can be an effective way to expand resources, increase influence, and change the tide on pressing societal issues. Let’s take a deeper look at how this can be a revelation for your social value initiatives.

Why partner with other organisations?

Many of the larger issues you’ll be looking to address within your social value strategy will require systemic change.

This level of change is far beyond the capabilities of any individual company. We’re talking about deep societal behaviours that we can’t untangle alone. No one company can solve the climate crisis on their own in the same way no one person can be expected to solve pollution by recycling. It’s by combining our efforts that we can make the biggest splash.

There’s this tendency to see business as a competition. A solo race where we have to beat our direct and indirect competition. But life – and change, by extension – is a team game. Social value is a team game. So, where suitable, it’s important to maximise the skills and resources of others around you to have the greatest impact. By pooling these together, bringing in fresh ideas, and unlocking greater innovation, partnerships help you make more significant and efficient progress than you could by going it alone. 

And the benefits don’t end with social value, either. Ongoing relationships with other organisations can introduce you to best practices from a wide range of industries. This can help you uncover inefficiencies in your operations that fundamentally change the way you work for the better.

Who can you partner with?

There are no hard and fast rules about what a social value partnership must look like. Or who you should partner with to achieve your goals. The right connection for you will depend on what your priorities are, the skills you already have in-house, and perhaps (but not always) the industries you operate in.

A new partnership might see you teaming up with one – or a few – of the following…

Your suppliers

This can be a logical place to start. After all, you already have a working relationship and shared interests; whatever is good for you will likely be just as good for them.

Let’s use the example of GHG emissions. Up to 90% of your organisation’s emissions will come from your supply chain, meaning it’s impossible for you to mitigate these in-house. Joining forces with your suppliers, and supporting them to improve their own impact, can be a powerful way to supercharge your efforts. 

We’ve seen a great example of this with Unilever. They tasked all their suppliers with addressing living wage gaps across their operations. While they could control their own wages, they couldn’t control anyone else’s. Not unless they used these relationships to promote meaningful change.

Competitors

With the future of the planet at stake, it pays to put your differences aside for the greater good.

To achieve industry-level change, we need competitors to come together. When it comes to social value, you may find that you’re already working toward the same goals. But there will inevitably be ideas they have that you don’t.

Entering into a partnership can introduce you to new innovations, ways of working, and additional opportunities for generating value. As well as applying extra pressure to your wider industry to make tangible social and environmental commitments.

Investors

Changing the world for the better can be an expensive task; there are no two ways around it. But with investors also feeling the pressure to have more of an impact through their funds, there are plenty of opportunities for a mutually beneficial partnership. 

You unlock the funding to bring your innovative ideas to life, and they get to invest more money into socially impactful projects and initiatives. It’s a win-win.

Non-profits

If gaps in your knowledge are holding back your social impact, partnering with nonprofits could be the way forward. Teaming up with organisations that align with your priorities and work closely with the people or causes you’re trying to help will provide a lot of valuable insight.

For example, maybe your organisation cares about homelessness in your local LGBTQ+ community. You might have people from the LGBTQ+ community in your team, as well as plenty of allies, but they’re not on the ground everyday fighting to combat homelessness. In this case, a local nonprofit will help fill this knowledge gap and help you create initiatives that address the very heart of the problem. 

This isn’t even an exhaustive list. As we said, there are no rules when it comes to social value partnerships. Any collaboration that will increase your resources, knowledge, and influence will be worth exploring. And watch this space. We’ll be back next week to share best practices for social value partnerships that last. We’re sharing our advice for making sure you set a strong foundation and invest your time in the best alliances.

Impact is a framework-independent platform that puts social value on autopilot. Decentralise data capture to ensure you don’t miss any insights across your organisation, supply chain, and any partnerships. To find out more, schedule a demo, or get in touch with the team on 0161 532 4752.