How a Socioeconomic Impact Report Benefits Your Business

When executed properly, a socioeconomic impact report has immeasurable value in communicating how much of an asset a business or organization is to the communities it serves. No matter what industry you’re in, it’s important to not only know your community, but for them to know you, and a socioeconomic impact report creates that opportunity.

Beyond corporate social responsibility, a report of this nature is an invitation — welcoming your clients, customers, employees, and other stakeholders to understand who you are as a company and a brand aside from the products and services you provide.

What is an impact report?

Unlike an economic impact report (which focuses solely on data), a socioeconomic impact report is a booklet that demonstrates the social, economic, and environmental impact of a specific event, project, program, policy, organization, or business on a defined geographic area.

Producing a socioeconomic impact report requires conducting thorough research to measure an organization’s impact through the lens of the supply chain, workforce, volunteerism, community giving, and sustainability.

Hidden in the data are untold stories of people and communities benefiting from the company’s various initiatives and community investments including supplier diversity, workforce development, philanthropy and volunteering. This research allows us to understand and identify how a business generates value in its community.

The resulting report is not a mere document but a mosaic — a culmination of all the different ways you are positively impacting and igniting change in the communities where you live, work, and serve.

Why should my company have a socioeconomic impact report?

When it comes to value proposition, no material communicates the impact of your brand and business better than a socioeconomic impact report. Understanding that value encourages internal stakeholders to put even more effort into supporting your community.

By increasing awareness of your company’s socioeconomic impact, this report creates a better understanding of your initiatives and promotes transparency and trust in the work you do, giving your company a competitive edge that makes businesses want to work with you, news outlets want to profile you, and customers want to purchase from you. This in turn elevates your voice in the community and positions you as a community and industry leader, helping to push forward the company agenda because you are seen as a good corporate citizen.

As it pertains to government affairs, this report equips you to be your own best advocate for the initiatives and policies you want changed, and why those changes are good for the communities you’re operating in. Lastly, socioeconomic impact reporting emphasizes your corporation’s interest and dedication to ensuring your community flourishes. When presented to local stakeholders, this report fosters community buy-in and support by showing that not only do you care about the concerns, interests, and needs of community members, but you are committed to being a resource and solution to those needs.

In addition to making plain the tremendous impact your company is making, this report serves as a digital and physical marketing tool to demonstrate your company’s worth to potential clients and partners.

The Laisar Difference

While most reports heavily focus on the hard facts and data, a Laisar socioeconomic impact report goes beyond the numbers. Not only do we analyze data, but we make the data make sense — we humanize the data by drawing out the stories of key stakeholders like your employees, diverse suppliers, and community partners. We accomplish this through storytelling, building trust, and showing your organization’s commitment to being an economic steward in your area/region.

If you truly want to show the impact your organization is making in the communities where you live, work, and serve, it’s paramount to highlight the people who are affected by your company’s presence and decisions. That’s the Laisar difference, and it’s why we do what we do.

Ready to showcase the positive change your organization is making? When you work with Laisar, we will craft a compelling socioeconomic impact report that not only analyzes data but brings it to life through storytelling.

Let Laisar be your partner in impact. Contact us today and discover how a Laisar socioeconomic impact report can elevate your brand and strengthen your community ties.