Stay on Top of Your Reports
Reports help social enterprises calculate the impact their business is having on the community. It is a good way to reflect on the efficacy of your business and also provide evidence of this to funders and customers.
These are legal reports that look at how the business’s activities have benefited the community. What steps were taken to consult stakeholders and outcomes, any payments made to directors, what assets have been transferred, any dividends that were paid, what performance related interest was paid on loans.
Having these reports in mind as you start will help you collect the right information early on and saves a lot of stress further down the line.
Impact reports demonstrate the impact that your business has on the community. It is best to gather this evidence right from the start of the business to avoid a lot of hassle later on.
For a solid report, it is a good idea to collect both qualitative and quantitative data. One good way to collect quantitative data is to ask people to rate how they felt on a scale of one to five before and after using your product or service. You can get qualitative data through asking for feedback from stakeholders and customers.
When you have these statistics, you can incorporate them into funding applications, press releases and marketing campaigns. These reports also provide insight into how you can better contribute to your cause, what is already working and what needs to be changed.
There you have it. Our 10 steps to starting a successful social enterprise. We hope that this information has helped you think a little more about social entrepreneurship and that you now have a framework to help to get you started. If you have any further questions then get in touch! We are always happy to help in any way we can.
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