{"id":272,"date":"2017-01-27T16:30:51","date_gmt":"2017-01-27T23:30:51","guid":{"rendered":"http:\/\/sdc-sage-editing.com\/sdc-sagewit\/?p=272"},"modified":"2017-02-09T13:01:30","modified_gmt":"2017-02-09T20:01:30","slug":"nurturing-your-people-growing-your-social-capital-and-social-impact","status":"publish","type":"post","link":"https:\/\/sdc-sage-editing.com\/sdc-sagewit\/?p=272","title":{"rendered":"Nurturing Your People: Growing Your Social Capital and Social Impact"},"content":{"rendered":"
\"Community<\/a>

Community Concept
(Credit: Irokez|Dreamstime.com)<\/p><\/div>\n

Last week, we looked at the environmental sustainability strand of the three Ps of the triple bottom line (Planet, People, Profits\/Prosperity). The focus this week is on exploring some small but meaningful and doable strategies that will help you nurture the people in your business life and contribute to your community.<\/p>\n

It\u2019s easy to become exclusively focused on the environmental strand of being a socially responsible business, but let\u2019s not forget that the very term \u201csocial responsibility\u201d includes the word \u201csocial.\u201d So what does it mean when we are talking about the \u201cpeople\u201d strand of the triple bottom line? It means taking a regenerative approach to growing and sustaining our business\u2019 social capital and social impact. It means recognizing the short and long term value of looking out for our stakeholders, the people who support our business: our customers[1], suppliers and vendors, employees; the business professionals who take care of the details that aren\u2019t our forte; the people and organizations that are part of our local community and local economy; and last but definitely not least, ourselves. Yes, we need to include ourselves in our network of important people who must be nurtured[2].<\/p>\n

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Social Capital and Social Impact: Is there a difference?<\/strong><\/p>\n

Social capital refers to both the number and quality of relationships you have with customers, suppliers, employees or independent contractors and other business professionals and <\/strong>the number and quality of relationships you already have in place with other businesses and organizations that share your socially responsible vision[3]. Why do the number and quality of these relationships matter? First, if you already have good business relationships based on fairness and respect and you have a good reputation for looking out for others in your network, it will be much easier for you to get your various stakeholders on board with your socially responsible vision. Second, if you already have a network of relationships with other socially responsible entrepreneurs, you know you\u2019ll have at least a few kindred spirits who will encourage you on your S-R transformation journey and who might be willing to share their hard earned practical wisdom with you along the way. Furthermore, it is more likely that you\u2019ll hear about opportunities to collaborate on projects that strengthen your community and your local economy if you have already made some of those connections. If you haven\u2019t yet made these connections in your network, don\u2019t despair; I\u2019ll be offering some strategies to expand your network.<\/p>\n

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Whereas social capital refers to your stakeholders and your relationships with them, your social impact is the extent to which your business positively contributes to the social and economic well-being of your community[4]. For example, do you actively participate in \u201cbuy local\u201d events, collaborate on projects to improve the vibrancy of your community, or donate time or money to a local organization or community event? Participating in these kinds of events contributes to boosting your local economy and expanding community resources; they have a positive social impact on your community; it also tends to boost your social capital.<\/p>\n

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If you have a long list of stakeholders to attend to in your immediate business community and you are wondering if, by extension, that will translate into an equally long list of S-R strategies that must be implemented\u2014relax. Remember the emphasis is on taking small, doable steps, so you are only going to implement one or two small-scale strategies for now. Conversely, if you are a solopreneur who conducts almost all of your business over the internet, don\u2019t assume that you don\u2019t have any social capital or any connections to your local community. You are still part of a local community <\/em>and you can still have a positive social impact on your local economy. <\/em>(Or perhaps like Joe Staiano who runs Meaningful Trips<\/a>, you contribute to the local economies of your tour destinations by partnering with locally owned hotels or tour groups.)<\/p>\n

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Assessing Your Net(work) worth<\/strong><\/p>\n

Before you can identify some feasible social impact strategies that you would like to implement, you need to stop and evaluate your readiness, resources, and reasons for wanting to increase your positive social impact quotient. Just like last week, we\u2019re going to start by doing an inventory of what you are currently doing (or not doing) to nurture your people and your local community. So, collect your business plan, vision and mission statements, financials, list of stakeholders, a notebook and pen (or stylus if you prefer electronic notebooks), and find a quiet place to do your assessment. Start by listing your stakeholders (don\u2019t worry about your customers until next week) in one column, then create a column for what you\u2019re already doing, and a third column for what strategies you don\u2019t have in place yet, or would like to implement. If you follow this format, you\u2019ll have a three-column table that looks something like the fictional example below:<\/p>\n\n\n\n\n\n\n\n
Stakeholders<\/strong><\/td>\nS-R Strategies Already in Place<\/strong><\/td>\nS-R Strategies Not Yet in Place<\/strong><\/td>\n<\/tr>\n
Employees\/contract workers<\/strong><\/td>\n-acknowledge workers\u2019 value-flexible work schedule<\/p>\n

-respect personal time<\/td>\n

-pay living wage-provide health benefits<\/p>\n

-training\/PD opportunities<\/td>\n<\/tr>\n

Suppliers<\/strong><\/td>\n-pay on time-recommend to others<\/p>\n

-don\u2019t expect deep discounts<\/td>\n

-find out about suppliers\u2019 labour practices.<\/td>\n<\/tr>\n
Business Professionals<\/strong><\/td>\n-host networking event<\/td>\n-develop more contacts in S-R community-start meetup group<\/td>\n<\/tr>\n
Local community<\/strong><\/td>\n-volunteer for community events<\/td>\n-Partner with local social enterprises<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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Once you have your table completed, take a moment to congratulate yourself for any strategies you already have in place. (Yes it still counts if the strategy wasn\u2019t the result of a deliberate or mindful planning session.) If you don\u2019t have anything in place yet, please acknowledge yourself for taking the first steps on a path to a socially responsible business. Now, think about the items you listed in the \u201cNot in place yet\u201d column. Which stakeholder groups have the most \u201cto do\u201d items? Is it because they are \u201cbig ticket\u201d items that are still a bit beyond your financial capital at the moment? Is it because they are more complex or more time intensive than you had anticipated? Do the strategies you\u2019ve listed really fit with your vision and mission, or have some of them been subconsciously shaped by external pressures? Maybe it\u2019s a combination of reasons that have conspired to render you overwhelmed and daunted by the prospect of where to start.<\/p>\n

Here are some thoughts on how to get out of the train station to start your journey. If you\u2019re having difficulties choosing which group of stakeholders you should start with (excluding customers, for now), think about the adage that states \u201ccharity begins at home.\u201d In this case, if you have employees or independent contractors who are there for you and keep your business running, start by looking out for them first. If your suppliers are the equivalent of your business\u2019 life blood, what are some steps you can take to look out for your suppliers and ensure they\u2019re treated fairly and with respect?<\/p>\n

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If you\u2019re a solopreneur and your business peers are crucial to the well-being of your company, start with nurturing your network and local business community. Join socially responsible business organizations and volunteer your skills for a project (just be mindful that the volunteer hours don\u2019t start eating into the time needed to run and grow your business); be generous about recommending favourite local businesses to your friends and customers (Kate Sutherland<\/a>, one of the entrepreneurs featured in my book<\/a>, makes a point of enthusiastically recommending other local businesses and services to people in her network.); and ; reach out to peers to take on collaborative projects that not only generate but also boost the vibrancy of your community.<\/p>\n

If it\u2019s a clash between a \u201cchampagne mind and lemonade pocket\u201d that\u2019s holding you back, acknowledge that you won\u2019t be able to take on big ticket items right now if your revenue flow just doesn\u2019t allow it. Put those items on your \u201cto do later\u201d list of long term, complex goals, and find some low-cost (yet valuable) strategies that you can easily implement and that won\u2019t keep you up at night worrying about finances. Yes, it can be disappointing if you\u2019d really like to pay your employees a living wage and full benefits, but perhaps you can offer the gift of time, instead. For some employees, perhaps just having the option of telecommuting once or twice a week would be a real gift, especially if they have a long commute to work. You might not be able to offer health benefits, but maybe you can spring for a gift certificate for a spa day. You can always make a point of regularly letting your employees know how much you value them and their contributions to your business.<\/p>\n

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Small Steps to Creating an Impact<\/strong><\/p>\n

Throughout the post, I\u2019ve listed some strategies for looking out for your people and making a social impact. Here are a few more strategies from Small Business, Big Change[5]<\/strong><\/em><\/em> that are low or no cost and easy to implement and track.<\/p>\n