Psst. After four+ years immersed in building an impact reporting platform to help small businesses tell the story of their impact, we’ve learned a few tricks you won’t necessarily find on best practices lists elsewhere.
Since we’re the sharing types, and we’re among friends here, right? – we’re going to pass along these secrets to you. Are you ready to jump in? Let’s go!
1. Don’t Try to Tell Us Everything
You’ve created a ton of impact with metrics and data points and so much more. And you should be proud of it.
But…
Does anyone really have that much time to read it all?
While we normally don’t advise thinking of yourself as the audience, this is an exception where you can. For instance: How much time do YOU have for reading – whether that’s a memo, a blog post, a magazine article, or that novel on your nightstand, let alone an impact report?
If you want to break through, brevity is the key. Brevity and focus. Create an impact report that conveys a crisp narrative, uses graphics to communicates key data, and puts a spotlight your stellar stories and the impact you’ve created with your partners.
Show people you value their time and attention. If you have more information than a slimmed-down impact report allows, then create a supplemental version with all the key data for those with interest – whether they’re a board member or another stakeholder with an appetite for the full-meal deal.
Just remember that it’s critical to differentiate between what you want to measure and what you want to share. There are many business and impact metrics that are useful and worthwhile to track. But not all of them may not be ripe for reporting to external audiences.
2. Transparency has its Rewards
If you want people to believe the good, then share the bad in your impact report.
Perhaps “bad” is a harsh word, but you probably understand where we’re going – maybe it’s an area of your business where you haven’t measured up in ways you’d like. It takes a little courage, but own up to it, chart a corrective course, and communicate it in your impact report.
As a bunch of non-math nerds, we fashioned a formula for the ROI of this: transparency = honesty, honesty = authenticity, authenticity = reward.
That reward generally translates into attention, trust, differentiation, and – loyalty. Create that and you’ve got coin of the realm that’s invaluable to a business.
3. Don’t Overlook an Unsung Stakeholder
When impact companies list their stakeholders, there’s one that often goes missing: suppliers.
It’s critical that you report your impact not only downstream of your operations, but upstream as well, and upstream is where your suppliers live.
For many, it’s an overlooked opportunity. First off, it’s an opportunity to educate and advocate upstream of your company for positive business practices. Next, it gives you the ability to shape and increase impact through the purchasing your business makes by providing resources to like-minded businesses. It’s those same like-minded businesses who help you minimize your impact through their sustainable business practices.
In many ways, this framing can be the strongest impact story you tell, so don’t forget to include it in your impact report.
4. Am I Too Early for Impact Reporting?
If you’re asking this question, there’s an argument that you’re already too late.
The journey to a successful, award-winning impact report begins with the first step, which believe it or not is creating your first report even if you haven’t been in business all that long or don’t feel as if you have created sufficient impact to justify reporting.
Remember that others aren’t even creating impact, nor are they reporting it. This gives you a competitive edge by including this in your communications program. Even if you are only measuring two or three impact areas, produce a report! It can be as simple as a brief letter to your stakeholders, the story of your current impact, and most importantly – your goals for the future.
5. Don’t Forget Your Public Benefit Report
So, you registered with your Secretary of State as a public benefit corporation because you:
- Thought it sounded cool
- Desired an intentional legal structure for creating public benefit
- Were required to become one as part of B Corp certification
- Checked the wrong box
Regardless of the reason, your state likely requires you as a public benefit corporation to publish an annual benefit report, aka” impact report.”
Many states are lax in their enforcement of this regulation, and we’ve discovered that some benefit corporations, pushed for time and resources, put off publishing their impact report with good intentions that can go unrealized. While your Secretary of State might not be checking up, what about your employees? Or how would you handle it if a customer asked to see your impact report?
Don’t be that company! Besides, these requirements should only serve as incentive for you to do what benefits your company anyway – sharing the story of your impact as a positive differentiator to the world, and in the marketplace.
And remember: Each state has different requirements for benefit reporting so be sure to check with your Secretary of State.
6. Your Report is a Rich Vein
Your report is a rich vein; mine it!
It’s an amazing asset, so don’t publish it and leave it on the (electronic) bookshelf. Slice it, dice it, and distribute it many times as consumable graphic content to be shared in many ways.
Look at your impact report as a container for your impact; you can pour this information into a communications content calendar and fill it up for a good chunk of the year. Just think of it as being comprised of individual constituents with metrics, testimonials, blogs, pull quotes, stories, memes, and more that you can share across your channels and with your different stakeholders.
If you gain this perspective you’ll save tons of time, reinforce your messaging, and make the most of the impact you’re making.
Psst…There’s More
Those are a few of the secrets about impact reporting you likely won’t find elsewhere. We hope they’re helpful to you – and we’re grateful for the impact you’re creating in the world.
Oh, and one last thing: There are more secrets where those came from. Just sign up for our impact reporting platform and we’d be happy to share them with you.