Sheffy Kolade, CEO, Boxes and Baskets LLC, Nigeria and USA. Social Impact Entrepreneur.
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Integrating social impact into a company’s strategy and growth plan has become more and more important during the past years. Social impact as part of a company’s values ​​can not only benefit society, but also help achieve financial goals.
By aligning social impact with your company’s values ​​and strategy, you can create long-term positive impact and increase customer loyalty and trust. For example, in my home country, Nigeria, there are many under-represented individuals who possess skills that can be used to create value for society if given the right opportunities.
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Businesses and Social Impact in Nigeria: Unique Considerations
According to sources like the Nigerian Bureau of Statistics, about 40% of the country’s population lives below the poverty line. This means that a significant number of Nigerians do not have access to basic necessities such as food, water and shelter.
Giving these people access to jobs can lift them out of poverty and improve their quality of life. I believe companies not only have a responsibility to help those who want to work, but it can also make financial sense.
When it comes to Nigeria vs other markets, there are several unique considerations to keep in mind. Nigeria, for example, faces major challenges in areas such as education, healthcare and poverty reduction. Therefore, companies that prioritize social impact in these areas can have a greater impact on local communities.
In addition, companies operating in Nigeria or working there in some capacity may face specific regulatory and cultural challenges that require a nuanced approach to social impact initiatives. It is important for companies to work closely with local partners and stakeholders to understand these challenges and develop effective solutions.
Artisans in Nigeria
I have seen how many talented artisans in Nigeria have had to resort to menial jobs and even crime because they cannot access markets for the products they can offer. Nigeria is home to a large number of artisans who are skilled in various crafts such as carpentry, tailoring and welding.
Unfortunately, these artisans often do not have access to the markets they need to sell their products or services. This leaves them with few options, which leads to frustration and sometimes crime.
This is a specific example of how getting people off the streets and giving them opportunities to showcase their skills can have a significant impact on society. Not only does it help reduce crime rates, but it also contributes to economic growth by creating jobs and generating income.
When companies integrate social impact into their values, strategy and growth plans, they can help create these opportunities for underrepresented individuals in society. Governments and institutions can also play a crucial role in urging companies to incorporate social impact.
When governments encourage companies to prioritize social impact in their operations, it has been proven very effective to ensure that these companies “actively fulfill their social responsibilities” with competition in the product market playing “an intermediary role”.
So we can look at governments that have been most efficient turn incentives into jobs created and preserved. Some examples of these government programs already in place include:
1. The Impact Investment Fund in Australia. This program provides support through loans, equity investments and other financial products to eligible organizations. The focus is on job creation and economic growth in disadvantaged communities.
2. The Social Enterprise Investment Fund (SEIF) in the UK Likewise, this program provides grants, loans and equity investments to eligible organizations, with an emphasis on job creation and economic growth.
3. The Social Innovation Fund (SIF) in the US The SIF is a public-private partnership that invests in non-profit organizations and social enterprises that have a track record of success and a plan to increase their impact.
Institutions such as these not only provide financing to companies, but also provide mentorship and guidance on how to incorporate social impact into a company’s values, strategy and growth plans.
But while I consider these types of larger government programs essential, the contribution of the private sector to social impact is also essential. Businesses can work on social impact practices in a variety of ways. Here are some important steps:
1. Define your social impact goals. Before embarking on a social impact initiative, you need to define your goals and objectives. This will help you stay focused and measure your progress over time.
2. Collaborate with stakeholders. Social impact initiatives often require collaboration with other stakeholders, such as government agencies, NGOs or local communities. Find ways to build strong partnerships to help your business achieve its goals more effectively.
3. Market and promote your social impact practices. To effectively market and advertise your social impact practices, you need to be transparent and authentic about your efforts. This could include creating a dedicated section on your website, sharing success stories on social media, and participating in relevant events and conferences.
I believe more companies should explore how to integrate social practices as this offers a unique opportunity for long-term customer loyalty and trust. By providing employment to underrepresented individuals in countries such as Nigeria, companies can not only create value for society, but also promote economic growth and development.
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