The Importance of Social Impact for Startups & Creators

Defining your project's value proposition is a key part of your business strategy.  What's a value proposition?  Quite simply, your company's value proposition is a clear and concise statement of what your business does (product or service) and what problem that solves for the customer.  Stated another way, you are telling your audience: 1) what benefit you provide; 2) to whom you provide that benefit and 3) how you provide the benefit in a unique way that differentiates you from your competition. 

Yesterday, I read a great article about the importance of emphasizing the social impact of your business.  Social impact can be defined as the impact a business has on the quality of life - or possible quality of environment in a community, without an overt profit motive. 

State governments like Pennsylvania are giving startup businesses more tools than ever to legally organize themselves into Public Benefit Companies, which I wrote about over on my law practice blog at tuklaw.com here

Social impact can benefit your business in three ways: 

  • Attracting the best talent (particularly as millennials assume a larger role in your workforce); 
  • Marking a larger impact in emerging markets; AND
  • Winning customer loyalty.

It's worth a read, and you should check that article out here.