SMEs have the power to do social value really well. As a smaller business, you’re more likely to have deep local roots, hire within your immediate community and keep money in the local economy. You’re also small and agile enough to pivot to work on relevant, timely initiatives that will generate serious impact.

But, so often, SMEs let their good work fall through the cracks – often taking it for granted (“it’s just how we do things round here!”), or believing that social value is something that only big businesses can afford to think about.
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At CHY Consultancy we’ve had almost two decades-worth of experience helping businesses (big and small) develop social value strategies that make the world a better place. We know for a fact that small businesses can make a big difference! But… you do need to be strategic about what you’re doing. 

Here’s how to get started.
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Wait… does an SME really need a social value strategy?

If you want to maximise your impact, yes. There’s a big difference between doing a charity bake sale or sponsored 10k here and there and being a truly aligned, purpose-driven business that will change people’s lives for the better. 

The bit most people don’t realise? You already have the tools you need - the trick is understanding where you can make your biggest impact.

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Understand your influence

A lot of SMEs are personal by nature – you’ve probably got values that you stand by or causes close to your team’s heart. You’ll also have areas of expertise and influence – things you're good at, areas you’re well connected in or have access to. By looking at how these areas can fit together, we can devise a strategy for having a real impact in the world.

For example, patent law firm Beck Greener believes in inspiring the next generation of innovators. By volunteering in schools and sharing their STEM expertise, the company is connecting its professional expertise with the local community in a way that benefits everyone involved.

The Hobbs House Bakery, based in the Cotswolds, is committed to the circular economy. They donate 250 loaves a week to local charities, and have donated over 100,000 loaves via their ‘buy one, give one’ scheme in partnership with Ifakara Bakery in Tanzania. They also run baking classes for local schools, and have an apprenticeship scheme.

Both of these businesses are using what they already do well to make a focused difference in the areas that matter most to them.

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Use your existing assets to enable social value‍

What do you already have in your business that others could benefit from? Which of your resources, products or services could be improved to have a positive social impact? 

A small rehearsal studio in Leeds, The Old Chapel, had music studios that were mainly used by their customers in the evenings – leaving them with empty rooms in the day. By offering this space out to community groups and letting them use their equipment, they brought the gift of music to hundreds of young and disadvantaged people in the city. This move has been incredibly successful – and has led to the formation of the charity Leeds Music Trust.

Take a look at the assets in your business – how can you use them to help people?

Here are a few ideas to get you started.

• Procurement – can you choose more ethical products? Work with VCSE suppliers or those with strong social value credentials?
• Existing resources – can you share your real estate, data, access, or in-house skills with a community? Can your assets be repurposed to benefit someone who really needs them?
• Your end product or service – is there a way to make it more environmentally friendly, repurpose it to tackle a social challenge and/or make it more accessible? 
• Partnerships – do your partners, clients and investors align with your mission? Can you work together to enable even more social impact?

How do we know when it’s working?‍

Tracking it! Recording your good work is helpful for so many things – as well as allowing you to quantify and build on your impact each year, it helps you communicate what you’re doing to stakeholders and customers and means you can submit a powerful social value response in tenders. It will also inspire and motivate your employees too!

But how do you know when your strategy has truly become part of your working culture? 

At CHY we work with you to develop and embed your core values throughout your business. Nothing gets signed off without the question being posed: what is this doing to further our cause? 

That doesn’t mean that you will never go against it – businesses still need to profit to survive and there will always be a balance to strike. But if you’re always asking the question, and finding a way whenever you can – you’ll change the world for the better.

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CHY is currently offering a limited number of free 20 minute social value check-ins for SMEs. To get your social value questions answered by our friendly team, book your slot here.

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