Saturday 20 November 2021

The Significance of Impact Assessment to Startups and Growing Businesses

Many founders think that the cost of impact assessment is higher than their small budgets. They are often discouraged to invest in impact analysis because they think it is a venture that is only worthwhile for established corporations. The truth is that impact assessment is an undertaking that has a lot of relevance to growing corporations. Although an institution may be small, the social impact capital available to it is enormous. Startups and growing businesses need to figure out how to measure their impact potential to unlock this valuable asset. Thanks to ImpactableX, there is a simple impact modeling methodology that applies to all institutions, no matter their size. The modeling framework yields standardized, quantified and verified impact analytics. It got designed to specifically help investors and social entrepreneurs to make informed decisions.

The primary modeling framework used by ImpactableX enables founders to measure impact generation under different growth circumstances. It also helps them to make insightful management decisions that maximize impact and revenue. Our modeling criterion applies to any model of business. It also provides insights into a business that is at any level of impact or any developmental stage. As sales estimates and new primary data get collected, the inputs to our model can get revised for new insights. ImpactableX uses a modeling framework that is adaptable and scalable. No matter the size of the corporation or the stage of growth, our model remains effective. Our social impact measurement approach provides more than static quantification snapshots. It yields centralized, dynamic, and consistent tools for management.

There are three components to our impact assessment process. We start by defining the primary impact metrics of a company. The process captures the components that drive the value proposition of a company. We then use our modeling template to align the metrics with acceptable standards, like IRIS+ and SDGs. The objective is to alleviate any doubts and ensure we all are measuring the same units and working towards a common goal. During attribution, we measure the contribution made by our company to a problem as compared to a set baseline. Our impact assessment process guides founders on how to apply the methodology to their business model. Please check out their website for more information.

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