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Welcome to Episode 5 of the Social Entrepreneurship and Sustainability Show, where we delve into the intriguing topic of "Measuring Social Impact." In this episode, we explore the importance of measuring the impact of social enterprises and the challenges that arise in quantifying social value. We discuss two widely used methods: Social Return on Investment (SROI) and the Balanced Scorecard. SROI focuses on assigning monetary values to variables that demonstrate the holistic value created by social enterprises, while the Balanced Scorecard measures internal efficiency and operational effectiveness. We highlight the benefits and limitations of each method, with SROI offering a competitive advantage in attracting funding and the Balanced Scorecard providing a customisable format for various metrics. As we conclude the episode, we encourage listeners to decide which method best suits their social enterprise's impact measurement goals, keeping in mind the potential for positive change that understanding impact can drive.
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