Business Investment for Societal Impact
In the early 1990’s, LBG changed the way that businesses thought about corporate charitable giving – moving it from a purely philanthropic activity to strategic investment in the community. Today, businesses are looking at how they can be more ambitious and courageous in their approach to social impact. They continue to diversify the ways that they can maximise their value to society whilst meeting commercial objectives.
In response to this, Corporate Citizenship expanded the LBG Framework in 2018 to include ‘Business Innovation for Social Impact’ and ‘Procurement for Social Impact’. This expansion, developed in conjunction with over 20 leading and global businesses, enables companies to measure and report new and sustainable ways of driving strong social impact whilst also delivering significant business returns. As shown in the image below, the comprehensive LBG Framework allows companies to measure, strategically analyse and enhance the impact and business benefits of activities that fall outside of its core business operations.
The expansion of the LBG Framework is simple and straightforward. Both Business Innovation for Social Impact and Procurement for Social Impact will be measured with the traditional Inputs, Outputs and Impacts framework.
Since LBG is driven by companies, it quite simply lists what other companies have found useful to measure. That took the pain out of figuring out what my business needed to measure.