Impact reporting associated with any philanthropic gift, provides funders with valuable data to demonstrate social and marketing ROI to your clients, investors, and board members. It also helps set common goals for your business and the partnering organization from the beginning of the relationship. Reports associated with funding motivates organizations to work efficiently with your funds to ensure requirements and expectations are met.
Transparency and clearly established expectations are key to any successful relationship, including a philanthropic partnership. When all parties understand the goals of the partnership and can move forward accordingly, the likelihood of success is much higher.
From my experience, even the most malfunctioning of organizations fear of having to repay an unfulfilled grant or the possibility of being blacklisted by a funder. For ten years I have worked on the asking side of philanthropy. While working for various nonprofits, I have written grants, thank you letters, reports, and researched prospective donors.
This experience working at some of the best organizations and with great funders, taught me a lot. I learned the best players in the world of social impact are extremely intentional. Whether a multi-national oil and gas company or a local foundation, some funders just know how to get the best return on their investment when it comes to philanthropy.
These funders understand that prioritizing impact reporting is key to identifying and conveying the results that matter most to a company’s stakeholders. If your business wants to make a substantial and positive social impact, require reporting. The information you obtain will help your stakeholders visualize the impact of your social investment strategy and motivate the organization to meet the goals you set.
Reports don’t have to be long and complex to convey an impact. Impact reporting can be as simple as a one-page questionnaire.
By establishing pre-set reporting criteria with an organization, you are setting your partner organization up to succeed based on how you define success. This will provide the foundation for a long-term philanthropic partnership based of trust and impact.
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More hands make less work. Together we can accomplish all of it!