It is important, especially nowadays to hold companies to account. We need to intently and thoroughly interrogate how their operations impact people and the environment. The impact is a significant or strong influence; an effect. Doing impact analyses for companies in Zimbabwe is needed. In this article, I shall be discussing the importance of companies’ impact scoring. I will also touch on business opportunities available in companies’ impact scoring. Those passionate about people and the environment will find this discussion resonant.
How To Analyze Impact
The Log Frame
What is called the Logic Framework (or Log Frame) is central to analysing impact. The Log Frame is a Project Monitoring and Evaluation tool or model. Side note: I strongly encourage you to enrol for Project Management or Project Monitoring and Evaluation courses. Acquiring knowledge and skills in those areas will greatly capacitate you for entrepreneurial or business success. Anyways, a Log Frame comprises 6 basic sections or components. These are Intentions, Inputs, Activities, Outputs, Outcomes, and Impact in that order. To differentiate those 6 aspects here is an example:
Intentions – Get 5000 young people to enter the ICTs field annually until 2025
Inputs – US$1 million fund, training facilities, educational material
Activities – Teaching
Outputs – Number of young people trained
Outcomes – Number of young people who got employed
Impact – Financial independence, wellness, economic value
In analysing impact those are the aspects that you look at. Your core focus though is mainly on the last 3 – Outputs, Outcomes, and Impact. Regardless, those 3 are contextualized and substantiated by the other 3. Thus when probably writing an impact analysis report or article you cover the last 3.
The Impact Management Project (IMP)
Another tool or model you can use is the Impact Management Project (IMP). This explores 3 elements namely, What, How Much, and Who.
What – This looks at what outcomes the effect(s) relate to. This also includes their importance to those encountering them.
How Much – This explores the significance of the effect(s) that happens in or over a specified time.
Who – This is about who encounters the effect(s) and how underserved they are in light of the outcomes.
Features Of An Objective Impact Analysis
You must explain the importance of the subject matter with the use of solid evidence or data. You must be mostly quantitative about the what, how much, and who aspects. You of course in some cases can be more qualitative. However, the best balance is being both quantitative and qualitative but being more quantitative. Bear in mind that everything you cover must be contextualized. You must also ensure that you use the appropriate level of granularity. Do not confuse intentions as impact – they are not the same!
Do not also take ethical issues (e.g. bad ethics or reputation) as an impact. The consequences of those issues are what constitutes impact. Corporate Social Responsibilities are not enough in themselves; go beyond to explore their actual impacts. The impact must always be quantified, not just generalized. A cardinal mistake to avoid is to use allegations or assumptions – work with verifiable information only. Every piece of information you use must be from current, relevant, authoritative, accurate, and purposeful sources.
Opportunities In Companies Impact Scoring
You can start a company, trust or organization that specializes in companies’ impact scoring in Zimbabwe. There is a huge gap and need for this in Zimbabwe. The value propositions for this are to come up with empirical data for two of several possible uses. One is to contribute to pressurising companies to prioritize Environmental Social Governance (ESG). This is all about putting pressure on companies to conduct their operations in a manner that protects or restores the environment.
For instance, if a company has a low impact score they will work on addressing that to sanitize their brand image. Two, impact analyses can be instrumental in policymaking and other research initiatives. All in all, you get to make money by selling valuable data to many possible clients. You can offer consultancy services in helping companies turn their brands into positively impactful entities. You can even develop a certification program where people pay for you to train them to become Impact Analysts. Truth is, the extent of what you can do to make money from companies’ impact scoring is limitless.
I am sure I have sparked something in you. I just covered some of the basics otherwise there is much more to talk about. This area I just discussed is much needed in Zimbabwe. The creation of value whilst making money is always a good venture. That is why Companies Impact Scoring is a field worth exploring in Zimbabwe.