The desire for social impact is what drives the mission behind grantmaking. Grantmakers exist to make change in the lives of individuals or society as a whole, whether it’s for greater access to healthcare or affordable housing or increased efforts in environmental conservation.
It’s important for funding organisations eager to drive positive social impact to continuously demonstrate their commitment to the results of their efforts. And that can sometimes be difficult, when the process of the actual task becomes weighed down by the nuts and bolts of it.
But there are good ways grantmakers can remain focussed on the social impact in their grantmaking. Let’s go over some of these strategies.
1. Define goals that align with your desire social impact
Keeping social impact at the forefront of your grantmaking starts with pinpointing the philanthropic goals you want to achieve. Define and document your values and mission. Highlighting the causes that matter to you ensures that your grantmaking is aligned with them from the start.
It’s vital to have a thorough grantmaking strategy. This strategy provides a structured approach to how you should distribute your social impact grants to achieve your charitable goals. Work with your community to build your program together, gathering feedback and insights from the people and places where you want to make an impact.
2. Lean on trust-based philanthropy
Find and engage with social impact organisations that can help you grow your impact.
Look for nonprofits and initiatives that are known to have notable positive social impact in the areas you’re focused on. While searching, implement a set of criteria for thorough vetting. Pay attention to each organisation’s mission, stability, capacity and leadership to be sure there’s a history of impact.
Avoid the trappings of traditional philanthropy that inadvertently perpetuates systemic inequities by funding only popular nonprofits. Embrace trust-based philanthropy, and direct your attention to lesser-known organisations dedicated to underrepresented and underserved communities. Consider organisations that demonstrate the ability to deliver on their mission and sustain their efforts over the long-term.
Cultivate strong relationships with any potential grantees. Such relationships should be built on trust, transparency and vulnerability; this will enable you to have a better idea of their challenges as well as how your funding can improve their circumstances. Provide resources to help enhance their capacity and become more efficient in achieving their goals.
3. Form strategic partnerships
Team up with like-minded grantmakers, donors and philanthropic organisations to grow a stronger social impact. Encourage coalitions with community stakeholders; they can offer invaluable resources in the form of expertise.
Nudge your grantees to join forces with other nonprofits; championing such partnerships for greater social change is a good way to give social impact the centre stage in your grantmaking.
4. Emphasise results; support dynamism
For social impact to hold centre stage in your grantmaking, it’s essential to spotlight results. Set clear expectations for your grantees and hold them accountable for achieving the agreed-upon outcomes. Look holistically at your results to measure both social change and the resources used to garner the impact.
Encourage innovation on the part of your grantees. Give them the liberty to come forward with dynamic approaches to address social, environmental and humanitarian issues efficiently.
5. Prioritise community listening and flexibility
Stay updated on information relating to the issues you aim to address.You could hold regular check-ins with your grantees, members of the community and other stakeholders for relevant insights to ensure that your grantmaking practices are relevant to the needs of the community.
Educating yourself improves the chances of making better grantmaking decisions that will bring about greater and longer-lasting social impact. Commitment to this continuous learning process showcases that the social impact matters immensely to you.
It’s important to stay agile to the community’s evolving needs and priorities. It’s a good idea to stay nimble enough to pivot based on emerging concerns, changing circumstances or even new ideas. This flexibility ensures that the social impact remains at the fore.
6. Plan for the long-term with patience
If you want lasting social change as a grantmaker, you need to be patient. While we might wish otherwise, the reality is that social impact takes time. Commitment to your goals over a long period of time is a good way to prioritise social impact.
Long-term funding commitments in the form of multi-year grants to social impact organisations lead to better advancement. It gives grantees enough time to test and remodel their methods as necessary. Similarly, it offers stability while relieving them of the pressure to produce quick results.
7. Measure and communicate impact
Social impact assessment in grantmaking gives social change sufficient attention. Set up a comprehensive assessment model to gauge the effectiveness of your grants. Gather data and reports to determine if your charitable endeavours are creating the desired change.
Learn more about how to improve the social measure of your grantmaking.
It’s also critical to gather feedback from grantees and other stakeholders to explore how you can better serve the needs of the community. And, communicate and share your good news! Share the stories of success of how your grantmaking is driving progress. Notify your grantees and stakeholders of your discoveries in the journey.
Positive social impact is the essence of every charitable endeavour and should be important to every grantmaker. Implement these pointers above to keep social impact front and centre in your grantmaking.
