We are very excited to announce that we are now Pioneer Members of Social Value UK. This is part of an ongoing commitment to social value we have within our company, and to delivering the best advice for our clients whether they are small businesses or corporate clients. Here are just some of the reasons we chose to commit to membership with Social Value UK.
Social Value UK
The primary reason is that we believe in the work that Social Value UK do. We’ve been following them on social media for a few years now and have taken part in some of their webinars. They fulfill a valuable function, bringing together members from all sides of the social value equation in a network that shares knowledge and experience.
This gives us great insight into what buyers are looking for when they include social value as part of the tender process which helps us to right better responses for our clients. This can be particularly useful when tendering for an organisation that doesn’t have a clear social value policy in place, allowing us to bring a clear vision and methodology for measuring SROI that takes the pain out of the process for the procurer. In a recent tender, our client scored 10/10 for social value when the nearest competitors scored just 5 – that’s the difference this insight gives us.
‘Giving back’ is an important part of our own values and processes here at Bid for Success. We want to ensure that we deliver effective Corporate Social Responsibility (CSR) or social value as a result of what we do. For example, we have two initiatives to support smaller businesses to enter the world of tenders, our SME Scholarship (two days of free support donated each month to a new organisation) and our SME Academy (fully funded SME-specific bid training).
We are also selective about the companies that we choose to work with, connecting with like-minded individuals who want to deliver great service and do good in the communities they work in. Social value is important to our clients.
Social Value is becoming an increasingly important aspect of public sector contracts, with the government having recently published its new Social Value Model which has been expanded to include COVID-19 recovery and wellbeing. Central Government contracts now come with a 10% weighting for social value, and we expect to see this being rolled out more widely in coming months and years. Social Value UK is a part of the conversation on the future of social value, and how it is delivered, so staying in touch with them allows us to keep our knowledge current and give the best advice to our clients.
Understanding Social Return on Investment
There are currently several different methods of calculating Social Return on Investment (SROI) with the most commonly used one being the National Themes Outcomes Measures (TOMs) which assigns a monetary value to social value activities. However, there is also a movement to look at outcomes beyond financial value, and working out how to calculate that. For example, the QALY (Quality-adjusted Life Year) and the WELLBY (Wellbeing Adjusted Life Year).
Social Value UK offer webinars and information about some of these other ideas, meaning that we can future proof the Social Value Strategies that we develop for our clients to help ensures that they are delivering great value, no matter what measure the client is using.
Social Value UK also offers training in becoming a social value practitioner, a recognised qualification that demonstrates your commitment to social value. It’s our intention to get that training under our belt so we can share best practice with our clients going forward.
Questions about Social Value?
Social Value is an emerging field, and both procuring organisations and suppliers are working towards an understanding of how to best implement it. If you’d like some support to understand how you can make social value a part of what you do, and win more tenders in the process, get in touch today.