Both individuals and organisations are becoming increasingly conscious about the environmental and social challenges that our society is currently facing and will face in the coming years. This has led to a rise in social impact consulting services. But what is social impact consulting? How is it different from regular consulting?
Consulting vs. social impact consulting
Consulting is the business of providing expert advice to individuals or organisations in specific fields. Usually, improving performance to maximise profits is the main objective. However, this is where social impact consulting differs from mainstream consulting. Social impact consultancies help social enterprises and non-profits to increase their positive impact on society. The goal is to create sustainable value for all stakeholders involved. While social impact consultancies still ensure that the organisations are economically efficient, profit-creation does not take the spotlight. The objective is to promote social good and make a real difference in the community.
Who works in social impact consulting?
Although helping society is the goal, social impact consulting can be a lucrative business. Most world-leading consultancies, such as Deloitte or Boston Consulting Group, offer social impact consulting services. These are oftentimes profitable business units that also serve as reputation boosters. Still, even if monetised, social impact consulting projects benefit the general public and help create a better world.
Are there any non-profit social impact consultancies?
Although consultancies can profit from social impact projects, several pro-bono organisations have society’s best interest at heart. These include international student associations like Enactus or 180 Degrees Consulting, and they play a massive role in the social impact sphere. For example, 180 Degrees Consulting operates in over 100 branches spread across 35 countries and has provided over $100 million worth of consulting services to local and international social enterprises.
What is the future of social impact consulting?
As people become more socially responsible, new leaders will be needed to point humankind in the right direction, and this is where social impact consulting comes in. The sector will grow relentlessly as more and more young adults realise that they can play a significant part in driving change and making a difference. Consequently, more social enterprises will be able to access affordable professional advisory services that will allow them to optimise their operations and thus work effectively for the public good.
Want to find out more? Contact 180 Degrees Consulting Barcelona and we will be happy to help you. Stay tuned for more social impact articles!