TITLE:
Social Impact Enhancement: Developing Social Businesses through Impact Measurement, Performance Measurement, and Knowledge Management
AUTHORS:
Xincheng Wang
KEYWORDS:
Impact Measurement Strategy, Knowledge Management, Performance Measurement Criteria, Rippled Social Impact
JOURNAL NAME:
Open Journal of Business and Management,
Vol.12 No.3,
May
31,
2024
ABSTRACT: This paper aims to confirm that by implementing certain performance measurement criteria and impact measurement strategies, organisations can enlarge the social impact of their social projects by enhancing their project knowledge management. I first build a framework that links performance and impact measurement with knowledge management, and knowledge management with social impact. I then empirically test this framework’s significance in raising social impact using ANOVA regression analysis on gathered data from 70 organisations around the world with social impact projects (social enterprises, non-profit organisations, and conventional businesses with social projects). The novel purpose and value of this study are to promote the use of social impact measurements to resolve social organisations’ current difficulties in both finance and impact scale, killing two birds with one stone. The overall conclusion is that effective knowledge management has a positive influence on project social impact and that certain critical success factors, key performance indicators, and impact measurement strategies are significant in enhancing project social impact by improving knowledge management. This conclusion could help social businesses to upscale their social impact. Policies to support social impact projects and impact measurements are also addressed.