As more businesses adopt socially responsible practices, social value considerations are becoming increasingly common in tender processes. They form a core part of our clients’ ESG (environment social governance) goals.
But what is social value, why is it a key metric when bidding for large contracts and how does it benefit your business?
What does social value mean?
Social value refers to the overall and measurable positive influence that a project has on society. This influence encompasses economic, environmental, societal, and well-being advantages, with a strong emphasis on addressing the needs and concerns of the people. It goes beyond merely attempting to enhance public image or generate positive publicity. Instead, industries are now contemplating how they can enhance their dedication and investment in social value, rather than questioning its significance.
How does it help in winning work?
In the competitive world of bidding for contracts, the notion of social value has emerged as a significant differentiator that can greatly enhance the appeal of a bid. By integrating social value into bids, organisations not only showcase a commitment to broader societal goals but also align with the increasing emphasis on sustainable and responsible business practices among clients and procurement bodies.
Bidders can enhance the appeal of their bids by incorporating social value elements. Social value refers to the inclusion of initiatives that go beyond the contract’s basic requirements and aim to provide additional benefits to society, the environment, and the economy. These initiatives can range from creating job opportunities and supporting local suppliers to promoting environmental sustainability and engaging with the community. By highlighting how their services or products contribute to social value, bidders can demonstrate their dedication to making a positive impact, ultimately making their bids more attractive and compelling.
Why is social value strategically important?
It’s becoming increasingly more vital to incorporate social value into bids as clients and procurement bodies aim to use their purchasing power to accomplish broader social and environmental goals. By showcasing an understanding of social value and a dedication to delivering it, a bid can stand out in a competitive tendering process. Moreover, this approach aligns with the increasing expectation for businesses to contribute to the wellbeing of society and sustainable development.
What are the 4 effective methods to integrate social value into bids?
- Clearly Convey Social Value Propositions
It is essential to effectively communicate social value propositions. Bidders must express their approach to delivering the contract in a clear manner, highlighting the positive social, economic, and environmental outcomes that will be achieved. This requires identifying specific and measurable initiatives that align with the client’s priorities, while also demonstrating a comprehensive understanding of the local context and needs.
- Understand Client Objectives and Priorities
Aligning with the client’s unique social value goals and priorities in order to create impactful social value propositions is crucial. Bidders must delve deep into research to pinpoint these priorities and showcase how their proposals are in line with and contribute to these objectives.
- Share Evidence and Case Studies
Providing evidence and case studies of past successful social value initiatives can greatly enhance a bid. This not only shows a dedication to social value, but also proves a track record of achieving concrete results. Bidders should emphasise relevant examples that demonstrate their proficiency in implementing impactful social value strategies.
- Constantly strive for improvement and innovation
Illustrating a commitment to constant improvement and innovation in providing social value can significantly increase the appeal of a bid. Bidders should demonstrate their strategies to adapt and enhance their social value offerings throughout the contract period, in order to effectively tackle emerging challenges and seize opportunities.
How can your business commit to and deliver social value?
Over the past couple of years, we’ve appointed an increasing number of candidates in various social value roles on behalf of a growing number of clients who are recognising the importance of social value. In a nutshell, through promoting social value, a Social Value Manager enhances your brand through ongoing improvements in social and environmental responsibility. They establish the positive impact of your projects on the local community and environment by engaging with the community, implementing sustainable practices, and promoting local workforce development.
A Social Media Delivery Partner supports the Social Value Manager by assisting in the implementation and delivery of project-specific social value strategies and activities. Managing a multi-stakeholder portfolio, they also assist with tender responses, reporting and planning, as well as building, maintaining and managing long-term mutually beneficial partnerships as part of local and company-wide objectives.
Together, they can help drive your business through successful project bids that incorporate strong social value elements and through productive engagements with clients and community members.
Are you looking to win more work through amplifying your social value offering? Put social value at the heart of your business operations by contacting the team at Ford & Stanley now.
