Does your business create value for society or destroy it? Do your strategic decisions take into account wider societal impact?
Today, business success cannot be achieved through a narrow focus on short term shareholder return. Companies that want to excel need to understand how their actions contribute to Good Growth: growth that is real, inclusive, responsible and lasting.
Placing a value on how your business impacts the economy, the environment, and wider society is as important as calculating financial return. Altogether, this measures the total impact your business has on society and provides the information you need to navigate today’s operating environment.
We believe a total impact approach to making strategic decisions provides the holistic perspective a business needs to understand risk, identify opportunities, and optimise its contribution to society. In 2010, PwC started developing our Total Impact Measurement and Management (TIMM) framework, using the latest thinking together with well established approaches. Since then we have worked with our clients, academics and other experts to refine the TIMM framework, which is now recognised as a leading approach to identify, measure and value impact.
By valuing social, environmental, and economic impacts, business leaders are now able to compare the total impacts of their strategies and investment choices. By managing the trade-offs, they’re able to identify the optimal decisions for their business and their stakeholders.