What is Social Value in Development?

Development projects are often integral to the continued development of a community. However, in many cases, social value in development can be a major issue when development projects are not suitably focused on ways to increase the social value they bring. With this thought in mind, today, we’re outlining some of the key things your business should know regarding social value in development – and, critically, we’ll also outline why this could be important for the development project overall.

What is Social Value in Development?

What is social value in development? Development projects are often massively important for the growth of a community; however, it’s unsurprising that they are often met with a lot of resistance. Social value in development projects may help resolve this issue, however.

Social value is a quantifiable measure of the level of social benefits a business can bring to its community – be it national or local. Many development projects are in a unique position to provide new social value benefits in development accordingly.

Is Social Value in Development Important?

Social value in development is often overlooked, but it’s vitally important for your firm’s long-term success and growth. There are two main reasons for this, which you should consider carefully to ensure your business is taking the most appropriate steps.

Social Value in Development Can Bring New Business

Regardless of what you are building, the importance of bringing in new business is massive. Whether you’re looking to sell homes to new community members or if you are building a new commercial unit on a contract basis, ensuring the development project doesn’t hinder the local community will go a long way toward increasing the success and profitability of the project. This step also helps prevent delays, further supporting project viability.

Social Value in Development is Vital for Public Service Projects

Some of the most valuable development projects are for public services or public housing. With this in mind, if your development business is looking to take on governmental contracts, investing in social value is a critical step. Without this, your application likely won’t stand much chance at all.

Implementing Social Value in your Development Projects

While social value is often considered a “nuisance” requirement by many businesses, it’s surprisingly easy to implement in development projects. Some key ideas for enhancing social value for your development include:

• Ensuring you support local businesses for the duration of the project
• Manage workflows so that traffic to the development doesn’t become a problem
• Invest in new infrastructure and opportunities for the local community during the project
• Ensure the project will be something the community is proud to call “theirs” – finishing the work to an exceptionally high standard is a great way to go about this

These are just a few potential opportunities to implement social value in your development projects. Of course, you should also work closely with the project’s architects to ensure the final design is likely to bring social value to the community.

Final Thoughts

Ever since the introduction of the Social Value Act in 2012, the importance of investing in social value has become vital for all manner of businesses. Of course, social value still provided numerous benefits for businesses from a customer perception perspective; however, since the Act, it’s also become a legal requirement for firms wanting to engage with public projects. As such, to ensure you’re not missing out on the great benefits that social value could bring, it’s important to consider where you could invest for your next development – and our experts have outlined some of the key things you should know in this regard to help.