Impact measurement is a critical part of impact investing. However, measuring environmental impact can often by easier to measure, compared to social impact, with access to scientific data.
The Centre for Social Impact in Australia has published guides that provides accessible and practical resources to organisations measuring their social impact.
The beginner's guide to social impact measurement
The Compass - your guide to social impact measurement provides a beginner's guide to social impact measurement.
The in-depth guide to social impact measurement
The recently published Roadmap To Social Impact - Your step-by-step guide to planning, measuring and communicating social impact provides in-depth steps to measuring social impact.
In summary the steps are:
Clarity the context for measurement
Plan for measurement
Programme design
Understand what to measure
Develop an outcomes framework
Data collection and monitoring
Analysis of impact
Communicate impact and implement change
Developing market capability in impact measurement
Also of interest is the Outcome and Impact Measurement for Social Impact paper, outlining the state of impact measurement in Australia. The report provides advice to government on strategies to building capability in impact measurement.