Every Business Creates Social Value. Good Governance Makes It Stick.

Now’s the time to measure it, own it, and grow it.

Progress earns trust. Authentic effort builds loyalty.

You might think that governance in a local vehicle recycling company is worlds apart from good governance in a high-street furniture restorer or an independent insurance broker. Not so. Turns out, doing the right thing is pretty universal.

The same goes for social value. The term might sound a bit idealistic - like something that belongs in a corporate ESG report - but at its heart, it’s about how your business contributes to the community around it. That could mean employing and training local people, backing regional suppliers, or donating time and money to local causes that matter.

Whatever your business, you’re already creating social value. The only questions are: how much, and what more can you do?

Purpose Over Perks

Today, people want more than fair pay or a practical product - they want purpose. They want to work for and buy from businesses that stand for something and act on it. Not spin. Not slogans. The real deal.

That doesn’t mean getting it perfect. In fact, what matters most is the intention behind the effort. People don’t expect flawless - they expect genuine. If your team or your customers can see that you’re trying to do the right thing, they’re more likely to get behind it. Progress earns trust. Authentic effort builds loyalty. And often, it’s the honesty of the journey - not the polish of the final story - that makes people care.

So if you’re doing good things - say so. If you’re learning and improving - share that too. The transparency will count far more than a polished narrative.

You Don’t Have to Start from Scratch

For small and medium-sized businesses, there’s no legal requirement to tick ESG boxes or publish annual reports. But that doesn’t mean the frameworks aren't worth using - especially if you’re working with insurers who need their supply chains to contribute to their own ESG commitments. In fact, while ESG reporting isn’t mandatory for SMEs, UK insurers often require evidence of ESG performance and a clear strategy during procurement processes when selecting new suppliers.

Frameworks like the TOMs (Themes, Outcomes and Measures) can help you define, measure, and report your social value in a clear, practical way. The Wates Principles offer down-to-earth guidance on what good governance looks like - even if you’re not a listed company. And in regulated sectors like insurance, the FCA’s Consumer Duty raises the bar again, placing customer outcomes at the centre of decisions, with a clear expectation to avoid foreseeable harm.

Together, these frameworks strengthen the connection between purpose, governance, and accountability - not just by helping you respond to issues, but by encouraging you to anticipate and prevent them.

They’re not just theory. They’ve been shaped and stress-tested in the real world of corporate life, and while they’re still evolving, they offer a practical starting point - even for businesses outside the corporate bubble.

Progress Over Polish

A welcome shift is happening across regulation: from demanding perfection to encouraging honesty. Under Consumer Duty, transparency isn’t just welcomed- it’s expected. And rightly so.

When a business is brave enough to say, “Here’s what we found, and here’s what we’re doing about it,” it sends a powerful message. It shows leadership that values truth over optics. It signals a culture that’s curious, humble, and focused on getting better- not just looking good.

That’s exactly the kind of culture Consumer Duty is designed to promote. One that values real data, lived experience, and ongoing learning over airbrushed reports and flavour-of-the-month jargon.

So, What Next?

Whether you're scrapping cars or selling policies in your independent brokerage, your governance and social value matter. They shape how people experience your business- employees, customers, suppliers, and your community alike. And in a world where trust is currency, getting these things right is more than good practice. It’s good business.

Start where you are. Measure what you can. Talk about it. Keep improving. That’s what governance and social value really come down to - doing the right thing, consistently and out loud.