Be clear where responsibilities lie
Shared understanding, good communication, and clarity of roles and responsibilities promote effective partnership working between agencies and a more joined-up service for service users. If you are implementing a social impact bond programme, ensure your team are clear about the boundaries of their role and that of the service. Think, for example, about whether service users become the responsibility only of the social impact bond project or the project provide a supplementary service.
Set realistic targets
If you are commissioning or delivering a social impact bond project, ensure that the project has clear objectives and that targets are realistic to avoid compromising service quality, innovation and engagement. Sub-groups within the service user population may have different needs, so financial returns may need to be tied to different success rates.
Invest in maintaining a skilled workforce
You will want to ensure that your team is well-trained, persistent, flexible and empathic. They must also be skilled at inter-agency working because staff in social impact bond projects typically need to work alongside well-established, long-term projects.
Retain the full engagement of your team for the duration of projects
The short-term nature of social impact bond projects means that towards the end of the project your team may be looking for other employment options. Think about how best to maintain an engaged team right to the end to enable them to assist service users with access to other support after the project finishes.