LM3 – Local Multiplier 3
LM3 Online enables any organisation to measure its economic impact by analysing any expenditure on any geographic area using current data. LM3 Online automates the whole process. Simply upload the spending data of the budget you wish to measure, such as a contract or company turnover; specify the target local area, and the system does all the surveying and calculations.
The tool is used by:
The public sector - To provide objective evidence of community benefit, sustainability measurement, and social value
The private sector - To demonstrate added value of contract work and local benefit and to deliver auditable Corporate Social Responsibility (CSR).
The not for profit sector - To evidence the value generated by grants and contracts to the local community
International funders and foundations – To evaluate grant aid impact and select projects with the greatest local economic impact
LM3 was developed by nef (the new economics foundation) as a simple and understandable way of measuring local economic impact. It is designed to help people to think about local money flows and how their organisation can practically improve its local economic impact, as well as influence the public sector to consider the impact of its procurement decisions. It was designed to be quick and relatively easy, and to highlight where an organisation can improve its impact.