Data that Builds Trust
For female founders, especially those navigating the world of grants, investment, or partnerships, there’s one thing that builds trust faster than a slick pitch: evidence.
And yet, collecting and using meaningful data can feel daunting, especially if you're not a “data person.” That’s where a simple but powerful tool comes in: the Theory of Change.
Traditionally used by nonprofits and social enterprises, this framework can be a game-changer for any business that wants to clarify its value, demonstrate progress, and back up its story with substance. Including yours.
What is a Theory of Change?
A Theory of Change (ToC) is a structured way to describe how your business creates value - step by step. It connects your day-to-day work with the change you want to see in the world or in your customer’s life.
It typically follows this structure:
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Inputs – The resources you use: time, money, tools, expertise.
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Activities – What your business does: deliver services, build products, run workshops, etc.
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Outputs – The immediate results: number of customers served, sessions delivered, products sold.
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Outcomes – The short-to-medium term change: increased customer confidence, new skills gained, behaviours shifted.
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Impacts – The big picture transformation: long-term change in people, communities, industries, or systems.
While this may sound “impact-focused,” every for-profit business also creates outcomes and impacts, sometimes without even naming them.
Making It Work for a For-Profit Business
Let’s say you run a digital marketing agency focused on helping women-led businesses grow.
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Your activities might be delivering strategy sessions and managing campaigns.
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Your outputs could be the number of clients served, ads launched, or leads generated.
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Your outcomes might be your clients' increased visibility or revenue.
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Your impact? More sustainable, successful women-led businesses in the economy.
Even a product-based business has a chain of value:
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A sustainable skincare brand might link its packaging choices, community education, and carbon offsetting to longer-term environmental impacts.
The key is to map the logical flow from what you do to why it matters - and start tracking data at each step.
So What Is a Data Framework?
Once you know your theory of change, the next step is building a data framework. A structured way to collect, store, and use information that supports your claims.
It includes:
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What you want to measure – e.g. customer retention, social media engagement, revenue growth, wellbeing impacts, user satisfaction.
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How you’ll measure it – e.g. surveys, CRM data, financial records, testimonials, interviews, external reports.
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When and how often you’ll check in – e.g. monthly reports, quarterly reviews, post-program surveys.
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Where it will be stored and how it’s accessed – e.g. Google Drive folders, Notion dashboards, Airtable, Xero, CRM tools.
Sources and Methods Matter
Not all data is quantitative. Some of your most compelling evidence might come from:
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Case studies
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Before-and-after snapshots
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Screenshots of transformation
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Direct quotes and testimonials
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Repeat purchase behaviour
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Partnership retention
Start by identifying what you already have. Don’t overlook what’s sitting in your inbox or your Google Analytics account. Even screenshots of thank-you messages or improved customer reviews can be structured into meaningful evidence.
The key is consistency. Set up lightweight processes so you’re not reinventing the wheel every time you need to prove your value.
Why It Matters
Funders, partners, and even sophisticated customers want proof, not just passion.
A clear theory of change, backed by a simple data framework, gives you:
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Confidence when pitching or applying for grants
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A head start when reporting to funders or boards
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Clarity on your own business value and growth
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A record of achievements you can actually use
You’re already doing the work. This is about showing it, shaping it, and strengthening it, so you’re funding-ready at any stage.
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