ConsultingTheory of Change: Impactful results that change lives

Theory of Change: Impactful results that change lives

Theory of Change: Impactful results that change lives

By: Isabel Chávez, Marketing, Communication and Public Relations Specialist at FUNDES 

What cannot be measured cannot be improved. Nothing is more accurate than this phrase when it comes to a methodology for the effective implementation of projects that guarantees the establishment and fulfillment of indicators that produce impact and lasting results over time.

But what are the impact results? The impact of a project is its significant contribution to the achievement of the set goal or purpose and is characterized by a change or a series of lasting changes over time.

To achieve this impact and change lives through implementing projects, some methods guide the development of these projects to ensure effective results. One of these methods that have proven itself worldwide is the theory of change. It shows the execution of plans through a graphic representation that follows a causal logic and considers the goals to be achieved and the specific path to get there. 

In the case of FUNDES, we use the theory of change as a tool to better understand the relationship between stakeholder expectations, inputs, activities, outcomes, and the changes we expect to see after the project is implemented. We take our partners’ expectations as a methodological framework for planning activities, establishing evaluation measures, and measuring methodology to identify intended or unintended changes that occurred during the project’s development. We communicate the results achieved clearly and promptly to our partners.

For José Rafael Trejos, project coordinator at FUNDES, “the theory of change model helps us have a more orderly and comprehensive planning and execution process. It also helps us be aware of where we should focus our attention to perceive and demonstrate the positive changes that our projects bring about.”

In this way, FUNDES provides focus, clarity, precision, and the ability to design, execute, and evaluate projects that impact micro, small, and medium enterprises in Latin America. In this way, we improve our value proposition and assure our partners of changes that transform lives.

Contact us and involve us in your business and impact strategy. We are confident that we will transform your expectations into tangible and long-term success.



FUNDES Latin America is a consulting firm with more than 35 years of experience in developing MSMEs and their successful integration into the value chain of large corporations. FUNDES has worked with more than 100 multinational companies, with more than 30 governments, development agencies, and foundations, and has implemented projects in 17 Latin American countries that have impacted and transformed the lives of more than one million micro, small and medium enterprises, with value co-creation programs and innovative and competitive solutions to the main challenges of the sector. 


Business Units:
  • FUNDES Consulting

Dedicated to developing business services that support the strategy of corporations, foundations, and governments seeking to integrate small businesses into the traditional economy. FUNDES Consulting’s offering targets the Business segment, which provides in-depth knowledge of large companies’ MSME partners and enables the development of interventions that increase business results and impact the sector. And the Impact segment aims to promote impact initiatives that leave a mark in the environment in which they are located.

  • FUNDES Catalyst

Dedicated to promoting micro-entrepreneurs who are otherwise excluded from innovative services in Latin America’s traditional markets. Latin America’s traditional marketplaces are excluded. We develop, launch and operate innovative solutions and start-ups to solve the fundamental business problems of micro and small enterprises, which are typically family-owned and represent 98% of all businesses in the region.


Fiorella Blanco,

Director of FUNDES Consulting

Corentin Larue,

Director of FUNDES Catalyst

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