Working smarter

apply sustainable strategies to support business goals

Businesses are seeing direct benefits from their investment in sustainable practices and continue to be mindful of their own carbon footprint in today's world.

HOW CAN YOU INTRODUCE THE SMALLEST OF CHANGES TO ENHANCE YOUR CORPORATE SUSTAINABILITY?

A few years ago, the United Nations’ Sustainable Development Goals came into effect, which provides a common set of goals and objectives to put the world on a sustainable path to 2030. The 17 Sustainable Development Goals include such things as Gender Equality, Quality Education, Decent Work and Economic Growth, Affordable and Clean Energy, and Industry Innovation and Infrastructure, to name a few.

To get the best results that are sustainable, you need to analyse your operations and measure business performance. Your performance measurement results will help you decide in which areas to apply sustainability to support your business goals long term.

You will need to choose the most effective sustainability strategies for your business and then plan how to put them into practice. You may need to factor in capital expenditure, allocating employees or developing workforce skills. Or you might be able to make real improvements by updating daily procedures and establishing a culture of sustainability in the workplace.

Best practices that foster sustainability

There are several best practices that foster business sustainability, and help organisations move along the path from being behind to being leaders. 

Stakeholder engagement

Organisations can learn from customers, employees and their surrounding community. Engagement is not only about pushing out messages, but also understanding opposition, finding common ground and involving stakeholders in joint decision-making.

Environmental management systems

These systems provide the structures and processes that help embed environmental efficiency into a firm’s culture and mitigate risks. The most widely recognised standard worldwide is ISO 14001, but numerous other industry-specific and country-specific standards exist.

Reporting and disclosure

Measurement and control are at the heart of instituting sustainable practices. Not only can organisations collect and collate the information, but they can also be entirely transparent with outsiders. The Global Reporting Initiative is one of many examples of well-recognised reporting standards.

Lifecycle analysis

Those organisations wanting to take a large leap forward should systematically analyse the environmental and social impact of the products they use and produce through lifecycle analysis, which measure more accurately impacts. Businesses that are sustainable have been shown to attract and retain employees more easily and experience less financial and reputation risk. These businesses are also more innovative and adaptive to their environments.

How to go about implementing a sustainability strategy in your business

1. Consider some of the practices suggested by the United Nations as a way in which you can support sustainability appropriately in your business. Namely, Act Responsibly, Find Opportunities and Inspire and Advocate.

2. Look at your business from the outside and apply activities that support sustainability across various disciplines within your business. You don’t need to go it alone. Put in place a team to become sustainable advocates and at a corporate level implement strategy through your procedures and workforce development plans.

3. Choose to focus on different areas of sustainability depending on your business goals and current needs. Like any other business decision, your strategy should be based on a review of the options and how they support your business goals.

4. Look ‘behind the scenes' at how your business currently operates. This is a good start and will help to identify:

  • the full cost of your processes and products, business strategies and activities

  • a whole of business view (or even whole of value stream) so that savings in one area don’t result in costs in another

  • all opportunities to improve productivity and efficiency

  • opportunities to reduce the hidden costs generated from unnecessary energy use and waste

  • how to manage any risks to the environment to avoid, minimise or mitigate damage

  • how to position your business as a ‘good corporate citizen' in the community to promote a positive profile and public support

  • strategies to improve customer satisfaction and loyalty

  • a customer base that will buy on value including the value of sustainability features, rather than just price

  • how to manage your workforce capabilities and culture to balance your business needs with employee engagement.

Michael Derin

Michael Derin

Founding Partner and Chairman, The Azure Group

Michael Derin has over 25 years’ experience as a qualified Chartered Accountant and Corporate Advisor across Asia-Pacific with a track record of leading multi-million dollar projects to success.

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