Sustainability is not just a fancy word. It is an organized approach to achieve
a holistic and triple overall growth. Apart from risk identification and mitigation, it also
provides a major improvement in the working efficiency of the processes and systems to utilizes
the resources and also to prove the tangible and intangible benefits of sustainability which
includes positive impact on the employee’s self-esteem, an organization which is recognized as
employer of choice, more efficient supply chain which will help to adopt the leading procedures
and consumers being trained on the significance of responsible behavior.
Sustainability in business is basically divided into two main categories:
We at LegalRaasta believe that sustainable development and sustainable economic growth are not only intertwined but are essential components of sustainable business success.
Companies are under increasing pressure from key stakeholders to disclose their values, policies, and performance in terms of sustainable development. Sustainability Reporting is a good response to this need for greater responsiveness and transparency. It has now become an established and important aspect of business communication by the world’s leading companies, with more than 3,500 reports published in 2010 and more than 4,300 reports published in 2011.
Water scarcity is one of the major challenges facing the business today. A growing number of companies have begun to prepare for the next water-related risks and opportunities and hope to gain a competitive edge by placing them in a better position for the future of water scarcity. Given all the factors, there is a strong need for effective water management.
As concerns about climate change become a global phenomenon, businesses are forced to respond to the challenges posed by this. This leads to anxiety – can we support you? From a different point of view, there is a great opportunity for those who understand the basic tendencies to sustain and imitate their products and services appropriately. “One cannot speak without knowing”. Therefore, Carbon Footprinting is often regarded as a key step in developing a strategic approach to managing corporate carbon hazards.
Environmental, Social Impact Assessment / Management (ESIA / ESG): The need to integrate environmental, social, and business management measures into investment decisions/production processes is gaining considerable attention and several guidelines are being developed to help businesses demonstrate their programs to the public. United Nations Principles for Investment Investment, Global Reporting Initiative, Performance Standards, Equator Principles, etc. are the standards and frameworks associated with the ESG.
Sustainability is getting more important for all companies, across all industries. 62%
of executives consider a sustainability strategy a necessity to be competitive today, and another 22%
think it will be in the future.
Simply put, sustainability is a business strategy to building long-term value by taking into consideration how a given organization operates in the ecological, social and economic environment. Sustainability is created on the assumption that developing such strategies foster company continuance.
As the expectations on corporate responsibility increase, and being transparent becomes more prevalent, companies are recognizing the need to act on sustainability. Professional communications and good values are no longer enough.
The following industry leaders demonstrate what sustainability initiatives look like:
There are various ways you can transform your organization’s purpose into performance. Here are a few steps to follow to build a more sustainable business strategy:
The first step to changing is evaluating what sustainability means to your team, company, industry,
and client. Consider the big problems each of these groups thinks is a priority.
To guide this process, think of factors, such as:
Once you’ve agreed on solid objectives, you’re ready to explain your company’s mission.
A clear mission statement is an important part of becoming a more sustainable business.
An effective mission statement outlines your company’s focus on “doing.” It should clearly def8ne your organization’s values and purpose, and serve as a guiding light of why you do what you do. In other words, your mission statement should explain your company’s five Ws: who, what, when, where, and why.
Here are some examples of companies with effective mission statements:
With a strong vision, you’re ready to re-align your organization with a sustainable
In creating a sustainable business strategy, it’s necessary to make sure your company remains profitable. This should be your number one priority. If you cannot remain in the company, you cannot support your cause. And as stated above, your sustainability efforts may help you become more profitable.
It’s one thing to talk about a newfound motivation to do well and do good, but it’s
another to make a public stand, pledge quantifiable results, and actually achieve them. With your
mission and strategy made concrete, you’re ready to stride towards reaching your objectives.
As you’re executing your strategy, be sure to revisit your process periodically to assure your objectives, mission, and progress remain connected.
Quick Tip: Not sure about where to start? Ask yourself if there are any areas where your mission can have a great impact, quickly. Think about a partnership with an organization that has a similar mission to yours. Connecting your missions can help drive progress, fast. And partnering with an established player will also improve your credibility.
So these are the four simple steps—from purpose to performance—that can help you build a more sustainable business.
When goals become the purpose, a powerful story is established. That story will drive your mission and enable you to create a plan that you can take action on. This strategy is ready to lead results and make you a real doer. Don’t worry if results don’t come as soon as you expect them to; the road to 100 percent sustainability is long and may take testing a few different approaches for you to make your greatest impact.
All in all, sustainability is a major challenge, one that matters beyond individual companies. But reassuringly a number of large companies are creating foresighted sustainability policies. It is really becoming clear that sustainability is a megatrend that isn’t going to go away anytime soon.
The Sustainability Practice of Legalraasta allows companies to prepare, source,
deliver, finance, and quantify the larger product and service impact. By making them more resilient,
agile, and competitive, we contribute to future-proof companies.
We provide advice on a broad range of topics, partnering with corporate, private equity, and public sector customers. We are experts in how companies can recognize threats and take advantage of the possibilities.
LegalRaasta was founded on the principle that sophisticated legal and taxation services should be simple, modern, and inexpensive. We can serve our clients more efficiently thanks to cutting-edge practise technology.