Working towards your company’s long-term success and mitigating your company’s impact on the environment and society can go hand in hand. By transitioning to sustainability, companies can become more profitable, improve their reputation, enhance their brand value, and become more prepared to weather changes brought by new regulations and market trends.
Here are five steps for transitioning your business to sustainability:
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Step One: Build the Foundation for a Sustainable Business
Before you embark on your company’s sustainability journey, you must form a foundation for it called a Sustainability Framework. This should include your company’s definition of sustainability, its sustainability goals and targets, its metrics for tracking its progress, a stakeholder engagement plan, and identified sustainability risks and opportunities.
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Step Two: Understand and Address Stakeholder Issues
It is essential for companies to identify their stakeholders, which are individuals or groups that are involved in or impacted by a company’s operations. One of the best ways to maintain relationships with stakeholders is through stakeholder engagement, which involves organizing sessions where their concerns can be heard and planning ways to address these.
Those are all the tips we have for today. Stay tuned for part two to read the last three tips for this two-part article series.