Giving Compass’ Take:
• Matt Ellis, writing for B the Change, discusses four steps toward business sustainability and explains the trajectory of how sustainability became a paramount factor in business success.
• Who holds these companies accountable for following through with sustainability goals? How are businesses measuring impact?
• Read about the next phase of business sustainability.
The term “sustainability” often gets swept aside as an abstract, jargon-laden concept. This dismissal is a huge loss for companies today, as many could benefit from the work behind the word. In its most basic sense, sustainability is a set of values that positively affects the way a business operates every day, both within the company and in the community at large.
Sustainability in business, specifically, has seen many changes in the past few decades. What started as a mission to create long-term financial value has grown to include internal changes such as making an office more environmentally friendly and its employees happier.
Sustainability has a lot to do with transparency, not only in the public reporting of finances but also in how the company manages environmental, social and corporate governance (ESG) practices. For instance, regulatory bodies across Europe and Asia are beginning to require more ESG transparency from the businesses they oversee.
Investors’ desire for data has led to the rise in voluntary initiatives such as the Global Reporting Initiative in which businesses can track their ESG commitments and GRESB, an organization that has created a number of surveys where real estate companies can be transparent about their equity, debt, infrastructure and more.
So how do organizations get started? Building a sustainable business is not a one-step process. Nor does it happen organically, without effort. Here are four ways your business can transform into one that doesn’t just talk the sustainable talk but walks the walk, too.
- Designate a Goal
- Assign a Person (Or People)
- Allocate Resources
- Look Out for Improvements
Read the full article about business sustainability by Matt Ellis at B the Change
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