Identifying Sustainability Opportunities
Sustainability has become a strategic goal for many companies to protect the long-term health of the company, as well as demonstrate to employees and customers that the company is committed to their long-term health and well-being.
When evaluating the opportunities within your business strategy, consider these steps:
- Examine what your business is already doing. This playbook identifies sustainability-related activities that a company may already be doing to cut costs and increase operational efficiencies. Some of these cost-saving and revenue-driven activities also have positive sustainability dimensions.
- Look at what others are doing. Sustainability is about making smart, long-term business decisions. How are other businesses communicating what they are doing and the benefits? What is your business overlooking?
- Set priorities and goals. Having clearly defined sustainability priorities and goals helps align everyone in the company from the top down. Many global companies like 7-Eleven Inc. and Alimentation Couche-Tard Inc. connect their sustainability goals with the United Nation’s Sustainable Development Goals.
- Measure progress. Without clear and defined metrics that are reliably reported and examined, it is difficult to know if a company is making progress.
- Share your story. People inside the company need to know about the company’s sustainability priorities and the progress being made. Some companies find it profitable to also share their stories with customers.
- Repeat. Go back to Step 1. Like all aspects of any business, the market is continually innovating and evolving. Consumer demands change, new information and technologies emerge, and competitors find new approaches. Repeating this process can be part of a company’s continual improvement process.