Corporate Sustainability is one of the latest buzzwords you may of heard of. Is it just another buzz word? What is it anyways?
Looking at Wikipedia, you will find that ‘Corporate Sustainability is a business approach that creates long-term consumer and employee value by not only creating a “green” strategy aimed towards the natural environment, but taking into consideration every dimension of how a business operates in the social, cultural, and economic environment.’ In other words, corporate sustainability is looking at how your company effects everything, not just water or trees.
Sustainability comes from the fact that the strategy taken up by the company allows for sustainable revenue generation or cost cutting (I will give examples in future blogs).
Traditionally, when companies are working on their corporate strategy, they look strictly for the economic impact. Corporate sustainability is a holistic view of operations and strategy via financial statements, your physical environment, the communities you work in, and the relationships you have created.
Corporate Sustainability is not only a buzz word but a smart way to do business. As a matter of fact, during the performance review process of purchasers for Walmart, they are rated on their ability to purchase items from suppliers which have a corporate sustainability strategy. Many large grocery store chains expect to receive an annual report from their suppliers on their sustainability strategy.
If you are wondering how a Corporate Sustainability Strategy could help your company, please stay tuned for more information or just contact me.