How much will Sustainability Cost my Company?
6 October 2015, News release from Sustainability Knowledge Group
What sustainability is going to cost me in terms of the initial capital investment, what resources are required and any ongoing expenses to modify my business practices?
The decision to consider how sustainability can positively impact your business can be prompted by many factors. You may be personally committed to running a business that is more eco-friendly, your competition may be taking steps to becoming a more sustainable business, your suppliers may demand compliance with international sustainability frameworks (UNGC, GRI), or your customers may be starting to ask about your business practices and CSR commitments. What is this going to cost me in terms of the initial capital investment, what resources are required and any ongoing expenses to modify my business practices?
Should I Expect a Return on Investment?
CSR and sustainability typically don’t fit into an accounting justification. If your market is moving in that direction and your customers are clearly asking for information on your business practices, that should be justification enough. Keeping customers who might go to your competitors should definitely be justification, and as you begin to examine your business in detail to identify opportunities to be more sustainable, you may identify savings to balance out any addition expenses you might incur. In addition, keeping your business at the leading edge of a market trend and actively promoting that position should generate new business. Surveys conducted by Nielsen verify those trends, while sustainability indexes demonstrate the returns.
Sustainability as an Investment
Sustainability goes beyond green, or a stand-alone nice to have initiative. It represents a fundamental and long-term commitment to the way your business operates, and it needs to become a central part of your decision making and planning process. Investing in employee development and welfare, creating a welcoming environment that rewards innovation and supports differentiation will soon yield returns, from winning awards and recognitions, becoming a preferred supplier, to reducing absenteeism.
Where do I Start?
Identifying what sustainability and CSR will cost you is a difficult question to answer, because it depends on where you are starting and your vision.
For the full article visit https://sustainabilityknowledgegroup.com/blog/To join our upcoming Advanced Chief Sustainability Officer (CSO) Professional training, 27-29 October 2015 in Dubai, and receive international recognition from the British Institute of Leadership and Management (ILM) visit Sustainability Knowledge Group