Unlocking Success in the ESG Era: 5 Strategies for Doing Good Business
Business today isn’t just about profits, but also about making a positive impact on the world. That’s where ESG – Environment, Social and Governance comes in.
Here are five key strategies to ensure your company is doing good business and thriving in the ESG era.
ESG – 5 ways to ensure your company is doing good business
1. Knowledge Is Power – understand what Environment, Social and Governance factors are. Look at the bigger picture – why are these factors of growing importance and why now?
2. What is most relevant or material to your company? Where is the push coming from? Employees, Customers, Suppliers, Investors? Are you obliged to report on ESG by any regulations, or will you be in the near future? There are numerous aspects of ESG – keep focus on where you can have the most significant impact, and on those aspects that have the most impact on your business.
3. Establish a baseline. You can’t improve what you are not measuring – undertake an assessment to see where you are now and to give you a framework for improvement.
4. Set your goals – an ESG strategy ensures you have a structured and manageable approach and keeps your business accountable when other shorter-term priorities crop up.
5. Weave ESG into your whole business. Good ESG takes the whole company along, it is not a project to be undertaken to it. Great pride, motivation and significant commercial benefit can be derived from authentic, integrated ESG. Tree planting and Offsetting should be a last resort.
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