One business opportunity, if you haven't already considered this is a sustainability strategy as a risk management strategy. The term sustainability is sometimes misused in the business environment. Are you thinking green? Well this is only one aspect of sustainability. Risk is also misunderstood that it is only mitigating risk, however the upside of this is enormous opportunity for your organisation, staff and customers. You need to understand that businesses today are heading for a triple bottom line or quadruple bottomline in some cases. True sustainability is about:
- Corporate Social Responsibility
- Financial Responsibility
- Environmental Responsibility
Some organisations are dividing the first into 2 areas.... staff as one and their community as a separate area to achieve a quadruple bottom line.
In other words... sustainability is a trio of words, People, Planet and Profit. You are only truly a sustainable organisation when you consider all three areas. Otherwise beware of Greenwash!
Markets are changing and consumers are recognising that with a voice you can make an organisation change its focus to become more sustainable. Organisations need to listen to their customers and be flexible and adaptable to this change. There is a risk to your market share if you ignore the voice of your customers. There are considerable benefits for organisations to become sustainable:
- New products
- New markets
- Higher staff productivity
- Increase in customer loyalty
- Community benefits
- Staff benefits
- Financial gains
- Environmental gains
It is also important to consider closing the loop of your business and thinking innovatively. Your staff need time to think, learn, unlearn and relearn. Google allow their staff 20% of their time to work on projects of their choice. A beneficial risk management approach to solving problems and to look for new opportunities. Sustainability requires innovation and can lead to growth and financial gains whilst benefiting or conserving the environment. What is your organisation doing to become more sustainable? It is the way of the future.