Driving Sustainable Business Growth For Brands
Leading with purpose and embedding ESG (Environmental, Social, and Governance) into your company's DNA is critical to driving growth, maintaining consumer and employee engagement, and navigating the transition to net-zero. It is the new key to long-term success —the result of deliberate attention to areas such as customer expectations, competition, cost efficiency, capital employed, communication, and business culture. In fact, as KPMG survey discovered that amongst the top 100 companies across 52 countries, 40% of firms have already acknowledged climate change in financial disclosures. This is a whopping 15% increase since 2017.
A robust and effective growth strategy will include several elements, and the integration of ESG practices into a business plan is the most important part for any company that wishes to engage diverse stakeholders, increase profit margins and address numerous environmental concerns.
How to Drive Sustainable Brand Growth
Incorporate ESG into your business strategy
A comprehensive ESG strategy necessitates a very specific approach that includes CEO, Board, and C-suite engagement as well as grass-roots staff engagement and collaboration across supply chains.
From the authority figures to the entire staff of the company, your strategy should include a decision-making process that gives the entire staff a voice in the company's goals.
Monitor and measure progress
In order to drive sustainable growth for the company, it’s best to focus on measurable goals. Through data collection, you can monitor and report on your progress in the most transparent way possible.
Inspire customers & employees with sustainable development practices
Leverage ESG to inspire radical innovation while improving sustainable development and caring for people and the communities in which you conduct business. It’s evident that customers want to support purpose-driven brands. Employees want to work for companies in which they have faith. Hence, you can improve your overall reputation and gain new leads by being mindful.
Circularity & eco-consciousness VS greenwashing
Don’t fall victim to greenwashing. It’s important to show an example of green-minded behavior and take steps towards lowering your carbon footprint, recycling materials, and increasing the efficiency of manufacturing processes all while trying to eliminate waste and consumption of natural resources by moving towards a more circular economy. It’s crucial to monitor your entire supply chain, develop circular products and even offer your customers a circular journey by allowing them to explore, research, and discover your company's core values.
A collaborative effort
Partner up with like-minded companies and industry sectors to drive sustainable growth and reinforce your positive impact together. However, it’s important to have a common motivation and mutual trust at the outset rather than a solely competitive self-interest in order to truly accomplish your ESG goals.
Driving sustainable business growth for brands through strong ESG practices may not be easy, but in the long run, the company’s efforts to create long-term value and have a meaningful impact on the world will surely be rewarded.