This world has always seen the good and bad sides of human consciousness but a few would have thought that after the industrialization of communities and businesses, people would see an interesting phenomenon that “Being Good” and “Doing Good” has a business case too.
Nowadays businesses are aspiring to become sustainable by doing good for society and the environment which is resulting in creating an eco-friendly and responsible business atmosphere across the globe in different markets.
Business owners have seen benefits of becoming a sustainable brand in ways which were initially beyond their imagination as they not only tend to attract conscious customers but also better employees. Moreover, businesses have started taking measures which are beyond regulatory compliance to provide social and environmental benefits to the planet and people while not moving away from having sustainable profits.
Furthermore, sustainable brands enjoy much better relationships with all the different stakeholders which mainly include shareholders, employees, suppliers, customers, Government authorities and Financiers.
Also, by focusing partially on non-financial parameters of businesses such as energy consumption, emission intensity, and waste reduction initiatives; sustainable corporate management makes it possible for the management and owners of the business to have a comprehensive picture of their business in the form of a periodic sustainability reporting mechanism which can be verified through standardized assurance procedures by independent auditors resulting in making a reputable brand and business with better relationships with all the stakeholders.
The writer is a Business Consultant by profession who has worked with reputable brands in the UK and Pakistan.
Syed Adeel ur Rahman (MSc (Energy), FCCA (UK))