- March 25, 2018
- Posted by: dipankar
- Category: Sustainability
Corporate Sustainability is often associated with Profit, People, Planet. This is how companies manage their financial, social and environmental risk. Organisations around the world especially Fortune 500 companies has realized the importance of being sustainable. As per a survey conducted by a leading business magazine, significant number of CEOs accepted the fact and importance of being sustainable and target it as one of their top three priorities.
“Indeed, 72 percent of respondents say considering sustainability is “extremely” or “very important” for managing corporate reputation and brands. In addition, 55 percent agree that investment in sustainability helps their companies build reputation, and 36 percent see building reputation as a top reason for addressing sustainability” – Mckinsey Global Survey.
We as an organisation, have profound belief that businesses can not sustain in the long run without caring about the social and environmental impact of their operations and business. In fact, to substantiate this we got a chance to speak to one of the former journalist and TED x Speaker who attended the World Economic Forum held in January at Davos 2018, Bianca Ghose. Bianca met several corporate and political leaders at the forum and she got a sense on the sustainability –
“Hi Dipankar. The business sustainability agenda (growth & market share, business model reinvention, emerging technology-led new revenue streams, better long-term returns for investors etc.) was intertwined with the sustainable business agenda at WEF. I got the clear sense that long-term profitability is no longer acceptable without giving visibility into a business’s long-term social impact. People expressed willingness to stay on the right side of society, build transparency and trust, and shared examples of how partnerships are helping reduce social inequalities and aiding inclusive growth for the business, its employees, the environment and the community it does business in.” –Bianca Ghose.
To put the sustainability in to the business perspective, the consumers especially in the western world including the USA, the UK and parts of Europe tend to buy more of the product, which is sustainable, sustainably harvested, ethically sourced/manufactured and the local communities are being helped through fair trade, where the products are being developed.
As mentioned on eco-efficiency, The Natural Marketing Institute (NMI) has found in their consumer research that knowing a company is mindful of its impact on the environment and society makes consumers more likely to buy their products or services. “Consumers are more interested in aligning their personal values with the brands they buy. If consumers are aware that companies are mindful of their impact on society and the environment, it positively impacts their repeat purchasing behavior.”
Being sustainable brings positivity to the business and reflects in to the culture which is perceived as a goodwill and healthy reputation by all the stakeholders including, customers, suppliers, investors, industry. It also brings long term positive impact to the businesses.
For businesses, it is important to have a supplier base which just do not speak about it but rather shows the real difference it makes to the environment and social.
‘Terry Exports’ Sustainability practices –
• #OrganicPractice: We only work with the vendors having not just certifications but who stringently follows the organic practices. It helps the environment helping our planet becoming more greener and healthier to live in.
• #FairTrade: After rigorous due diligence of our vendors, we promote the fair trade among the local communities, farmers of the producers though fair price wages. By doing this we help enriching the lives of local communities creating a positive social impact.
Feel free to comment your thoughts on sustainability below. For more information on sustainability – please contact us and we shall be glad to exchange our thoughts & beliefs.