If a company is to successfully manage the risks and opportunities of social and environmental changes, and build a business that is sustainable in the long term, it needs to go on a journey. To build business value in a changing world, a structured approach to your sustainability journey will follow six phases:
Phase 1: Analyze
The journey to building long-term value begins with analysis of an organization’s situation in relation to environmental and social trends.
Phase 2: Plan
Goals and milestones must be fully integrated with the broader business strategy.
Phase 3: Implement
An organization needs a number of fundamentals in place in order to implement the strategy effectively.
Phase 4: Monitor
In order to monitor performance effectively, organizations need to have the right data-gathering processes, analysis tools and methodologies.
Phase 5: Report & assure
Reporting on social and environmental performance is now standard practice in business wherever in the world you may operate.
Phase 6: Evaluate
Regular evaluation is essential for companies taking the journey to a more sustainable business model.