To build business value in a changing world, organizations need a structured approach to their sustainability journey.
A structured approach to your sustainability journey should follow six phases.
To build business value in an ever changing world, your sustainability journey will follow a structured 6 phase approach:
Phase 1 Analyze:
The journey to building long-term value begins with analysis of an organisations situation in relation to today’s environment and social megaforces. The analysis phase provides essential information in which to define a plan of action, a baseline from which to measure progress and a clear views of priorities.
Phase 2 Plan:
Here a plan of action is developed to address significant risk and opportunities. Goals and milestones must be fully integrated with the broader business strategy.
Phase 3 Implement:
An organisation needs a number of fundamentals in place in order to implement a strategy effectively. These include ensuring that the organisation has the capacity and capability to achieve its goals, that the right technologies and processes are in place and that people are aware, committed and incentivised.
Phase 4 Monitor:
In order to monitor performance effectively, organisations need to have the right data-gathering processes in place along with the right analysis tools and methodologies.
Phase 5 Report and Assure:
Reporting on environmental and social performance is now standard practise in business wherever in the world you may operate. Stakeholders want to know that a company has identified its most significant environmental and social risks and impacts, and is addressing them effectively.
Phase 6 Evaluate:
Regular evaluation is essential for companies taking the journey to a more sustainable business model. The evaluation will enable the organisation to make the journey more efficient and effective and will provide the information needed for strategic decision making.