ecoming a responsible enterprise through sustainable practices
Responsible Business
By adopting sustainable practices, companies can gain a competitive edge, increase their market share, and boost shareholder value.
For businesses, sustainability is more than mere window dressing.
The growing demand for "green" and "sustainable" products has created major new markets in which sharp-eyed entrepreneurs are reaping rewards.
Formerly referred to as "Corporate Social Responsibility," the concept of responsible business is underpinned by the idea that corporations cannot act as isolated economic entities detached from broader society. Traditional views about competitiveness, survival, and profitability are being swept away.
Positive outcomes that can arise when businesses adopt sustainable and responsible practices include:
1. Company benefits:
• Improved financial performance
• Lower operating costs
• Enhanced brand image and reputation
• Increased sales and customer loyalty
• Greater productivity and quality
• Greater ability to attract and retain employees
• Reduced regulatory oversight
• Access to capital
• Workforce diversity
• Product safety and decreased liability.
2. Benefits to the community and the general public:
• Charitable contributions
• Employee volunteer programs
• Corporate involvement in community education, employment, and homelessness programs
• Product safety and quality.
3. Environmental benefits:
• Greater material recyclability
• Better product durability and functionality
• Greater use of renewable resources
• Integration of environmental management tools into business plans, including life-cycle assessment and costing, environmental management standards, and ecolabelling.
