March 2020 will forever remain embedded in the minds of many people, entrepreneurs and employees alike, not because of good reasons, but because it brought the most devastating crisis – the COVID-19 pandemic. While questions on its source and response linger, an even bigger query hangs above them all, “How can a business survive and spring back during a crisis?” The answer is right with us – sustainability reporting. Although relatively new, you will appreciate the immense potential that the concept has, not just for you but the entire globe.
In this post, we will tell you what sustainability reporting is and how it can be your savior during trouble. It is time to shift your business from quicksand and base it on a rock so that it can withstand all storms.
Offers the Opportunity to Identify Challenges and Address them Early Enough
When implementing sustainability reporting strategies, businesses have to start with a review of their processes to determine the main challenges and opportunities. This means that you will have the opportunity to pick the best practices and use them to prepare for your operations. Take the example of a company dealing with petroleum products. One of the goals for sustainability might include using automation to detect failures in the system, staff training, insurance, and a comprehensive safety and recovery strategy. While these efforts can be expensive, they can help you to avoid plunging into a disaster or recover from one rapidly. When drawing your sustainability reporting goals, make sure to also include regular reviews to determine progress and make changes where necessary along the way.
Your Staff will Stick with You Even in Tough Times
One of the main areas of ESG sustainability reporting is the social impacts that result from your operations. Your social efforts should start with staff in your organization, targeting to help them feel at home, become successful, and good examples to the community. These efforts, from offering good pay to career growth opportunities, can make the staff to stick even during the toughest times.
In the event of a disaster, such as COVID19, you will realize that the company has warriors who will stop at nothing to make it successful. For example, the companies that survived the COVID-19 pandemic are those that had committed staff who worked even from home to keep their companies moving on. For motivated staff, challenging times presents them with great opportunity to also enrich your decision for success.
Customers Demanding for Greater Reliability
Today, companies are faced with growing pressure to take responsibility for their actions. With sustainability reporting pegged on cutting down negative social and environmental impacts, a positive scorecard will make clients stick with you. Whether your enterprise processes food products, manufactures consumer goods or sells services, clients’ attachment makes them want to feel part of you. This attachment is what helps you to maintain a big market share even when crises are shrinking customer bases. Indeed, you can even grow your company during a crisis if sustainability reporting is executed well.
Shareholders Want to be Associate with Improving the Planet
For many people, the term sustainability is associated with high costs of operations, and stakeholders do not want to be associated with it, but this is a misconception. Indeed, the reverse is true. Most stakeholders are willing to invest more as a way of safeguarding their ventures from the challenges along the way. This support offers you the perfect opportunity to prepare to handle a crisis and emerge victoriously. Remember that although we are getting out of the Covid-19 pandemic, you need to have an elaborate plan for your company because no one knows when another one can arise.
We have only highlighted a few points of how ESG sustainability reporting can help fire business resilience. Indeed, it might be your best anchor, but you need to execute it well in line with the core principles. To make it even more effective, consider working with good sustainability reporting software.