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The six methods below will empower business leaders to shape a more sustainable future for their company and their communities.
Business Strategies For Sustainable Growth
Vanitha Narayanan is the Managing Director of IBM India Private Limited. While addressing a gathering at TiEcon Delhi 2015: Balancing the Law held on October 16-17, Narayanan talked about how startups can build sustainable businesses of the future.
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Most companies do not have a deeper understanding of sustainability. From a broader perspective, a sustainable company is one whose goals and actions are based equally on financial, environmental, and social issues. But unfortunately, the path to sustainability is not an easy one for most companies. Therefore, the six methods below will enable business leaders to shape a more sustainable future for their company and community.
Anyone can change everything about your business except your core beliefs. Building a business based on your beliefs is creating value. Your job may depend on what your beliefs are. If your beliefs are a bit specific translate your work, or if they are time-bound, you need to go back and reconsider the work task. But it should be consistent with what you as a company will do to add value.
When you change and act fast, you can be the biggest, boldest, and brightest unicorn, but if you keep calm and don’t change and adapt, you are as close to extinction as you can be.
For example – in the 80’s IBM was on the brink of extinction. In fact, we’ve been featured on the cover of Forbes and Fortune along with dinosaurs. So the idea is not to stand up every day. I may have a great idea that works, but it doesn’t matter how great the idea is until you find ways to get it to market quickly.
Environmental Sustainability Strategy
It is not that great men do not exist. It’s not that the technology that was created wasn’t the best technology, it’s about designing an entry-to-market strategy that drives value, in terms of what the customer is looking for for their problems. So if you don’t get the timing right and if you lose touch with the value proposition, you can get completely lost.
Don’t lose sight of the fact that at the end of the day, the purpose of the business is to increase value for your customers. Focus on creating high-value, high-value opportunities for people. This doesn’t mean you have to be an expert on everything; It is about creating value at the peak using existing resources.
We are no longer in the fifties, sixties and seventies. Things change in the blink of an eye. IBM has had some very unpleasant times and, frankly, it’s still unpleasant. It’s no secret that our industry is going through the biggest change of all. But it is not only the technology industry. The change in the technology industry creates subsequent changes in each industry.
For example – if you are a banker, your new competitors are very different. If you were in the retail business, now everyone is a retailer. Similarly, if you are in the cell phone business, you can see that it is no longer an industry; It’s a platform, it’s a capability. Therefore, IBM is completely changing the fields of payments, retail, banking and mobile as they are all cloud capabilities that everyone can benefit from. Companies must also focus on delivering value in innovative ways to their customers.
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It is no longer about one company delivering value to every customer, everywhere; It’s about being part of an ecosystem. If you are not part of the ecosystem, you are limiting yourself. You may have a successful start, but eventually it starts to get tough. Moreover, in the larger ecosystem, you will become part of many ecosystems. Sometimes you may be an important player and in other cases you may be a small player. But in the end, it’s all about the contribution you make to each of those ecosystems. So don’t try to be a big player in every ecosystem, but rather see how things work to add value.
When you are part of a corporate/individual entity it is all about constantly reinventing what you do, it is about reinventing how you do it and at the same time maintaining a core belief system because you want your employees, customers and partners to work with you and for you.
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Business News “You Deserve Better Than This”: Virgin Orbit COO Pence’s Exit Letter to Senior Management At the company, we are developing a sustainability strategy with the support of the Board of Directors. Our strategy is the tool that guides us towards achieving our vision of sustainability, and transforming our aspirations into action. The strategy is built on the foundations of our five core values and is in line with the overall strategic direction. It is also aligned with the TCFD (Task Force on Climate-Related Financial Disclosures) and related United Nations Sustainable Development Goals, as part of its support as a responsible citizen.
During our annual strategy review process, we analyze current and emerging global sustainability trends and identify potential risks and opportunities arising from these trends. We then examine potential impacts and risk management initiatives, which are embedded in our strategic sustainability goals and action plans.
To achieve the sustainability vision of enhancing the company’s long-term capabilities and performance through sustainability, we have identified three strategic pillars as the main driving forces:
Sustainable Development Goals
Recognizes that sustainable and capable people in the company and society are essential to the growth and competitiveness of the organization. We improve the capabilities of the people in our sphere of influence by applying a layered approach – the grassroots: children, youth, disadvantaged members of society, workforce, talent and leaders.
We recognize that the ability to strengthen relationships with key stakeholders in our value chain is vital to the growth and continuity of our business. It aims to raise the primary value chain to ensure sustainable supply of products and services and to promote sustainable sourcing. The company is committed to providing customers with high quality and safe products and services with options to enhance their health and well-being. We also continue to strengthen customer relationships through multiple engagement channels, including loyalty programs.
Remarks: (1) The current scope includes domestic food and packaging suppliers from Thailand and Australia, as well as Food Thailand project management suppliers.
We have a commitment to reduce the impact of our presence on the environment and surrounding communities through improved efficiency and a 4R approach (Reduce, Reuse, Recycle, Replace). In addition, we advocate biodiversity and the preservation of natural heritage, especially in areas where we have footprints.
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Notes: (i) Previous energy and CO2 reduction targets have been met with the listing of NH Hotel Group. No new targets have been set in 2021 as the science based target for the combination of Scopes 1 and 2 and the water target for the whole range will be set in 2022.
We recognize that good governance and responsible business are key factors in achieving the long-term goals of sustainable growth and creating trust among our stakeholders. We are building a robust platform for good corporate governance and responsible business across the organization, from the board of directors to all levels of employees, and with relevant stakeholders, including business partners, shareholders and vulnerable groups in society. The company respects the rights of our stakeholders and has an effective complaints mechanism where stakeholders can report unpleasant conditions.
Realizes that a company’s competitiveness and the quality of relevant communities and environments are interdependent. We believe that building a culture of incorporating Shared Value Creation into our practice by recognizing the relationship between a company’s economic progress and social and environmental impacts gives the power to create a sustainable future for both business and society.
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