In a nutshell, sustainable development is about making business decisions that protect the environment and provide economic development.
This presentation outlines how sustainable development and strategies can be put into place and help businesses, as well as delving into 'CSR' (corporate social responsibility).
2. SUSTAINABLE DEVELOPMENT: Making business decisions that
protect the environment, improve society, and provide economic
development.
It is advisable to adopt a clear and concise, ‘sustainability
strategy’- as it makes good business sense and allows you to
stand out amongst competitors.
3. WHY is Sustainability Important for Business?
Adopting a sustainability strategy can:
Reduce energy costs
Enhance brand reputation
Increase customer and staff loyalty
Improve risk management
Improve internal and external business relationships
4. Defining ‘CSR’
Corporate social responsibility (CSR) is about
businesses voluntarily taking responsibility for their
actions, their environmental impacts, their community
and their people.
5. What Does CSR in Business Involve?
• Improving value and considering its effects on society and the
environment.
• Engaging customers and everybody else who is involved with the
running of the business.
• Setting tangible targets and goals, and reporting on them.
• Cutting costs by minimising waste.
• Minimising business risks.
• Improving the promotion of the business and its services.
• Better reporting to enhancing transparency for investors.
6. How Does CSR Help a Business?
• Recruit and retain employees.
• Separate the business and its services in the minds of consumers
and business partners.
• Reduce reputational risk.
• Avoid legislation intervention in the business through taxation or
regulations.
7. Developing a Sustainable Strategy
Accountants have a strong role to play in developing and
maintaining a sustainability strategy.
Any plan or policy needs to be measured and communicated,
accountants can provide high quality information and engage in other
sustainability related activities – they are therefore ideally qualified to
facilitate such policies.