According to research, 63% of people want companies to drive sustainable development. Similarly, there is an increase in investors looking to invest money in sustainable, responsible companies.
While 75% of corporate sustainability professionals say that companies need to get better at including sustainability into business strategy to address global mega-trends, only 33% of businesses are actually engaging with sustainable strategic planning.
Now at last, the mindset of business professionals should change from thinking only about how one’s business can profit from the market into thinking how business can create a circle that both benefits and gives benefit to the world around us.
Building business on top of the Sustainable Development Goals (SDG’s) of the United Nations is a good way to start thinking about sustainable strategies.
Sustainable development goals focus on the wellbeing of the world
The 17 Sustainable Development Goals are an urgent call for action by all countries, both developed and developing, in a global partnership. They recognize that ending poverty and other deprivations must go hand-in-hand with strategies that improve health and education, reduce inequality, and spur economic growth – all while tackling climate change and working to preserve our oceans and forests.
Sustainable Development goals include no poverty; zero hunger; good health and wellbeing; quality education; gender equality; clean water and sanitation; affordable and clean energy; decent work and economic growth; industry, innovation and infrastructure; reduced inequalities; sustainable cities and communities; responsible consumption and production; climate action; life below water; life on land; peace, justice and strong institutions; and partnerships for the goals.
Building sustainability in the core of the business
Instead of thinking sustainability as an add-on to the core of the business, it should be thought about at the very beginning of the strategy process. While mapping the strategy for the business or an innovation, one should ask themselves: what SDG does the business idea respond to? While answering to every one of the 17 goals sounds ideal, this is often not a very realistic scenario to achieve at once. Instead, map your business idea and define what are relevant goals for your business and similarly, what are the urgent issues in your industry you can answer through your business strategy. Prioritize and instead of spreading resources and being unable to respond to any of the goals properly, focus on the ones that can make the largest impact. Create long-lasting strategies with multiple steps, and remember to find practical ways to implement the strategies.
When sustainability and the SDGs are being taken into consideration on the very early stage of building the business strategy, they become a coherent part of the business, helping it to grow without compromising the world around us.
