The Three Key Questions That You Need To Answer About Sustainability

Posted on November 26, 2015 by Dr Paola Fiore, One of Thousands of Business Coaches on Noomii.

Sustainability is more than just a “buzz word” for the global business community. International market leaders recognize that sustainable strategies, practices and tools can help organizations gain competitive advantage, increase market share and boost shareholder value.

We know that sustainable development should provide for current needs without sacrificing those of future generations, as well as sustainable activities should require a careful evaluation of how present decisions will affect future economies, societies and natural resources.

Companies have many practices and tools that help translate their aspiration for sustainability into practical, effective solutions; moreover, the growing demand for greener products and services creates opportunities for a new generation of open minded sustainability leaders and more environmentally and socially responsible eco-entrepreneurs and green investors.

Three simple questions can help implementing a sustainable behavior into daily operations.

1) First of all, we need to ask ourselves: What is Sustainability?

Sustainability generally refers to the influence that an organization can have in three main areas: environment, society and economy.

A company’s Bottom Line is usually measured in terms of its financial performance, while sustainability requires to consider the “Triple Bottom Line” based also on key environmental indicators and social factors.

In the decision making process towards sustainability profit and nonprofit organizations can use different approaches; the most recognized guidelines are the “Triple Bottom Line”, or “The Natural Step System”.

This second methodology is based on the following core principles:

• Reduce waste and reliance on nonrenewable energy and natural resources.
• Decrease synthetic compounds use, and reusing or recycling materials.
• Meet basic human needs with equitable resource distribution.

2) A second question that we need to answer is: What is a Sustainable Activity?

A “sustainable activity” is a human action that addresses the relationship between the environmental, economic and societal equity of any activity and the root causes problems, as well as prevents or eliminates them, rather than dealing with their present or future consequences.

Moreover, a “sustainable activity” avoids shifting impacts from one area to another in relation to the environment, economy and society, and recognizes the irreplaceable value of limited natural resources in supporting human life.

3) The third fundamental question to answer is: What Business Can Do for Sustainability?

There are at least six key aspects to start out approaching sustainability on the right foot:

• Understand specific sustainability topics from a business perspective.
• Incorporate the principle of sustainability into everyday business activities.
• Take into account business opportunities arising from sustainable development.
• Recognize how financial services industry approaches sustainability.
• Learn how businesses are forging working partnerships with lobby groups.
• Improve training to incorporate sustainability into core business strategies.