It has been a race, which started back in 2002, probably a little earlier, and now the results are evident – ESG sustainability reporting. You have probably heard about it, but it is still considered an emerging discipline. When the UN held the first conference on environment and development in 1992, it emerged that the challenges facing the globe, from global warming to inequalities, could only be addressed if everyone was involved.
Sustainability reporting is the disclosure of the information on an organization’s social, environmental, and governance impact. However, sustainability goes far deeper than the report because organizations are able to relook at their operations and define new ways for success. Although it comes at a cost, such as acquiring new equipment for higher efficiency and training staff for sustainability, the benefits you get will be impressive. One of them is winning more support from stakeholders. In this post, we will demonstrate how you can use sustainability and sustainability reporting to get support from more stakeholders for success.
Target Addressing Challenges they Can Associate With
One of the most important stakeholders in any business is the targeted customer. The lovely thing about the market today is that customers are the ones insisting on responsible organizations. To get more support, it will be a good idea to focus on the challenges facing them. Therefore, consider asking them about the areas to focus on when setting the goals for sustainability reporting.
Note that approval of your efforts by clients means a larger market share, new referrals, and higher sales. It will also make it easier for you to build a strong community around your product or brand. For a company targeting to grow rapidly and outdo competitors, this might be a great strategy.
Use Sustainability Reporting to Reach to More Stakeholders
When opening a business, most entrepreneurs and managers have a specific target. You might be interested in reaching breastfeeding moms with new diapers or beer aficionados with a new beer brand. The lovely thing about adopting sustainability reporting is that you can reach out to new stakeholders. For example, investors, policymakers, and other institutions will all want to be associated with you because of the impressive efforts sustainability. You can use these new stakeholders as your brand ambassadors to grow your market share, sales, and profits.
Leverage on the Non-Financial Performance
For most companies, non-financial performance is rarely brought to light, but sustainability reporting offers you an opportunity to showcase it, the effort used, and the impact. For example, you might have directed a lot of effort into changing the corporate culture, encouraging employees to promote energy conservation. Investors will be interested in the additional effort and inject more capital to help with company growth. Your staff will also get better attachment to their jobs for the recognition. This might be all that you need to convince them to work harder for higher productivity.
Use Sustainability Management Software
One of the concerns that investors have been raising about sustainability reports is that some of them look inconsistent and cannot be used to make crucial decisions. To avoid falling into the same problem, it is a good idea to select appropriate sustainability management software. For example, programs that make it possible to automate data collection and analysis can reduce the risk of errors in the final report. This is what investors would be looking for.
ESG sustainability reporting has created a new way that you can use to bring stakeholders closer to you. You can use the strategies we have listed above to not only win their support but further grow the enterprise faster and make your effect felt both locally and globally.