Delivering a new sustainability business model to create a competitive edge

We have reached a time when businesses must adapt and reinvent themselves for progression and success. Companies must prioritise their contribution to people and our planet. This connection to society is critical to people, employees, investors, partners and clients. 

With climate challenges becoming a dominant force, sustainability has become the competitive edge for businesses today. Businesses must adapt and reinvent their business model and ensure sustainability is a core strategy. Those businesses that are leading this movement are demonstrating the way that sustainability has created a competitive edge over other companies.

How can businesses reinvent their business model?

The purpose of your business

Defining your purpose as a business and interpreting the contribution to people and the planet is a priority.

Adapting Performance

Today, measuring the performance of a business goes beyond profit generation. The performance also aligns with the impact on people and our environment. For many companies, sustainability is integrated heavily into their business strategy rather than having a separate sustainability and business plan. The transformation strategy becomes focused on transitioning a business into a sustainable business.

Collaborating with the team and stakeholders

Engaging with employees and partners is critical to motivate and enable this transformation in an organisation. Employees will drive the process, and a business must ensure they contribute to adapting and defining future strategies. 

A  new stage of governance

Many industry experts have begun a new phase of governance, and that success hinges on delivering a more collaborative and inclusive governance, which prioritises diversity of gender, ethnicity, background and those with experience in sustainability.

Prioritise sustainability as a competitive driver

Businesses shouldn’t consider sustainability as a process of compliance. It’s more about creating a competitive edge and defining how to embed sustainability into your organisation, deliver more success and appeal to other potential partners and investors.

Meeting future standards is vital

New regulations and reporting standards like the ones introduced by the International Sustainability Standards Board drive c-suite and executive leaders to prioritise sustainability across their entire organisation. 

A sense of purpose and clear support for sustainability is accelerating, so we must prepare to implement the necessary measures to remain competitive. Whatever sector, the importance of sustainability is growing, and companies must decide whether to create their path towards a positive future.