With ESG and Sustainability a top-three priority for over 80% of investors, 2024 is the year to take action and turn ESG into your competitive advantage.
Or, take no action and risk it turning into a debilitating liability.
The reality of business today is that ESG and Sustainability is either your strategic competitive advantage, or a liability that you and your investors may pay a steep price for mis-managing.
Here are Five Strategic ESG New Yearโs Resolutions that every leader should consider
๐. Understand the rapidly growing strategic importance of ESG
ESG has become a key issue for virtually all business stakeholders, across all sectors and geographies. It is far too critical to stovepipe into some line function.
Take a venture-wide approach to ESG and value-creation, or risk the consequences as sustainability becomes ever more important.
๐. Provide access to training and thinking on value-centric ESG
All ESG thinking and training is not equal. World-class thinking and training demystifies ESG and makes it understandable, relevant and implementable throughout the organization. Your success depends on your entire team, not just Ph.Dโs and MBAs.
Complexity is not your friend. If your ESG strategy is too complicated to be easily understood and communicated it is likely going to be a costly mistake.
Make sure theory meets practice in a pragmatic and easily understood manner.
If interested, we have a program coming up in February that will do just that.
๐. Take a value-creation approach to ESG
Your business is about value and your ESG strategy should be too. Develop and use a simple framework that ensures that value creation is at the heart of your ESG strategy and budgeting.
And not philanthropic, save the whales value. But real, concrete value that resonates meaningfully with your organization, your stakeholders, your publics and the ecosystems you work in
4. Make strategic use of ESG reporting and communications
Strategic, well thought out ESG communication and reporting will add significant incremental value to every facet of your ESG efforts. Your stakeholders want to know about the value your ESG investments are creating and the risks they are mitigating.
From formal ESG reporting to internal and external ESG communications; reporting and communication will unlock value and help ensure organizational resilience in the turbulent times ahead. But, remember, be humble and communicate strategically so it can be heard and so it will resonate with your audiences.
๐. Focus on 360 degrees of meaningful ESG value propositions
ESG investments and strategies should create 360 degrees of value. Ensure that you and your team develop meaningful and sustainable value-propositions for key internal and external stakeholders.
These resolutions can literally make the difference between thriving and struggling.
If you would like any support with these resolutions please reach out. We have upcoming open registrations programs or we can provide bespoke training and consulting to support you on this important journey. Email me personally
Thanks for reading and all the very best in 2024
ESG, Sustainability & CSR should be as much a business value driver as it is a social and environmental value driver. If it gets out of balance it creates risk and makes the CSR and indeed, even the business itself, potentially less sustainable.
Business is about creating value. CSR is also about creating value; value for society, for
environment and for shareholders.
Thanks for reading
Wayne Dunn
Founder and President
