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Grant Thornton


Best Practices to Make Your Business More Sustainable

 

In recent years, companies in virtually every industry have faced supply chain disruptions and resource shortages, while both customers and employees are starting to show a clear expectation of sustainable business practices.

Although these material and cultural elements certainly existed in previous generations, a tipping point has clearly been reached. A combination of the COVID pandemic, climate-related natural disasters, politically based trade obstacles, and widespread social movements have since brought a new sense of urgency to the sustainability issue.

Yet even the most earnest efforts from companies to embrace sustainable practices have no guarantee of success. Our audit firm in Thailand has therefore put together the following recommendations, to help businesses make the transition as effective as possible.

1)     Add sustainability to your core values

This initial step will encourage your entire team to consider sustainability when mapping out every action, procedure, and resource strategy. From embracing green transport for employees, to redesigning production methods, to promoting remote work and going paperless at the office, there is likely room for greater sustainability at every level of your operations. With sustainability a core company value, your personnel will be on firmer ground taking the initiative to implement such solutions.

2)     Ensure that your business strategy reflects ESG ideals

With growing numbers of consumers insisting that they would pay more for sustainable goods, now is the time to embrace a circular economy approach – or similarly progressive business plans that reduce negative externalities and hold holistic growth as an ideal. Remember also that ESG includes good governance and positive community relations, both of which will increase loyalty among customers and employees alike.

3)     Participate in sustainability-themed projects

If your community has an environmental need, your company can take the lead in addressing it. From regrowing old forests, to helping communities after a natural disaster, to collecting waste, to providing goods and services for disadvantaged people, the right initiative can help your company have the kind of positive impact that will motivate employees, and be appreciated by customers.

4)     Minimise your carbon footprint

As international organisations like the COP26 pledge to reach net zero carbon emissions in the future, there is every reason to get ahead of the new regulations that will surely come. Your company should develop ways to measure its own carbon footprint, and then examine the resulting data to find new ways of reducing total emissions. From developing in-house recycling operations, to establishing a preference for local suppliers, you may be surprised at how much improvement is within reach.

First steps

With brand identity, employee loyalty, customer satisfaction, and community standing all a reflection of your company’s commitment to ideals such as sustainable business practices, there is every reason to get started on this transformation as soon as possible.

Our audit firm in Thailand can provide tailored guidance, and can even help free up your internal resources for such a transition by taking on outsourced administrative tasks. Contact us for assistance at any stage of the process, as you do your part to build a more sustainable future.