Corporations approaching sustainability can only do so by setting sustainability goals to match their objectives. Unlike many civil society organizations and governments, corporations do not automatically link their mission and sustainability. There are several reasons for business leaders to care for sustainability goals, and competitive advantage is a crucial reason. First, the following acknowledgment of the importance of environmental, social, and governance issues (ESG) to the company’s business interests. That leads to an understanding of the relevance of the broader issue of sustainability. Finally, Corporations approaching sustainability by setting sustainability goals, develop customer loyalty, and take responsibility for their actions towards the environment.
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Reasons for business leaders to care for sustainability goals and the impact on business performance
There are several reasons for business leaders to care for sustainability goals. First, the global goals campaign represents a significant new opportunity for companies. That is mainly for companies that view emerging and frontier markets as their source of long-term growth. Some companies could get a jumpstart in their industry in organizing partnerships by setting sustainability goals. Second, with the public declarations by companies to help with the goals, there is likely to be competitive pressure. A slow response to take action leads to the risk of exclusion from these relationships. Corporations approaching sustainability and setting sustainability goals will allow for them to tap into new lucrative markets.
GOLDEN RULES FOR SETTING SUSTAINABILITY GOALS FOR ANY BUSINESS
Setting sustainability goals is essential to any business that wants to achieve success and efficient business processes. Sustainability reporting has mushroomed within the past several years, gaining acceptance throughout the world. It has also served as a means for companies to build public trust. Hence, the publication of a regular account of a company’s sustainability performance has become a common practice. Among the reasons for business leaders to care for sustainability goals, increased consumer awareness is the main factor. Given that sustainability goals are about continuous improvement, sustainability goals should arguably be seen more as intentions with targets. Lastly, Corporations approaching sustainability are setting sustainability goals to match their responsibility objectives to society.
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