Speaker 1: Welcome to Solve It Like A Marketer. I'm Stephen Hobay. Today, I'll be exploring building sustainability strategy in business. If you like this video, please subscribe and don't go away. Now, let's start with some background. What do we mean by business sustainability? Well, business sustainability comes from sustainable development. In 1987, the United Nations coined the term sustainable development, and they said economic development that is sustainable meets the needs of present generations without compromising the needs of future generations. So, in essence, business sustainability means that businesses should create wealth while making people's lives better. It should consider the betterment of society as a whole. And it also means that businesses should be conscious about the consumption of natural resources. Now, for instance, this could be creating waste through the use of plastic or emitting excess carbon through a company's processes. Now, in a perfect world, businesses collaborate with others to be more sustainable. And this not only means being conscious of their supply chain, but other businesses they may actually collaborate with. So, each firm should work towards zero waste. And there should also be a reuse approach to create what's called a circular economy. Now, in addition to driving social and environmental change, sustainability initiatives can contribute to an organization's overall success. So, many companies take the long-term perspective that spending more money now to create a sustainable business will be actually profitable in the future. In fact, this is what is expected by many consumers, especially among millennials and Gen Z, who have increasingly buying, they have increasing buying power in the marketplace. So, the upshot is that companies should be adopting this methodology now so that they don't get left behind, not to mention it is ethically responsible. So, what does this mean in terms of business strategy? Well, in the broadest sense, your strategy should consider global issues. These could be one or more of the following, climate change, income inequality, depletion of natural resources, as well as human rights issues, fair working conditions, pollution, racial injustice, or gender inequality. So, these are all big ticket items, but something to consider. Now, there are several ways you can go about transforming your organization's purpose into performance. And here are a few steps to follow to create a more sustainable business strategy. So, first, assess the problem and define objectives. This first step is to decide what sustainability means to you. This encompasses your company, team, industry, clients, and suppliers. Questions you might consider are, how much waste is your organization creating? What is your company culture like? Do you have diverse hiring practices? What impact does your company have on society? Establish your mission. So, once you've determined concrete objectives within the sustainability realm, you want to be able to weave this into your mission statement. So, think about how to balance what your company does with becoming more sustainable. This statement should capture your organization's values, purpose, and serve as a guiding light for change. Next is create your strategy. So, now it's time to align your mission with a concrete strategy for implementation. You need to balance being profitable with your sustainability goals. And there are some approaches where they consider the triple bottom line, people, profit, and the planet. And I think that this is actually a great guidepost. Just remember that you can't change the world in one fell swoop. Small changes can be the starting point for large-scale impact. Maybe this begins with switching your lighting to LEDs, having a good waste management protocol, or consider water consumption. Next, implement strategy and assess results. So, needless to say, this is a moving target. Begin small and work towards larger goals, but don't stall. Don't just switch your light bulbs and then think, well, that's it. Create measurable goals. So, how much electricity can you save in a given year? How can you reduce your carbon footprint? How will you measure and improve upon this in the future? How then will you showcase your approach and impact so this can be celebrated internally and externally? So, as you implement, also revisit your strategy periodically. So, start small and think big. Now, although it may sound like it, sustainability in business is not purely altruistic. Most businesses cannot do good in the world if they aren't financially stable. So, these two factors have to work hand in hand. But I go back to the idea of the triple bottom line, sometimes referred to as the three Ps, people, profit, and planet. If companies can achieve a balance between these factors, then significant change can be accomplished. If they weigh profit over everything else, then this equilibrium is off balance. So, it is all about holding companies to account. And more and more consumers are doing just that, refusing to buy from unethical or profit-driven firms. So, as marketers, it is important for us to engage with all age cohorts, to make them aware of the benefits of ethical business. And together, we can affect change. If you'd like to see more videos like this, hit that subscribe button. You can also catch me on Instagram and Facebook for extra content and you never miss an episode. Or do connect with me on LinkedIn. Those links are below. I'll see you every week with a new video, so please stay tuned. And together, let's solve it like a marketer.