Small Business Strategies For Company Profitability And Sustainability – Copyright © 2023 Media, Inc. All rights reserved. ® and related marks are registered trademarks of Media Inc.
The six ways listed below will empower business leaders to shape a more sustainable future for both their business and their community.
Small Business Strategies For Company Profitability And Sustainability
Vanitha Narayanan is the CEO of IBM India Private Limited. In a speech at TiEcon Delhi 2015 on 16-17 October, Narayanan spoke about how startups can build sustainable companies in the future.
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Most companies do not have a deeper understanding of sustainability. From a broader perspective, a sustainable company is one whose purpose and actions are based equally on economic, environmental and social considerations. Unfortunately, however, the road to sustainability is not easy for most companies. Therefore, the six ways listed below will enable business leaders to shape a more sustainable future for both their business and their community.
One person can change everything in your business except your core beliefs. Building a business on your beliefs is about creating value. Your business may depend on your beliefs. If your beliefs are less specific, localize your business, or if they are more ad hoc, step back and rethink the business mission. But it must be aligned with what you as a company must do to deliver value.
When you change and act fast, you can be the biggest, boldest and smartest unicorn, but if you stay still and don’t change and adapt, you’re as close to extinction as you can get.
For example: In the 80s, IBM was just as close to extinction. In fact, we were featured on the cover of Forbes and Fortune with Dinosaurs. So the idea is not to stand still every day. I might have a great idea that works, but it doesn’t matter how great the idea is until you actually find ways to get it to market quickly.
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It’s not that great people don’t exist. It’s not that the technology built wasn’t the best technology, it’s about figuring out your marketing strategy that creates value for what the customer is looking for for their problems. So if you don’t get it right at the right time, and if you lose touch with the value prefix, you can be completely lost.
Never lose sight of the fact that ultimately the purpose of business is to create value for your customers. Focus on creating high value, high capabilities for the benefit of people. This doesn’t mean you have to be an expert in everything; it’s about creating value at the top using existing resources.
We are no longer in the era of the 50s, 60s and 70s. Everything changes in an instant. IBM has been through some very awkward times, and frankly, it’s still awkward. It’s no secret that our industry is going through the biggest change ever. But it is not just the tech industry, the shift in the tech industry creates further shifts in all industries.
For example: If you are a banker, your new competitors are completely different. If you are in retail, everyone is in retail now. Likewise, if you have been in the mobile industry, you can see that it is no longer an industry. it’s a platform, it’s a capability. So IBM is completely changing the payments, retail, banking and mobile industries as they all become cloud functions that everyone can use. Companies must also focus on delivering value to their customers in innovative ways.
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It is no longer about one company delivering value to every customer in every location; it’s about being part of an ecosystem. If you are not part of the ecosystem, then you are limiting yourself. You might get off to a successful start, but eventually things start to get difficult. Later in the larger ecosystem, you will become part of many ecosystems. In some cases you may be a significant player and in others a minor player. But at the end of the day, it’s about the investment you make in each of these ecosystems. So don’t try to be a big player in every ecosystem, but rather look at how things work to deliver incremental value.
When you are part of a company/organization, it has to constantly reinvent what you do, it has to rethink how you do it and at the same time maintain a core belief system, because you want your employees, your customers and your colleagues have to work. with you and for you.
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You need to sell a story to sell your product. Branding psychology is the key to this. 87 percent of CEOs expect their investment in sustainability initiatives to increase over the next two years.
Business leaders in organizations with sustainability programs report a number of benefits. They say sustainability strategies help protect a business from disruption and mitigate cost growth, and investing in partnerships and innovation that promotes sustainability is one way to drive business growth. The study of opportunities, risks and technologies for sustainability in 2022 shows: 86% of business leaders see sustainability as an investment that protects their organization from disruption. Four out of five managers say that sustainability helps their organization optimize and reduce costs. have directly created both short-term and long-term value for their organization
A sustainable company seeks to create long-term stakeholder value by considering social, economic and/or environmental impacts in strategic and operational decisions.
Climate is at the top of environmental, social and governance (ESG) issues important to sustainability, according to an analysis of 100 organizational materiality assessments. Climate is followed by business ethics and integrity, diversity, equity and inclusion, and sustainable products.
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Environmental sustainability is rising on the CEO agenda, with 9% of CEOs ranking it among their top 3 business priorities.
74% of supply chain managers expect circular economy (sustainability) activities to have a positive impact on profitability between now and 2025.
Almost 70% of surveyed CEOs plan to invest in new sustainable products and make existing products more sustainable.
The circular economy had a positive impact on last year’s revenue for 67% of supply chain managers surveyed.
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44% of supply chain managers expect climate change to create supply security challenges in the next 10 years.
Sources: 2022 CEO and Senior Business Leaders Survey 2022 Emerging Priorities Supply Chain Survey 2022 Circular Economy Survey
At the heart of a sustainable business strategy are decisions about growth opportunities, risks and costs, technology and leadership.
When it comes to their strategic ambitions and the level of commitment to their businesses, leaders have many viable sustainable business opportunities. These range from doing the bare minimum through compliance to seeking new growth opportunities and differentiation through sustainability. But this is a fast moving area. Whichever approach you choose, sensing and responding to stakeholder expectations, regulatory interventions and market changes is imperative. Access to capital, talent, growth and a license to operate a business are at risk.
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Identify sustainable business pivots and disruptions, support new investment opportunities and develop new business and operating models. Product innovations that deliver sustainable benefits to stakeholders provide the opportunity to create long-term financial security while managing natural capital flows. Digital can contribute significantly to improving a company’s sustainability performance and create new growth opportunities, but digital business can also damage sustainability. A common strategic plan is essential to successfully connect digital business and sustainability.
Key questions How can we support new sustainable investment opportunities? How do business and operating models need to change to achieve sustainable results? Which turning points for sustainability will create growth opportunities?
Assess, monitor and manage internal and external risks associated with a sustainable business. Sustainable business investment is driven by opportunity, but it is also part of risk and cost management. Increasing regulations and activist investors are creating pressure to focus on the financial, legal and reputational risks associated with sustainable business strategies.
Key questions How can we manage sustainability costs and risks? How do we ensure access to capital? What sustainability risk-based monitoring strategies and responses should we adopt?
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Monitor, prioritize, implement new technologies and improve existing ones