Companies that engage in sustainable and inclusive operations consider the social, environmental and economic impact of all their decisions, while taking into account the interests of their stakeholders (parties that have an interest in your company). These stakeholders can include employees and clients, or parties such as local residents, suppliers (across the value chain), investors and even the society at large. It is important for companies to engage in discussion with their stakeholders. This is how they learn about how their decisions affect others due to the fact that involving your stakeholder’s results in valuable input, improvement in outcomes and building consensus.
SIB improves sustainability of business operations by ensuring your business is provided precise information with what’s trending in your sector, how you can increase your efficiency and ensuring provided tools that can monitor your performance. This results in increasing profits thus competitive advantage.
New markets and business models
SIB does not only improve the sustainability of existing business operations but it also:
Creates value socially, ecologically and economically. This is referred to as the 3 Ps: People, Planet and Profit.
Plays a role in all company processes, from purchasing to marketing and from production to HRM.
Requires companies to weight the interests of their different stakeholders, including the employees, clients, local residents involved and other companies and organisations.
Is different for every company. The measures implemented will depend on the company’s size, sector, corporate culture and business strategy.
Is a process, not a final destination due to the fact that goals may change within time as the decisions a company undertakes along the way, can vary.