Sustainable business strategy is the integration of economic, environmental, and social aims into a firm's goals, activities, and planning, with the aim of creating long-term value for the firm, its stakeholders, and the wider society.
Similarly one may ask, how do you create a sustainability strategy?
If you're starting out in building a corporate sustainability strategy, here are five key areas to focus on:
- Get to know and engage with your stakeholders.
- Understand your sustainability risks.
- Gathering the right data & setting targets.
- Report well.
- Seek feedback and continually improve.
Furthermore, what are 10 components of sustainability strategies?
Start an “environmental audit” on the following areas:
- Water use.
- Energy use.
- Water minimisation and management.
- Chemical use.
What are the 3 principle of sustainability?
The principles of sustainability are the foundations of what this concept represents. Therefore, sustainability is made up of three pillars: economy, society, and the environment. These principles are also informally used as profit, people and planet.
What are the four major growth strategies?
There are four basic growth strategies you can employ to expand your business: market penetration, product development, market expansion and diversification.