Define your purpose
“A company cannot achieve long-term profits without embracing purpose” because “a strong sense of purpose and a commitment to stakeholders helps a company connect more deeply to its customers and adjust to the changing demands of society.”
Business strategies that embed ESG practices in all operations and are managed for the long-term most likely tackle unexpected shocks and societal issues head-on. This was proven already during the COVID-19 pandemic when companies that were perceived to be more sustainable had less negative stock returns.
So, moving from intentions to results:
Define your purpose and make sure to differentiate from competitors
Integrate sustainability into the center of your business strategy
Measure and communicate your progress and results
Ambitious and strategic activities will be rewarded!