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After having read the October Harvard Business Review article,
The Sustainable Economy
it caused me to reflect on how often the term 'sustainability' is used in business language and social commentary. I was curious to check out if indeed there was some convergence in the measurement and practice of sustainability as a growing area of corporate strategy.
It is Interesting when you see the multi-dimension definition posted by Wikipedia for Corporate Sustainability "Corporate sustainability is a business approach that creates long-term consumer and employee value by not only creating a "green" strategy aimed towards the natural environment, but taking into consideration every dimension of how a business operates in the social, cultural, and economic environment. Also formulating strategies to build a company that fosters longevity through transparency and proper employee development. (Wikipedia)" Relevant to the multi-dimensional nature of sustainability, the "Triple Bottom Line" (TBL), is a corporate measurement that brings in social and environmental impact. The United Nations made this the standard for urban and community accounting in early 2007 and it is now used by companies committed to Corporate Social Responsibility. The Economist defines the measure further: "The triple bottom line (TBL) thus consists of three Ps: profit, people and planet. It aims to measure the financial, social and environmental performance of the corporation over a period of time. Only a company that produces a TBL is taking account of the full cost involved in doing business." The term Triple Bottom Line is being used in one of my firm's current client projects where we are working with a Canadian industry that has a challenging "green" image. One of the opportunities of this project is to identify multi dimensional elements of this particular industry's contribution to the Canadian economy, society and environment. In researching this article, I decided to Google search the term corporate sustainability, unsurprisingly, the most recent Corporate Knights ranking with the 2011 Global 100 Most Sustainable Companies
Corporate Ranking
was highlighted. Interesting that the first Canadian company on the list was ENCANA at ranking 12. Most of the top 10 companies are located in the Netherlands with a US entry through Johnson and Johnson at #2 and Intel at #6. With a search in the Globe and Mail, I found tips for building sustainability into small business that could be useful for any size company reviewing its practices.
Sustainable Practices Sustainability is an evolving area of business strategy and corporate branding practice where measurement is tantamount to success. The triple bottom line is an accounting procedure that firms that are committed to CSR should consider incorporating into their regular reporting processes. The opportunity to measure corporate sustainability and CSR initiatives is likely greater than that of branding practices. It really is a small world. Stay Connected with Brand Matters Follow us on Twitter Brand Matters is on Twitter. Follow us for more updates. Join our LinkedIn group We invite you to join Brand Matters' LinkedIn Group and participate in our branding discussions. We are Pleased to Announce
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