Reflecting back on the past few years, our sustainability consulting practice has seen a significant shift in eco awareness and overall business sustainability action. Accompanying discussions of risk mitigation, there are questions as to how to translate expanded eco awareness to actual bottom line results. As such, it's natural to ask: What information exactly needs to be communicated and to which stakeholders? What control measures need to be put in place and tracked?
The Forbes post, Five Strategic Reflections For Your Innovation Ecosystem, addresses key metrics used to tie sustainable business strategies to bottom line performance. Using innovation program effectiveness as it primary measure of performance, the article offers some advice.
- If your focus is on output, you’re seeing what has happened, rather than what will happen…focus on conditions you are creating the future.
- Finding metrics and measures for values and mindsets and points of view will be difficult, but that very difficulty is what leads you to a further reflection.
- Your strategy thinking should not lead you to the things you already measure; you should be looking for new markers, and new cardinal points.
- What you measure must be related to that strategy. And what you measure must be a leading (cultural), not a lagging (output) indicator.
- Strong strategic leadership will be the key to maintaining your focus on innovation conditions, and not being distracted by output.
For businesses just getting on board with sustainable business strategies, we at Taiga Company propose that a corporate sustainability plan is one way for growing businesses to drive efficiencies into existing business process and to create access to new opportunities. A comprehensive business sustainability program is a communication tool to your key business stakeholders that your company is capable of monitoring key business sustainability metrics and its responsive to change.