12 keys to unlock Better Business
I have over the past blog posts discussed the urgent need for better business, based on the Better Business Playbook that I recently published with the support of three brilliant co-authors. In the earlier blog posts, we looked at why steps in the direction of Better Business are urgently needed, and at the same time a real strategic business opportunity.
In this blog post, I summarize twelve keys that will help you on your way, all based on what you will currently find practiced by those currently in the frontline.
The SDGs offer a roadmap and a blueprint to the world’s wicked problems. Best-in-class organizations have understood the SDGs, the opportunities and business case, defined priorities, and set relevant ambitions and goals for their enterprises.
EMBRACE CUSTOMER POWER
A shift in power has occurred where consumers are pushing businesses to re-evaluate their purpose, find alternative business models, and develop sustainable products.
LIVE A HIGHER PURPOSE
A higher purpose involves striving for something that is bigger than you and your company. It gives both direction and meaning. It often includes an important societal issue, where the company takes a stand.
BUILD AN INTEGRATED STRATEGY
The era of traditional corporations merely integrating sustainable practices on a shallow level is being surpassed by a new era of corporate behavior.
BE AN ACTIVIST
CEOs and executives are increasingly looking outside the scope of their own business and speaking up for social, environmental, and political issues.
PURSUE MEANINGFUL INNOVATION
Meaningful innovation is found in the intersection between technology, business models, human needs and the world’s wicked problems. It is not easy. But it can be done.
CREATE CIRCULAR BUSINESS MODELS
Business models supporting a circular economy can reduce the environmental footprint of both production and consumption. This approach is being increasingly adopted.
BUILD SUSTAINABILITY BRANDS
A sustainability brand has sustainability benefits that are noticeable, credible, and relevant to the targeted customer segment. It is also well-differentiated from the competition.
DEVELOP UNCONVENTIONAL PARTNERSHIPS
Some of the world’s largest corporations have chosen unconventional partnerships to tackle environmental challenges.
TURN CLIMATE POSITIVE
Many companies have increased their ambitions and now pledge to become climate positive based on the realization that reaching zero emissions is not enough to tackle the climate crisis.
BE TRANSPARENT IN REPORTING
‘What gets measured gets done’ is an old adage in business. Also, what gets measured reveals what is valued in your organization. Being transparent about your results also helps to bring out the elephant in the room. It is a critical step to become a better business.
BECOME A CERTIFIED B CORPORATION
B-Corps provides a global certification for for-profit companies that meet
the highest standards of verified social and environmental performance, public transparency, and legal accountability.
In coming blog posts, we will dive deeper into each of the twelve keys to Better Business. If you can’t wait, you can already now download and read more in the Better Business Playbook.