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Build Business Resilience through Sustainability

Business Resilience

Build Business Resilience through Sustainability

Sudden natural disasters resulting in supply chain disruptions, and volatility in a hyper-connected global economy are causing managers to pay more attention to the company’s resilience.

 

Sudden natural disasters resulting in supply chain disruptions, and volatility in a hyper-connected global economy are causing managers to pay more attention to the company’s resilience and ability to dynamically reinvent their business models and strategies.

Research from the Massachusetts Institute of Technology states that 37% of businesses are reporting profit from sustainability and as many as one in two companies have adapted their business model to take advantage of sustainability opportunities.

Going back a few years it was believed that by helping the environment you were hurting your business due to high costs of making the transition. This is no longer true.  Today, by building a sustainable business you are also building a catalyst for innovation, new market opportunities and business growth.

For example, through sustainable practices, a manager may redesign a product or process that uses less resources which result in a reduction of manufacturing costs and savings in inventory costs. Or doing something as simple as switching lights to LED can save big.

Business Climate Resilience

Climate Change is no longer a risk, it is a reality. WBCSD

According to a report from the World Business Council for Sustainable Development, there are three key steps that businesses can take to build business climate resilience.

  1. Develop and maintain ambitious mitigation efforts. If a business makes progress in its mitigation efforts, it becomes less vulnerable to disruptive risks, such as policy and legal measures, resource scarcity or adverse market developments.
  2. Adapt to ensure business continuity in the face of climate-related physical risks. Businesses must assess and evaluate climate-related physical risks throughout their operations, supply chains and across the communities in which they operate.
  3. Assess the connections, dependencies and value to society and nature. The connections, dependencies and interrelationships between climate and society, climate and nature and climate and sustainable development will increase public pressure on the true purpose of business activities and the role of business in society

Businesses are now tasks with preparing for the physical risks associated with climate change while also preparing to shift to sustainable practices.

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