In September 2011, a report was issued dealing with the concept of sustainability. The report titled “SME’s set their sights on Sustainability” was authored by The Chartered Accountants of Canada, American Institute of CPA and Chartered Institute of Management Accountants posed the question of whether the push for sustainability is a revolution or an evolution.
According to the report, sustainability is open to interpretation but whether it means long-term business prospects, environmental performance, corporate citizenship or all three as these has been a growing priority for businesses of all sizes. The authors undertook a research to analyse on how small businesses can implement sustainable business practices for the benefit of their communities, environment, customers and profitability.
They identified the key elements as follows:
1. Strategy and Planning
- Taking a broad view of sustainability
- Defining what sustainability means, and
- Engaging all stakeholders.
2. Execution and Alignment
- Remembering you are not alone
- Establishing responsibility and communicating widely
- Taking it step-by-step, and
- “Walking the talk.”
3. Profit, Performance and Reporting
- Tying sustainability to profit
- Measuring, monitoring and reviewing, and
- Investing in the future.
The full report is available online at www.aicpa.org. This is well worth the read for any business interested in setting their business sights on sustainability.