Being sustainable won’t just boost your reputation these days. Climate change dominates the headlines, and the government is continuously introducing fresh initiatives to tackle it, as well as placing more importance on the role businesses have to play. As a result, more organisations are attempting to be eco-friendlier.
Here we discuss the benefits of sustainability for your enterprise, and how exactly it needs to be accounted for in your business strategy.
As the government bring in proposals for increasing sustainability, new standards come into play and some of these are, or will in the future, be legally mandatory. Adopting green procedures now will ensure that you’re one step ahead of competitors. It can also boost profitability and improve governance.
Plus, it allows you to be transparent. This is particularly important for presenting evidence to investors, who are becoming more demanding when it comes to the sustainability of the business they invest in. Shareholders will hold you accountable for the sustainability of your business. Consequently, you should hold yourself more accountable, and account for it in your business strategy. Even whilst you’re incredibly busy, you can’t afford to let it slip.
Your business strategy and finances are key places to demonstrate that your business is acting environmentally-friendly. You will be required to show you’ve considered your impact on the environment, and as a result need to carry out effective measuring, reporting and evaluating of your sustainability objectives.
This is key for pleasing both stakeholders, and customers. You’ll want to weigh up both the risks and opportunities, identifying areas to improve your processes, and also where you could potentially be putting the environment in danger.
Getting an accountant involved
An accountant can effectively advise on all of the above, as well as carry out the necessary processes to analyse and report on your sustainability. This is a good function to outsource, especially as non-financial reporting is something you’re unlikely to be familiar with.
As part of your overall environmentally-friendly strategy, you can expect your accountant to deal with:
- Costing – understanding environmental costs, and managing them effectively.
- Investment assessments – taking into account all the applicable costs for project proposals.
- Risk management – assisting with both identifying and addressing them, along with foreseeing any sustainability issues prior to their occurrence.
There’s no need to look any further than Nabarro Poole. Not only are we well-versed in helping our clients to value their Corporate Social Responsibility (CSR), but our Director, Tyler Lappage, is on the executive committee for not-for-profit business group BW3. They help to provide innovative programmes that create positive change in the community, including projects that bring about opportunities for both businesses and individuals.