“In my fifty-two years in business, I’ve never seen an issue galvanize people in a company like sustainability.” Ray Anderson, founder of Interface, Inc.
Sustainability is at the very core of survival. No company or society can last unless it cares for its resources and capital — human, financial and environmental. (Photo: Shutterstock)
Consumers are going green. Their support for sustainable products and practices is growing worldwide. Some companies are wondering if now’s the time to adopt sustainability practices as part of their corporate strategy.
In the most basic terms, greening a business is about doing more with less, which can quickly save you money. Going green also means overcoming several mental hurdles, foremost of which is the expense involved in embracing environmental practices.
It’s a mistake to believe that becoming eco-friendly means unnecessary expenses as we face a global economic slump. Many experts assert that organizations should meet financial challenges by turning sustainability into innovation’s new frontier.
In fact, becoming eco-friendly will soon be a necessary cost of doing business. It’s no longer enough to meet minimum legal compliance for environmental standards. A true competitive advantage lies in influencing economic recovery with forward-thinking sustainability practices.
People at all corporate levels must focus on the following keys:
- Understand what climate change means for business (which is very different from everyone agreeing on the science).
- See the long-term constraints in natural resources and nonrenewable energy.
- View the business in the context of the full value chain, from suppliers to customers and beyond.
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• Corporate Social Responsibility vs. Bottom Line
• Stage 1: Viewing Compliance as Opportunity
• Stage 2: Making Value Chains Sustainable
• Stage 3: Designing Sustainable Products and Services
• Stage 4: Developing New Business Models
• Stage 5: Creating Next-Practice Platforms
• Green Recovery
• Green Engagement
• Green Thinking
• Green Hiring
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“It’s an environment the likes of which managers have never seen—a Great Disruption in which the old rules for success become recipes for failure, and ‘doing more with less’ will not be nearly enough to survive.”—Scott D. Anthony, The Silver Lining: An Innovation Playbook for Uncertain Times, Harvard Business Press, 2009
The inevitable constraints this tough economy imposes on companies provide fertile ground for innovation because necessity truly is the mother of invention. Companies that learn to innovate more quickly, cheaply and with less risk will emerge from the downturn stronger than ever.
To succeed, smart executives will need to adopt a different mindset and effective frameworks to determine what to start doing, stop doing and do differently. Consultant and author Scott D. Anthony, who earned his MBA at Harvard Business School, prescribes a disruptive-innovation mindset. His book is well-worth the read for historical perspectives and inspiration.
Over the last decade, technological improvements have made starting and scaling businesses easier than ever. Brazil, Russia, China, India and other emerging markets prove U.S. leaders have more competitors at home and abroad. Industries are frantically converging and colliding.
These changes make it more difficult for great companies to maintain success—a problem that has caused leaders to lose sleep for some time (even before the 2008 financial market collapse).
Tough business environments force companies to take a hard look at innovation. While output may shrink and unemployment is sure to rise, companies that master these challenges have a chance to thrive. Those that don’t are sure to struggle.
A Historical Perspective
While no one can predict with certainty how the global economic crisis will play out, many companies face serious challenges:
- Should they cut costs and streamline innovation projects until business picks up?
- Should they play it safe until the current storm passes?
If history is a guide, the answer is a definitive “no.” We can restore hope and gain a better perspective by taking a step back and considering how past downturns were resolved.
Many successful companies have been launched during recessions. Grim economic times can highlight previously hidden problems or cause old problems to intensify. When a deep-seated customer problem emerges, search for novel ways to address it.
A number of game-changing products, services and business-model innovations were developed or launched in daunting economic climates.
Thirteen of the 25 companies on the Dow Jones Industrial Average, as of December 2008, were formed during an economic downturn, including 3M, General Electric, Microsoft and Walt Disney.
Disruptive Innovations
Instead of trying to best their competitors, disruptors change the game. They typically transform existing markets or create new ones by focusing on convenience, simplicity, accessibility or affordability.
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This is a brief synopsis of a 2000 & 1000-word article suitable for consultants’ newsletters for executives and leaders in organizations. It is available for purchase with full reprint rights, which means you may put your name on it and use it in your newsletters, blogs or other marketing materials. You may also modify it and add your personal experiences and perspectives.
The complete 2,000 word article includes these important concepts:
- A Historical Perspective
- Disruptive Innovations
- Bad Times, Good Times
- The Transformation Imperative
- Disruptive Guidelines
- The Executive Challenge
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