The term “sustainability” is one of the commonest today, especially in the business world, because investors and managers appreciate its diverse benefits. By adopting sustainability reporting, businesses stand out to be counted in their efforts to make the world a better place. Despite the benefits, from lowering the cost of production to improving profitability, some brands are yet to embrace it because of myths in the society.
Sure, sustainability reporting has some costs, but the overall benefits will outdo them by a huge margin. If some of these myths have scared you off or made you draw the wrong conclusions, this is time for a change. Keep reading to see the myths and start ESG sustainability reporting in your company.
Sustainability Reporting is a Cost that You Cannot Afford
As we mentioned in the introduction, ESG sustainability reporting comes with some costs, but it is not outside what you can afford. Because it is an ongoing process, the costs are spread out over the years so that your budget will not be strained. For example, if you target to cut emissions by, say, 30%, you have a raft of activities in the next three years, from training staff to adopting eco-friendly energy sources. Indeed, some of the activities, such as encouraging staff to always switch off computers and lights when not in use, will not cost a lot of money.
You Need a Lot of Employees for Sustainability Reporting
The whole idea of sustainability reporting is aimed at helping businesses and organizations to appreciate and adopt methods of improving their operations for positive environmental, social, and economic impacts. These goals can be achieved with your current workers or some little external support. For example, if you buy a new machine that is more efficient, all that you might need is training staff on how to use it well.
Even for large companies that need to execute the role of sustainability reporting in a different way, only a few additions to the workforce might be required. With an appropriate sustainability reporting software, the process of adding data and generating the report is simplified so that you might not need extra staff. Sustainability is not a burden but part of the enrichment that your brand should internalize to grow to the next level.
You Cannot Make Money from Sustainability Efforts
This is a lie that mainly comes from people who hold the view that sustainability is an expense that can be foregone. Sustainability reporting opens doors to unique opportunities for innovative brands. The first way of making money from sustainability is through brand enhancements and growing sales. As more people become aware of the benefits that come with sustainable operations, companies with impressive policies, such as support for conservation efforts and cutting down emissions, win a bigger market share. Ultimately, this will translate to higher revenue.
One example of a company with innovative products that are helping it race ahead of others is Procter & Gamble. Starting from 2007, P&G indicated it was targeted $50 billion from “sustainable innovative products” by 2012. So, you too can make more revenue to cover expenses for sustainability reporting and stay ahead of competitors in your industry.
ESG sustainability reporting is the way of the future in both private and public companies. These myths are only standing on the way to block you from seeing the better results ahead. Instead of only looking at the cons of sustainability reporting, figure out the bigger picture and discover the hidden potential of your brand. To make the process of sustainability reporting more effective and simpler, ensure to work with advanced automation software.
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