Creating a successful sustainability strategy is essential for any business. To ensure success, there are five key steps that must be taken. First, it is important to engage stakeholders and develop a business case for sustainability. This includes obtaining reliable data and setting objectives based on that data.
Once objectives have been set, management plans must be developed to achieve those objectives. It is also important to track data and prepare reports in an accurate and honest way. Finally, it is essential to invest in staff development and training in order to bridge any gaps in knowledge or understanding of sustainability. Engaging stakeholders is the first step in creating a sustainability strategy. This includes speaking to internal and external stakeholders to gain insight into what is working and what needs improvement.
This feedback can then be used to create a successful business case for sustainability. For example, the U. S.-based Welltower Real Estate Investment Trust (REIT) was included in the Dow Jones Global Sustainability Index in September. The Dow Jones Sustainability Indices (DJSI) are a family of benchmark indices that record the stock market performance of the world's leading companies in terms of economic, environmental and social criteria. Once a successful business case has been established, objectives must be set based on the data obtained.
These objectives should be measurable and achievable, and should be used to develop management plans that will help the company reach its goals. It is also important to track data and prepare reports in an accurate and honest way in order to show progress towards achieving these objectives. The next step is to invest in staff development and training. This will help bridge any gaps in knowledge or understanding of sustainability, as well as ensure that all parts of the company are working together towards the same goal. New staff should also be trained in the company's sustainability policies. Finally, it is important to celebrate successes when they occur.
For example, when Welltower was listed on the DJSI last month, it was an important milestone for the company. Celebrating successes like this can help motivate employees and show them that their hard work is paying off. By following these five steps, companies can create a successful sustainability strategy that will help them achieve their goals and remain competitive in today's market.
