Your environmental, social and governance (ESG) strategy might pave the way to business growth.
ESG initiatives are increasingly important for businesses in terms of client values and acting ethically. However, tracking and reporting on ESG objectives may also be the key to achieving efficiency and optimised business performance – crucial drivers of growth.
Setting the right goals
ESG is a wide-ranging term which covers many activities, from supporting a charity to making your office paperless.
It is important that you set goals which make a material difference, but which are also attainable within your business strategy and budget.
Before setting ESG goals, identify areas of your business where efficiencies could be introduced or improved and try to align your objectives with these areas.
For example, if you want to go paperless, consider investing in a document management portal to more efficiently and securely share information.
Tracking key metrics and reporting your findings
To accurately introduce ESG initiatives into your regular reporting, you need to collate and analyse the right data. This could mean data relating to cost, efficiency-related savings and the real impact of your initiatives.
Adopting new technologies may allow you to automate the collection and processing of this data into a report on your ESG goals, further reducing costs which can be reinvested in growth.
It is also an efficient way of seeing how you are performing and measuring the impact of these initiatives on your overall efficiency, productivity and profitability.
These reports will show you:
- The cost of your ESG initiatives and any return on investment (ROI)
- Areas where ESG has made your business more efficient
- Areas where your processes could be improved and made more ESG-friendly
- Regulatory compliance and areas for improvement
- Projects for ROI on long-term risk management
With further analysis, you can also highlight any positive trends in brand reputation and employee retention that has resulted from engaging with ESG – creating additional space to invest in growth.
This is where we come in, helping you to identify key measurements and keeping track of them alongside your day-to-day finances.
For example, we can help you streamline the time spent on administrative tasks within your business and guide you on implementing a document management system to introduce efficiencies and save you time and money.
Need to discuss your business growth with the experts? Contact our team today.
