With the economic recovery progressing slowly, companies must take care to rethink their sustainability strategies when faced with a growing culture of austerity, writes Aron Cramer for the Huffington Post.
Cramer is the president and CEO of BSR, a sustainability consulting network. According to its website, BSR helps its 250 member companies craft eco-friendly policies and strategies using research and cross-sector collaboration.
Because of governmental debt and inflationary pressure throughout the global economy, companies may wish to focus on these three steps to successfully navigate upcoming challenges.
First, corporations should renew their focus on their respective home markets. Economic troubles in the developed world will lead to heightened attention to companies' social responsibility in their local areas, so catering to the triple bottom line can help boost an organization's image.
Second, researchers should invest more in innovation, as creativity can help companies survive in troubling financial times. Lastly, preparing for shifts in consumer values can prevent businesses from falling behind the times when faced with social change, as this may prove crippling to future success.