Embracing the Challenge
By Julie A. Baylor, CHA
The recent economic challenges have illustrated the need for sustainable business practices, using the true sense of the word “sustainable” (meaning “to hold up; support; bear the weight of; endure without giving way”). Businesses that prepare for downturns and plan strategies for both good and bad times stand to fare better than those that don’t.
Preparing for difficult times means ensuring a strong and stable foundation of business practices. A long-term competitive advantage requires embracing the challenge to develop a plan for sustainable operations. This means investing in the business infrastructure, including energy-saving equipment, water conserving fixtures, and a system for reducing and tracking waste and recycling.
This also means investing in employee training and customer connection. To truly connect with stakeholders, companies must communicate their sustainable practices in a meaningful way. It’s important to know why the things you do to be sustainable are relevant to your stakeholders.
Sustainability communication must include:
· Relation to core values of guests
· Demonstration of fairness to employees
· Responsibility to care for environment
· Financial stability
Take the time to know who your stakeholders are, what is important to them, and how they identify with your business. The old cliché is actually true – Knowledge is Power – but power is only beneficial when it is harnessed, directed and utilized.