Looking for ways to improve your ESG performance? Harvard Business Review recently outlined exactly how to start doing just that using a basic three step guide. They explain how to identify opportunities, take stock of your capabilities and resources, execute the plan, and communicate the results.
As ESG is becoming more and more important to investors and consumers alike it’s time to get on board. You might be familiar with the "Blue Ocean Strategy," (explained in the video below) but here are the three E’s of the Green Ocean Strategy, and how you can get started right away.
Inspired by the idea of Blue Ocean Strategy, which pursues uncontested market space to create and capture demand, our Green Ocean Strategy helps find space away from competition where a company can excel in ESG. We have learned that companies can thrive in the Green Ocean by taking these three steps: Explore, Examine, and Execute.
The first step is to explore the ESG landscape to see where your competitor is weak. Find the ESG space(s) where your competitor is not reporting. Because most ESG reporting is voluntary, areas not reported on tend to be where a company is not able to compete.
The second step involves examining your own company’s core capabilities and resources. Find areas of ESG where your company has the resources to generate strong performance and where such ESG is an integral part of your company’s overall performance. This is your Green Ocean.
Once you have found a Green Ocean, you have to sail there. To execute effectively, you not only have to perform well on the ESG goal, but also effectively communicate this performance to your stakeholders. After all, it is impossible to grow and improve your reputation if your most important stakeholders don’t know about your achievements.
For many companies, the plastic waste associated with large-scale cleaning is a weakness, and a major opportunity. Switching to dissolving cleaners with reusable bottles makes a major difference in plastic output each year. Save on operating costs while also meeting ESG goals and building your Green Ocean strategy.
When the competition is using wasteful cleaners, not measuring/publishing their plastic waste, and leaving a massive carbon footprint associated with shipping freight, a Green Ocean opportunity exists. Seize it before others do.
For those companies with stakeholders that care about ESG, Green Ocean strategy is the ideal way to compete in the new and increasingly important arena of ESG performance. The manager who can find an ESG space where their competitor is absent and yet they can excel, execute upon it, and then effectively communicate that performance to their stakeholders, will help ensure the ESG success of their company.
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