On Bauer Business Focus — A conversation on business longevity with Ed Mayberry, business reporter for KUHF 88.7FM.
Corporate sustainability is not a new concept, but it is one executives are more readily embracing – especially after the economic downturn proved how companies with years of history can collapse overnight.
“Sustainability involves much more than being green. The environment is just one leg of a three-legged stool. Businesses must also focus on economic and social longevity,” says Clinical Professor of Marketing Rosalind Wyatt.
Wyatt has devoted her career to studying the topic and counsels Houston businesses on how to use sustainability as a competitive tool. It’s what keeps major corporations like Unilever and General Electric thriving over generations, and Wyatt tells us that the same business practices adopted by major corporations are relevant in small business:
- Economic Sustainability – “Companies must look at how to build long-term value, not just how to improve this quarter’s profits,” says Wyatt. It may take awhile for companies to see the effects, but sustainability pays off in the long-haul.
- Environmental Sustainability -“There’s a difference between putting recycling bins in the office and greening your operations to make more environmentally friendly products,” says Wyatt. Companies who fail to innovate environmentally risk becoming obsolete when demand for green products reaches critical mass.
- Social Sustainability – This includes people both inside the business and within the larger community. Wyatt says, “Internally, companies must cultivate a corporate culture that encourages professional growth and values individual contribution. Externally, the way you do business should reflect concern for the health and well-being of your customers. It’s a payback to the communities who keep you thriving in the first place.”
Click here to hear the full Bauer Business Focus interview.