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Brain circuits

How to transform your business toward sustainability

Published 30 December 2021 in Brain circuits • 2 min read

Sustainable entrepreneurs aren’t just changing their business models to become more environmentally friendly. They are creating innovative blueprints for other companies in their industries to follow, by adopting a revolutionary approach to structuring their business. They are showing that impactful sustainable practices are not only possible but might even outperform conventional ways.

Here are four lessons for transforming toward sustainability:

Adopt an integrative approach to sustainability

Sustainable entrepreneurs are expanding their bottom line by weighing social and environmental impact equally with profit. You should align new or existing business models with sustainability principles. Phase out products that violate sustainability thresholds.

Build a common welfare-oriented organization
Employees should be empowered to act as change agents. It is important to incorporate this into your company culture, so people are willing to account for unintended consequences of business activity.

Promote transitions to a sustainable future

You should seek to disrupt unsustainable industry business practices. Actively seek to influence government policymaking. Provide a blueprint for sustainable organizing.

Change the metrics of success

This is a critical point to move perceptions and practices. You should shift your focus from economic growth to human-centered metrics such as happiness and wellbeing. Adopt impact KPIs and reinvest profits in purpose.

Sustainable entrepreneurs are leading the way toward a regenerative and inclusive economy – yet they cannot bring about the necessary changes on their own. Are you ready to follow in their footsteps?

Authors

Julia Binder

Julia Binder

Professor of Sustainable innovation and Business Transformation at IMD

Julia Binder’s research focuses on sustainability in organizations, with a focus on sustainable innovation, entrepreneurship, and marketing. Her work explores the processes, strategies and mechanisms that allow entrepreneurs and managers to combine economic, social, and environmental impact in initiating and transforming their businesses.

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