Want to achieve business success? Follow these four strategies.

Four tips for those aiming to achieve business success

According to ERA Group, in a statement sent to Notícias ao Minuto, some strategies are essential in the search for business success. In this sense, sustainability plays a relevant role in this issue due to the current global context of political and economic uncertainties.

"The recent relaxation of environmental regulations in the United States of America, with greater incentives for fossil fuel production, raises concerns about the impact of these decisions worldwide. In this scenario, companies and organizations face the challenge - and the responsibility - of adopting practices that reconcile profitability with a commitment to environmental, social, and governance (ESG) criteria," reads the statement quoted by Notícias ao Minuto.

In the same note, the consultant then highlights the four points where the integration of ESG principles can allow "innovation, efficiency, and customer loyalty", as follows:  

• Sustainability throughout the supply chain - "The adoption of renewable energies and other alternative sources of energy consumption, as well as the incorporation of circularity throughout the production chain, are effective strategies to minimize waste, reduce environmental footprint, and improve operational efficiency of companies. Choosing electric vehicles in logistics or recycling and reusing products are practical examples of how sustainability can be integrated at different stages of the production process. Renewable energy communities and decentralized storage can also be key components for a positive impact on the market, both in terms of environmental impact and competitiveness and reputation. In addition, companies that choose partners and suppliers aligned with the same environmental values and practices gain competitive advantages, as they can reinforce the trust and loyalty of customers and optimize operational costs through more efficient practices."

• Comprehensive social responsibility - "Adopting fair work practices, promoting diversity in teams, and ensuring flexible, safe, and equitable working conditions for all employees should become an integral part of the organizational culture. Likewise, companies must prioritize a transparent and ethical relationship with different stakeholders - ensuring that the practices of some are aligned with the values of others - promoting mutual trust and contributing to the building of lasting partnerships. More than just compliance with legal requirements, companies must integrate social responsibility as a strategic part to generate positive impact on communities and the environment. The transition to a green economy is an opportunity with the potential to create up to 24 million new jobs by 2030, according to the International Labour Organization. However, to ensure sustainability and resilience in the labor market, it is essential to invest in the training and qualification of employees, promoting a fairer and more balanced work environment."

• Process optimization and regular monitoring - "The implementation of regular audits and the requirement for sustainability reports from suppliers and partners are essential processes to ensure greater governance and continuous monitoring of the operation chain. In addition, companies that regularly monitor the implemented ESG processes and practices can identify improvement opportunities and quickly and efficiently adjust their response to market needs. This vision allows organizations to allocate resources to strategic areas that increase their competitiveness and accelerate the implementation of more sustainable practices, ensuring efficient management without compromising their sustainability principles. Prioritizing criteria integrated into the European taxonomy is also crucial, as it provides a clear framework for classifying and measuring sustainable activities, guiding the transition to greener and more resilient business models. Additionally, the implementation of ESG practices can even be included as a weighting factor in accessing financing and support."

• Accelerated sustainable progress driven by technology - "Technologies such as blockchain and Artificial Intelligence (AI) play a crucial role in the sustainability of companies by providing more efficient, transparent, and agile solutions. Blockchain allows tracking products and components in real time along the value chain, ensuring greater transparency and trust for consumers and stakeholders. AI offers significant advantages, such as process optimization, more efficient and agile stock management, and a greater ability to predict trends and consumer habits, contributing to waste reduction and consequently, carbon footprint. When combined with other technologies, these solutions not only enhance sustainability but also provide a competitive advantage, highlighting companies' commitment to responsible and innovative practices".

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