Connectivity and sustainability through technology are two of the big growing trends in business. Sustainable practices tend to cut long-term costs by their own nature, all while producing good PR. Sarah McKinney writes for Forbes about what metrics you can use to grow your business affordably and sustainably.
- Life Cycle Assessment
- ISO 14000
- Higg Index
- B Corporation Certification
The Life Cycle Assessment is a means of determining the sum environmental impact caused throughout your product’s full life. ISO 14000 runs along the same lines:
ISO 14000 is a family of standards related to environmental management that exists to help organizations (a) minimize how their operations negatively affect the environment (i.e., cause adverse changes to air, water, or land), (b) comply with applicable laws, regulations, and other environmentally oriented requirements, and (c) continually improve in the above.
The Higg Index is used in the apparel industry to self-assess environmental and social sustainability in the supply chain. The B Corporation Certification meanwhile is issued by nonprofit organization B Lab to for-profit organizations. The certification requires companies to integrate B Lab commitments to stakeholders through documentation, and having it means that a certain level of social and environmental performance preservation has been met. STARS finally is a self-reporting framework developed by AASHE for colleges to measure sustainability.
McKinney says that these new types of metrics must be held up in tandem with profits and revenue to paint a bigger picture of the overall health of the business. To learn more, you can read the full article here: http://www.forbes.com/sites/groupthink/2014/08/18/the-business-metrics-you-cant-afford-to-ignore-in-the-new-economy/