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There has been much talk recently about the need for businesses to incorporate sustainability initiatives into their business practices. These agenda debated on the global business front, seeks to tackle the issues of green marketing, and ethical business practices such as corporate social responsibility, fair-trade, healthy living, environmental impacts, employee protection, accountability, legality and many more.
The sustainability agenda has been compounded in the triple bottom line also known as the 3Ps, a business concept introduced in 1994, which covers. People, Planet and Prosperity and argues that every business must be operated with these 3Ps as a guiding rule. Compelling corporate organizations to ethically and socially handle the human capital factor of their organiasations with great decency and respect think about how their actions affect their customers and other stakeholders and also consider their footprints on the environment in the bid to efficiently and effectively minimize cost and maximize profit as much as possible.
The triple bottom line framework explores the dimensions of econonomic, social and environmental challenges faced by businesses, thus increasing the need to create what is popularly known as the “ the blended value” mixing the triple bottom line and tailoring it to satisfy the demand and safety of consumers, employees and other stakeholders.
Businesses are expected to introduce innovative, efficient and responsible business practices into their operations. Thus making sure they deal in fair trade products and services, checking their impact on the environment, take action to be socially responsible, hence becoming ethical, considering how they treat employees, consumers and other stakeholders.
Corporate organizations therefore need to embody these sustainability principles into their extended marketing mix, where the three bottom line framework guides the Products, Prices, Promotions, Place, People, Processes and Physical evidence of the organization.
The key and underlining principles however are integrity, transparency, respect and mutual benefit. Perhaps all these issues of greater transparency, responsibility and accountability are geared up by the introduction of new legislations, powerful non-governmental organizations, the hunger of the media for bad news about major companies and brands, the astonishing power of search engines, and investors seeking for responsible businesses to invest in.
Abiding by all these key principles, empowers strong corporate and brand images hence helping to position businesses as ethical and socially responsible. Obviously being green, ethical and socially responsible goes a long way to build strong brand image and loyalties, competitive advantage and other fiscal returns.
Corporate organizations are basically expected by the sustainability agenda to consider the following in their corporate agenda;
· Vision and mission statements must incorporate environmental protection and customer concern issues and must be implemented in the company’s bid to maximize productivity and profit and also minimize cost.
· Treating employees fairly, equitably, and with respect.
· Protecting the environment for future generations.
· Being responsible neighbors by understanding the local environment and adapting to local needs.
· Observing basic human rights.
· Developing new products and services to address social or environmental problems or to serve new or underserved markets.
· Meeting the needs of vulnerable customers and making sure they are not exploited.
· Reflecting the local community in their workplace profile and removing barriers to employment.
· Using natural resources efficiently and minimizing waste.
· Offering innovative products and services that minimize harm to the natural environment.
· Improving climate change impacts by reducing greenhouse gas emission from energy use, transport and industrial operations.
· Reviewing local purchasing and supplier opportunities,
· Building local education and training links particularly in deprived areas.
· Engaging employees in community activity and aiming to support staff in volunteering.
· Working in partnership with community organizations and charities to invest through employee support, expertise, skills, cash, and gifts in kind and linking brands to social causes.
· Listening and engaging in real dialogue with communities and the public and voluntary sectors on matters of mutual concern.
Now, the underlining and topical question however, is are these issues and principles of much concern to Ghanaian businesses, consumers or consumer groups, the media, Government and legislative structures, non governmental agencies in Ghana, and other stakeholders concern? One will wonder if Ghanaian businesses are incorporating sustainability and green principles into their business operations. Another question will be whether most corporate organizations in Ghana are even aware of this principles and business practices. If not, are there any practical and functional regulations in place to guide business practices in Ghana? What happens if regulations are flouted?
For as in Ghana to be able embrace and appreciate the value and essence of all these principles of sustainability, the Ghanaian businesses, government, consumers, the media, NGOs and other stakeholders have very important roles to play.
