Starting a new venture may seem overwhelming yet complex, but with the help of a fitting business benchmark, finding answers to the initial qualms would be easier.
In this article at Sustainable Brands, Martin Rich explains that instead of considering business benchmark as another burden or obstacle to overcome, take it as a tool to resolve the underlying issues posed by sustainability challenges.
Find the Existing Gaps First
A business benchmark is the indicator of progress that can help in calculating where the company stands at present versus the ultimate goal of being ‘future-fit’. The author quotes explanation given by Cora Olsen, Novo Nordisk’s Global Lead of TBL Reporting, who says, ‘If the company is yet to make meaningful progress towards sustainability, it must find the existing gaps first. By calculating progress against all 23 ‘break-even goals’ or measuring the existing market position yourself, finding the market gap would be easier.’
Similarly, The Body Shop cosmetics brand has focused on integrating the idea of ‘future-fit’ directly into its business planning. The company’s ‘Enrich not Exploit’ strategy is grounded in seven goals for becoming a truly sustainable venture that may encompass all of the future-fit criteria. The sustainability team of The Body Shop has started integrating the future-fit approach into the procedures and processes used across various divisions of the venture constantly.
No Apt Way to Use Benchmark
The above-mentioned examples of the two renowned firms demonstrate that there is no appropriate method or way to use the future-fit business benchmark. However, a blend of approaches designed around the strategic priorities of a company is the best starting point. Every company has some kind of sustainability commitment, leveraging on that is the most suitable starting point for initiating future-fit business benchmark. Click on the following link to read the original article: https://sustainablebrands.com/read/new-metrics/the-future-fit-business-benchmark-how-do-i-start