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 topic due to the current global context of political and economic uncertainties.

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

In the same note, the consultant 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. Opting for 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 pieces for a positive impact on the market, both environmentally and in terms of competitiveness and reputation. In addition, companies that choose partners and suppliers aligned with the same environmental values and practices gain competitive advantages, as they are able to reinforce customer trust and loyalty 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. Similarly, companies should prioritize a transparent and ethical relationship with different stakeholders - thus 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 should 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."

• 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 better governance and continuous monitoring of the operation chain. Furthermore, companies that regularly monitor the implemented ESG processes and practices can identify improvement opportunities and adjust their response to market needs quickly and efficiently. This approach 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 in 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. Moreover, the implementation of ESG practices can even be included as a weighting factor in accessing financing and support."

• Accelerated sustainable progress through 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".

More similar tips? Follow the Poupança no Minuto and don't miss any content about work, finances, and savings.