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 pursuit of business success. In this sense, sustainability plays a relevant role in this subject 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 fossil fuel production, raises concerns about the impact of these decisions worldwide. In this scenario, 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 for "innovation, efficiency, and customer loyalty" to occur, namely:

• 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 the environmental footprint and improve companies' operational efficiency. Choosing electric vehicles in logistics or recycling and reusing products are practical examples of how sustainability can be integrated into 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 values and environmental practices gain competitive advantages because they can 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 must become an integral part of the organizational culture. Likewise, companies should 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 should integrate social responsibility as a strategic part to generate a 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 operating chain. Furthermore, companies that regularly monitor ESG processes and practices can identify improvement opportunities and adapt their response to market needs quickly and efficiently. This vision allows organizations to direct resources towards 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 companies' sustainability by providing more efficient, transparent, and agile solutions. Blockchain allows for 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, leading to waste reduction and consequently a lower carbon footprint. When combined with other technologies, these solutions not only enhance sustainability but also provide a competitive advantage, demonstrating companies' commitment to responsible and innovative practices".

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