How can you develop a sustainability strategy for a large corporation?

2 Define the vision and goals

The second step is to define the vision and goals of the sustainability strategy. The vision should describe the desired future state of the corporation in terms of sustainability, while the goals should be specific, measurable, achievable, relevant, and time-bound (SMART) objectives that support the vision. You should also consider the materiality of the sustainability issues, which means prioritizing the ones that have the most impact and influence on your business and stakeholders. The vision and goals should be aligned with the corporate mission, values, and strategy, and reflect the stakeholder feedback.

3 Develop the action plan

The third step is to develop the action plan that outlines the actions, responsibilities, resources, and timelines for achieving the sustainability goals. The action plan should be based on a gap analysis that compares the current situation with the desired outcomes, and identifies the opportunities and risks for improvement. The action plan should also be integrated with the existing business processes, systems, and functions, and address the environmental, social, and economic dimensions of sustainability. Moreover, the action plan should be flexible and adaptable to changing circumstances and feedback.

4 Communicate the strategy

The fourth step is to communicate the strategy to the internal and external stakeholders. Communication is essential for building awareness, engagement, and support for the sustainability strategy. You should use clear, consistent, and credible messages that explain the rationale, benefits, and expectations of the strategy. You should also use various channels and formats that suit the preferences and needs of different audiences, such as reports, newsletters, websites, social media, events, and meetings. Furthermore, you should invite feedback and dialogue from the stakeholders to foster trust and collaboration.

5 Implement the strategy

The fifth step is to implement the strategy according to the action plan. Implementation requires leadership, commitment, and accountability from the top management and all levels of the organization. You should also establish a governance structure and a cross-functional team that oversees and coordinates the execution of the strategy. Additionally, you should provide training, coaching, and incentives to the employees and partners to enhance their skills, knowledge, and motivation for sustainability. Moreover, you should monitor and report on the progress and performance of the strategy regularly and transparently.

6 Evaluate and improve the strategy

The sixth and final step is to evaluate and improve the strategy based on the results and feedback. Evaluation involves measuring and analyzing the outcomes and impacts of the strategy against the goals and indicators, and identifying the strengths, weaknesses, opportunities, and threats. You should also solicit and incorporate the feedback and suggestions from the stakeholders to improve the strategy. Furthermore, you should celebrate and recognize the achievements and successes, and share the lessons learned and best practices. Finally, you should review and update the strategy periodically to ensure its relevance, effectiveness, and alignment with the changing business and sustainability context.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?