Business Sustainability Project:
Triple Bottom Line Indicators for Small to Medium Sized Business
The importance of sustainable business practices has been reinforced by the Sustainability Conference run by the Shire of Yarra Ranges and the University in October 2001. This conference provided the forum for demonstrating to the regional community the business case for sustainability. It also provided the catalyst for five regionally significant businesses to develop and document their individual approaches to sustainability as a demonstration of the journey from rhetoric to reality . The five businesses were selected because they have progressed in some way on the journey towards sustainability and because they are broadly representative of the type of businesses found in the Shire. The case study team was formed as one strategy to identify and encourage champions for sustainability and to build ongoing networks aimed at promoting sustainability. These businesses have subsequently committed to becoming the founding members of a regional business sustainability network.
The research is showing us that the sustainability development area, rather than a regulatory imposition has a positive impact on commercial growth and may in fact become a commercial imperative. Dow Jones Indexes track the performance of over 5000 publicly listed companies. Established in the last three years the Dow Jones Sustainability Index identifies companies with corporate sustainability (a business approach that creates long-term shareholder value by embracing opportunities and managing risks deriving from economic, environmental and social developments).
Sustainable businesses will ensure both retention of regional employment and appropriate economic growth. There is some evidence to suggest that use of sustainability indicators (as with Dow Jones Sustainability Index companies and others who have adopted triple bottom line reporting) contributes to better business management in general. For small to medium size enterprises that characterise the region, this project will deliver a range of good practical tools and useful strategies to meet triple bottom line targets and thus significant long term business benefit. It will also provide a methodology for long term planning and business development.
Project Aims
The broad aim of this project is to collaboratively develop and trial a range of sustainability (triple bottom line) indices - practical and user- friendly monitoring tools - and a range of strategies that will help business improve performance.
- Develop with the five sustainability network businesses and the Shire, generic, practical and easily implemented sustainability monitoring tools.
- Customise a set (or sets) of these tools to be trialled within the five sustainability network businesses, the Shire and the University.
- Evaluate and refine the tools and processes.
- Identify a number of phase two businesses to be matched with and mentored by sustainability network businesses.
- Use the results of the development and trialling phase
to:
promote
sustainable business practices within the wider community;
assist
in the process of imbedding cultural change amongst phase
two businesses;
develop
a targeted SME sustainability manual and appropriate resources.
The report Sustainability: New Name, New Game! is available in PDF format.