Maintaining High Impact Standards can be a challenge. Growth is great. But at all costs?
Many startups set out with high standards and objectives to help people and the planet. The challenge is to maintain these goals as they add employees, source products from multiple countries and become complex organisations.
Rapidly growing companies often just keep adding employees and customers, without considering the impact this may be having on goals. They often lack strategic direction and governance structures.
Here are some ideas to help companies stay on track with their standards – whether they are following the 8 Dimensions of Wellness or have set out specific ESG targets:
Set a strategy: Your CEO may have a clear idea about where the business is heading. But as the company expands, more and more employees will be executing that strategy. So make it clear to everyone.
Who’s responsible: A startup may not have the resources for an entire department monitoring goals and publishing glossy reports. However, it’s important that someone be assigned to the task, even if that person dedicates a portion of time each week on it. This will help the business from going off-track.
What are your results: Yes, it’s great to have commitments to make an impact. But it’s also essential to have data to show that you are meeting these goals.
Communicate with stakeholders: Customers and investors want to know how you are doing in achieving your objectives. As mentioned, you may not have the resources for an entire team of employees to handle this task. Start with a dedicated page on your website and keep it up to date with the latest information. Invite people to give you feedback – both good or bad – and take it to heart.
Diversify: Invite a wide range of experts to join your board of directors or advisory group. Assign them an active role in tracking your efforts to meet impact standards.
Monitor suppliers: Admittedly, this is a tricky one and many companies have had troubles here. Your suppliers may agree to meeting your standards, but it is difficult to verify that they are trustworthy. One option is to contract with an NGO to monitor compliance.
As your company grows and you work hard to meet the highest standards, there will probably be bumps along the road. If there are, act swiftly, transparently and do your best to get back on track.
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