Every few years, organizations have an opportunity to press pause, reflect, and charter a new course. Strategic planning provides this opportunity.
Best practices for strategic planning include assessing where your organization is today, aligning on a vision for the future, establishing key performance indicators to measure your success, and charting milestones to guide your actions.
The past two and a half years have illuminated new challenges to consider during the strategic planning process related to talent acquisition and retention, supply chain stability, business continuity, diversity and inclusion, and cyber security.
There is a new framework that serves as a common thread between the factors listed above, encompassing a business’ stewardship of the environment, social impact, and adherence to governance best practices. It is called ESG.
ESG stands for ‘Environmental’, ‘Social,’ and ‘Governance.’ The three terms are the pillars of corporate sustainability: a wider, forward-looking lens for evaluating risk and opportunities for operational improvement within a business.
Business factors that fall under each of the three categories include:
The framework asks you to think critically about what the next 10, 20, or 30 years might look like in your industry.
By considering these types of questions, you have the chance to make short-term improvements within your business while also preparing for the future—giving you an edge over your competitors.
Here are a few practical examples of how ESG can result in short and long-term business outcomes that drive sustainability in your company (and also happen to benefit the planet).
Importantly, ESG is starting to become a larger consideration within capital markets. Private Equity International’s LP Perspectives 2022 Study found that ESG is a major part of due diligence for 57% of private equity investors. Fitch is now using ESG to help make determinations of credit ratings. It is predicted that banks will soon implement similar approaches as sustainable financing grows (see Fifth Third’s recent announcement of its intention to lend $100 billion towards environmental and social projects by 2030).
If ESG resonates with you, there are three main methods of implementation: self-sufficiency, getting some help to set the foundation, or having a trusted partner provide you with dedicated focus. Whichever you choose, successful adoption will take buy-in from your business’ leadership to set a positive tone for company-wide adoption that embeds ESG into your strategy and operations.
Senior Manager, ESG and Business Advisory Services, Brixey & Meyer
[email protected]
Established in 1989, the Goering Center serves more than 400 member companies, making it North America’s largest university-based educational non-profit center for family and private businesses. The Center’s mission is to nurture and educate family and private businesses to drive a vibrant economy. Affiliation with the Carl H. Lindner College of Business at the University of Cincinnati provides access to a vast resource of business programming and expertise. Goering Center members receive real-world insights that enlighten, strengthen and prolong family and private business success. For more information on the Center, participation and membership visit goering.uc.edu.
August 5, 2022
Sweepstakes and contests are effective marketing tools that are used by businesses to promote new products, engage customers, and increase sales. Promotions of this nature have become increasingly popular due to the rise of social media. Sweepstakes and contests are often easier to implement, less expensive, and more effective at promoting a business’s products than methods used in a pre-social media age.
August 5, 2022
I last wrote an article for the Goering newsletter in February 2020, before the world came to a crashing halt. The article outlined potential New Year’s resolutions for all business owners and leaders as they led their respective organizations into a new year. After all, if these stewards of their businesses weren’t making time for introspection and “white space” to think strategically with the long view in mind, who was? I focused on the key issues of (1) reviewing and updating business succession/exit strategy planning; and (2) thoughtfully evaluating whether one’s current outside advisors could still advise and provide the necessary resources to take the business to the next level of sustainable growth.
August 5, 2022
Reimagining how your employees experience your employee benefits can help you retain and attract employees. Much like how we experience other transactions, the Member Journey of your employees and their families is critical.
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University of Cincinnati
2600 Clifton Ave.
Cincinnati, OH 45220
513-556-0000
© 2020 University of Cincinnati
