Corporate Social Responsibility vs. The Bottom Line

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Some executives think they must choose between the largely social benefits of developing sustainable products and processes vs. the financial costs of doing so. This is a myth.

Consumer support for sustainable products and practices is growing worldwide. Going green will soon be a necessary cost of doing business.

It’s no longer enough to meet minimum legal compliance for environmental standards. A true competitive advantage lies in influencing economic recovery with forward-thinking sustainability practices.

This posting and the following two posts present a few thoughts for determining your company’s green opportunities---taken from the September 2009 issue of Harvard Business Review (HBR) and two books: Hot, Flat and Crowded, by Thomas L. Friedman, and Green Recovery, by Andrew S. Winston.

In the HBR article “Why Sustainability Is the Key Driver of Innovation,” authors Ram Nidumolu, C.K. Prahalad and M.R. Rangaswami report that research with 30 large corporations reveals sustainability to be a significant source of organizational and technological innovations, yielding both bottom- and top-line returns.

Becoming eco-friendly lowers costs because companies end up reducing the inputs they use. In addition, the process generates additional revenues from better products and/or enables companies to create new businesses.