“Here’s a lesson many executives have yet to learn: A commitment to improving social and environmental conditions in the developing countries where a company operates is the key to maximizing the profits and growth of those operations.” – Wall Street Journal
Research reported in the Wall Street Journal indicates those companies that make a commitment to sustainable business practices in developing countries enjoy six key competitive advantages.
- A sterling reputation.
- Better employees.
- More efficient production.
- A smoother relationship with authorities.
- Better coordination, internally and with suppliers.
- Suppliers that are more reliable and flexible.
But importantly, not only is operating in a sustainable and responsible fashion key in developing countries, so is making your customers aware of that commitment. Increasingly consumers are examining companies social and environmental track records before deciding what products they plan to buy.