Risks

Failure to understand and incorporate sustainability initiatives and best practices into an overall organizational strategy may leave an organization less efficient, unable to adapt and vulnerable to changing market conditions, labor issues and environmental impacts. All of these liabilities have an impact on the financial viability of the organization.

For example, failure to work towards zero waste means a company is most likely overpaying for trash disposal and not reaping the benefits of the value in their waste stream. There is no waste in nature; assimilating that value into an organization's culture can change the way the entire organization functions and views itself.

Another risk area is how a company attracts and retains talent. Educated, diverse and highly skilled workers are increasingly choosing to work at companies that are more sustainable. Employees want to be a part of an organization that is mindful of the environment and entertains a wide range of stakeholder values. A plan for continued prosperity is very attractive for recruitment of employees and other stakeholders.

Opportunities

"Freakonomics" co-author Stephen Dubner recently suggested that "it may be time to start thinking about the U.S. economy not in terms of never-ending growth, but in terms of sustainability." This sentiment provides insight into how the language and concepts of sustainability are making their way into the mainstream. And while some may infer from this quote that sustainability is analogous to no-growth, that is far from the truth.

Opportunities for continued adaptation and bottom-line growth of an organization through the incorporation of best practices cannot be underestimated. Adaptation, which usually proceeds over a period of years for organizations, results in efficiencies and cost savings that dramatically affect the bottom line and can open up new markets and business opportunities.

For example, a manager who develops a comprehensive zero waste program which includes reduction, reuse and recycling strategies will make the organization more efficient while significantly reducing waste expenditures.

These and other sustainability best practices offer executives and decision-makers the ability to positively affect an organization's current and future health.