What is ESG and does it matter for a family business?
ESG is an approach to ensuring a business is managing its environmental, social and governance risks effectively.
Bored yet? Me too.
Good news is, if you take an approach to business that minimises (or at least mitigates) environmental impact, seeks to benefit all stakeholders, and has good leadership and management practices in place you’ll tick the ESG boxes and then some.
Why does that matter?
Well, if you do this you’ll find:
- Customers will want to buy from you
- Top talent will want to work for you
- Suppliers will want to partner with you
- Funders will want to support you
- Regulators will minimise red tape for you
Or put simply, you'll achieve better financial returns over the long term.
Now that's interesting!
As family businesses are renowned for patient capital, they are the best placed to benefit from being ESG leaders their industries. ESG is not just good business, it's good for business.
By Western Australian, Family Business Accredited Advisor
Michael Watts
Business Coach | B Corp Consultant
I help business owners build better businesses
If you are an advisor based in Western Australia and would like to be featured in this segment, please don’t hesitate to contact me at kmcmeekin@familybusiness.org.au. I look forward to hearing from you!
