SUSTAINABLE DEVELOPMENT- LEARNING BY DOING

SUSTAINABLE DEVELOPMENT – LEARNING BY DOING

Corporate sustainability and social responsibility are again front page business issues, with the release of the Corporate Responsibility Index for 2005. But according to other new research, business should be wary of simply attempting to replicate practices pursued by the big end of town.

Sustainable Development and Business Success is the latest research report from business think tank, the Australian Business Foundation. The research involved interviews with a range of Australian companies, from large corporations to small privately-owned firms, as well as with industry associations.

Authored by Suzy Goldsmith and Professor Danny Samson from the University of Melbourne, the report argues that companies can tailor sustainable development practices to their own circumstances. Sustainable development is more than just trying to mimic leading-edge practices of the top players.

"With this research we are moving beyond the 'one size fits all' approach to sustainable development" said Narelle Kennedy, Chief Executive of the Australian Business Foundation.

Businesses will be successful in the long term if they satisfy themselves on three counts about their sustainable development practices:
1. Does this advance our own distinctive business strategy?
2. Are these practices deep, mature and high-quality initiatives, not just window-dressing?
3. Do they fit with the kind of organisation we are – our culture and values?

"Small and medium business simply can't operate in the same way as Australia's largest corporations. Our research shows that they can be equally successful in achieving sustainable development by putting a toe in the water, gradually building on their successes and learning from failures. A modest and progressive approach that suits the resources of the business gives the best chance of long-term success", Kennedy said.

Sustainable development is not philanthropy, but is an integral part of the ongoing business challenge of stimulating innovation and creating a competitive edge.

The Australian Business Foundation is an independent business research think tank founded in 1997 by the eminent industry association, Australian Business Limited, to help foster fresh insights and practical intelligence to boost Australia's capabilities and global competitiveness.


For further information, contact:

Narelle Kennedy
Australian Business Foundation
(02) 9458 7438 or mob: 0418 286 995