Business success is no longer all about profits. Business success includes the impact the business is making on the local economy, environment, and their global message. It is important for young people to play a part in something, and to make a difference. The biggest difference that a new company can make is by focusing on Environmental ESG for startups strategies.
In the modern era each brand carries a message. Each influencer supporting the brand matches that message. Every celebrity that endorses the brand also endorses the message, making sure that their actions, tweets, posts, communications, and behaviours all mirror the message. That message is a part of ESG for startups.
You will have heard of people behaving badly, and getting their sponsorship deals stopped, that is linked to ESG for startups. You will know of companies that have been cancelled, closed, or boycotted, that is often due to their inept ESG for startups strategy. Focusing on ESG for startups could mean the difference between success and failure. It could be the difference between building a brand, having a loyal community, or being quickly forgotten and replaced by the next brand.
If ESG for startups is so important, why do we not hear more about it?
What is ESG for startups?
Environmental Social Governance is a business model that has always been part of growth businesses and ESG for startups means that they are spending more money, time, and effort on helping the local community, so they can act local, and think global. In the 1800’s there were factories that built towns around their factories to support their workers and their families. Businesses built schools, hospitals, shops, and a community, to support their workers, and to give back to the community. ESG for startups is not a modern concept, and it is just as important today, as it was before. Due to all the news channels, and social media platforms, ESG for startups has a faster impact, and if it goes wrong, the impact can be critical.
Focusing on employee culture, environmental impact, social consciousness, and the ethic behind how the company operates will build strong foundations that will attract the best people to your company.
Young people want to be a part of something, and they want to agree with the message of the Company; ESG for startups is important to young people.
Investors want to be linked to good companies, and build a positive reputation, they might have other deals in the background, so when investors are diversifying their portfolio, they have a strong focus on ESG for startups and evaluate the reputational impact of the investment.
Customers research companies, to see what they stand for and who they relate to, they want to buy good quality materials from good companies, with excellent reputations and a keen focus on ESG for startups. When building loyalty, ESG for startups focuses that loyalty on a message, a brand, a concept, and a theme that resonates with their target audience. The stronger the ESG for startups message resonates, the more “free publicity” they get, the stronger their community, and the better the chance of the business being successful. Without a focus on ESG for startups, the business will struggle, and soon become one of the statistics of businesses that fail within their first 3 years.
Employees research ESG for startups before applying for a job or considering being employed by them. An Employee wants to work for a company that has a connection to the local community, thinks about the Global impact of their business and has a focus on ESG for startups.
ESG for startups is important for anyone connected to the business, so you need to know more about it.
ESG for startups: E is for Environment
In the 2020’s there is a strong focus on environmental changes, including Global Warming, and reducing plastics in the oceans, and reducing toxic emissions from industry. These are powerful messages and resonate with the environmentally conscious young people, and investors. An investor might invest their capital in other industry for profits, but then they will counterbalance that with investment in a company with a strong ESG for startups message about environment and cleaning the world.
Environment means both local and global. If your startup company protects the environment reduces waste, recycles paper, follows protocols on wastewater, and protects and feeds local wildlife, you have a good focus on ESG for startups. If you are also conscious about your international environmental impact, like using foreign workers and foreign imported materials, ensuring local labour laws are followed, and protecting the environment by controlling emissions, the international ESG for startups focus is attractive for foreign investment.
Understanding and adhering to environmental laws protects your company from huge fines as well as being an attractive quality for investment. When there is a “No electricity day”, or if your businesses usage of electricity is high, investing in solar, wind, generators, or alternative fuel sources both reduces costs and improves your ESG for startups policies.
If you are an internet company, your ESG for startups focus is different to being a brick-and-mortar business or working in industry and manufacturing. Every type of business must work with their local environment to enhance it, if the business has any negative impact on the environment, customers will leave!
Not complying with environmental regulations means huge fines, bad publicity, negative reviews, higher staff turnover, and increased costs for decreased sales. Whilst there is a clear impact on the bottom line, there is also a clear impact on your social conscience and that of your customer base.
When there is a negative environmental impact from a company the reputational damage can cause the company to close, and you regularly hear of CEOs and high-level executives stepping down from their jobs due to impropriety in environmental policy.
Save your environment to save your business.
ESG for startups: S is for Social
In the 2020’s social media is more popular than television, radio and printed media combined. The social impact of your company within your focus on ESG for startups means that you value your people. Your people include customers, investors, stakeholders, and employees. This can include benefits, emotional support, educational material. Customer service, branded messages, connections to local communities, and so much more.
With movements focusing on important issues that equality, fair pay, diversity, inclusion, human rights, and community engagement, one bad move can get you in trouble quickly. The social messages from your ESG for startups policy must be clear and consistent. With a good focus on Social, you can build a following, a community, and increase sales.
When hiring people, they are interested in your ESG for startups strategy, including benefits, beanbags, and bonuses. When creating a safe place for employees it is important to have good communications so people can talk to each other, and to your customers. Your telecom system is the key component in your communication strategy, which underpins your social policies in your ESG for startups strategy.
Working with conXhub for your mobile communications means that you never miss a call from anyone connected to your business or impacting on your ESG for startups strategy.
Your social awareness includes social media, sponsorships, celebrities, and all the people on all platforms associated with your brand, it is important to manage your reputation and ensure that all complaints are quickly answered, and all comments responded to.
Your ESG for startups social responsibility does not stop with people. Your business has a responsibility to your customers to ensure their data is safe and protected. If there is a data breach, you will lose customer data, financial information, and personal data that could impact on people. It is important to keep your data safe and invest in cybersecurity. With good cybersecurity you can avoid huge fines, and bad publicity, and your customers feel safe to work with you.
Social inclusion is also a part of the S of the ESG for startups. Social inclusion might mean giving people with disabilities a chance of work, or connecting with local schools and universities, to offer work experience. There could be a local charity that could benefit from your ESG for startups strategy, this is good for business, as well as reputation.
Advertising your social conscience and participating in social inclusion, voluntary work, donations to charity, and other philanthropic activities can boost free advertising, increase sales, improve reputation, and help to build your community. It is important for businesses to have good communications and to have a social media presence.
Have a strong social presence to save your business.
ESG for startups: G is for Governance
This focuses on your transparency with your ethics, policies, processes and how compliant you are with ethical standards and regulatory requirements. Having strong compliance builds a solid foundation to grow from. Ensuring your ESG for startups has good governance gives investors and customers more confidence in your company.
If you are breaking rules, you will get caught, and then either close, change brands, or pay huge fines. Following strong ESG for startups governance policies means that your rules and regulations are compliant, and you have confidence with your operations to move forwards faster.
Governance also includes Board diversity, risk management policies, experienced C-Suite staff leading the company, solid IT Infrastructure, and accurate reporting. All of these will give investors and stakeholders confidence in the business, which means your foundation is strong and stable.
These all impact on Company Culture which all also have an impact on the longevity and resilience of your company. If you have a stable team at the top, your business will be guided by good, experienced people with a focus on ESG for startups and Governance.
If there are complaints of bad hiring practices, problems with HR and bad PR on recruitment sites, your company will have a lot of problems when they are hiring new staff. If there is a toxic workplace, your business will not be able to expand quickly. Signs of a toxic workplace include complaints, harassment, bullying, employee stress levels, burnout, high turnover, low retention of staff, problems hiring new employees, bad reputations on social sites, and compliance inspections. There could also be a bad health and safety record, and problems with the local community.
Generally good governance is costly, and the people involved in building a governance structure work in compliance roles, legal, HR, PR, and are not profit-making roles, so they carry an extra cost. Adhering to rules and regulations is time consuming and expensive, but not adhering to them is even more costly.
With good governance comes good reputation, increased profits, staff retention. With bad governance comes high staff turnover, fines, reputation damage, and an unhealthy working environment. Your ESG for startups strategy must include a high focus on building foundations up from strong governance.
Governance comes from the top down, with strong leadership guiding operations and policies forwards. This top-down operational approach encourages transparency and ensures buy-in from all stakeholders. It is a green light for investors if it is in place, with good controls, and working well.
Governance will protect your business.
ESG for startups: Telecoms sector influences
Firstly, ESG for startups is important in any sector. The telecoms sector is full of innovative solutions, and big companies that invest in new technology or buy small companies with good ideas and technology. If you work in telecoms, you are used to the fast pace of the industry, you thrive on good communications, networking, and technology. Which of those are important in a good ESG for startups policy?
There are more start ups in the telecoms and tech industries than any other industry, and they move quickly. They might grow quickly or be crushed quickly. They might not have time to properly implement their Environmental policies but buying hardware from overseas, or using overseas employees impacts on the environmental issues associated with your ESG for startups policy.
Working in partnership with VIP First Investors is crucial to fast evolution in the telecoms space, and investors can put down some serious capital if the governance is accurate, if the social is solid, and if there is an environmental awareness. If the telecoms industry is global, offering communication solutions to people around the world, there must be environmental and social messages of inclusion and support. Getting this message right means growth in a fast-moving sector, getting it wrong is a quick exit.
The telecoms sector is highly competitive, with new products and services appearing regularly, and innovation coming from strong, and supported MVNOs. If you have your ESG for startups social messaging right, you can beat your competition. A lot of small startups do not spend time on their governance, as sales are the most important thing to get the returns to the investors. This can lead to problems for them, and successes for you. Getting your ESG for startups focused on governance will make you a lot more attractive for investors.
Trust in the telecoms sector comes from solid connectivity. Connectivity is important in the S of your ESG for startups strategy. The better your connectivity, the better your customers experience. Ultimately, customers in the telecoms space simply want to connect. This means that the ESG for startups strategy must have solid connectivity within your Environmental and Social sections firmly focused on. Focusing on connectivity in ESG for startups Environmental section, means that you must know where the satellites are that carry your message, and where your coverage is limited. You need to know about the local fiber cables for connectivity, where the local cell towers are, and any environmental issues with communication problems. If the country that you are working in has low bandwidth on internet, focusing on mobile technology instead of internet and VoIP might be the way forwards. You will only learn this through investment in ESG for startups, focusing on Environmental issues.
Social in the ESG for startups means giving all staff a mobile phone, and a platform to communicate to each other. Ensuring the teams are talking, and the stakeholders are communicating means that top-down messages are relayed quickly and effectively.
Effective communications throughout the telecoms industry are mobile communications with a strong ESG for startups policy. For more information on this, conXhub is available with a strong ESG for startups strategy.