Why measuring a business’ intent is essential to valuing its green credentials
More and more businesses are being asked to report on their sustainability credentials, with calls coming from a range of different stakeholders, including investors, consumers and employees.
For businesses that do not have a range of historical data available to prove their sustainable and green credentials, addressing these calls can be challenging.
An essential factor for businesses in this position to consider is the value of historical data moving forward. Does reporting only on past actions provide an accurate reflection of a business’s commitment to sustainability? Does what a business has previously achieved outweigh what it is doing today, or is aiming to achieve in the future?
These were some of the key questions which co-founders, Alex Smith and Mike Penrose looked to answer and solve with the creation of their innovative sustainability measurement and management platform, FuturePlus.
“We spent an extensive amount of time researching what ‘sustainability’ means for businesses,” explains Alex.
“We researched around 4,500 indicators from different global standards that businesses are currently using to measure their sustainability, including the United Nations’ Sustainable Development Goals, GRI, SASB, ISO, GHG Protocol, commercially available metrics, regulatory frameworks, and many more.
“We found on the whole that this wide range of indicators looked at past actions, posing a challenge of relevance and accessibility, especially for smaller businesses.” continues Alex.
“If you’re a startup, or a larger business with no in-built sustainability practices or processes, reporting against a lot of these indicators was a challenge, and didn’t reflect or project what the business could achieve in relatively short time frames.
FuturePlus provides a solution to this barrier and aims to transform the way businesses of all sizes and sectors can realise and report on their sustainability goals with confidence.
The platform combines leading industry learning and best practices with a team of experts, allowing businesses of all backgrounds to understand, define and measure their sustainability practices.
“When Mike and I first started FuturePlus, our view was that real change only happens when everyone works together and looks forward, not back. This is why the indicators used in FuturePlus expand and contract depending on the size of business, and helps us ensure no business is left behind,” continues Alex.
“What FuturePlus provides all companies, but that is particularly valued by startups and SMEs, and how it differs from other platforms, is the ability to demonstrate the business’ intent on making a positive impact as well as the strategy and tools to turn that intent into reality,” reveals Mike.
According to the International Institute for Management Development, 74% of institutional investors said they were more likely to divest from companies with poor sustainability performance. A 2022 study by WeWork of 850 companies worldwide also revealed that 80% said they plan to increase their investments in sustainability.
Being able to report on a business’ sustainability is no longer an option, it’s essential and why such startups and SMEs including Oxwash, Grind Coffee and BLOCKHEAD are using FuturePlus to set out, manage and measure their sustainability strategies.
Once a business signs up to FuturePlus, after an initial assessment they receive an sustainability score, of where they currently are. But also an ambition score which sets a target for the business to reach within the next 3 years holding them accountable to making the proposed changes. Most importantly, this is accompanied by a comprehensive roadmap of actions, strategy and all the tools required to meet that objective.
“We’re changing the trajectory of sustainability management, improvement and reporting,” continues Mike.
“We’re disrupting the market in a way that we believe will be truly revolutionary for businesses of all sizes and sectors that want to look forward to the future, not keep focusing on the past.”
Click here to book a free demo of the FuturePlus platform with a sustainability expert.