ICAEW Chief Executive Michael Izza explains the thinking behind sustainability and the ICAEW Just Good Business initiative.
What is Just Good Business about?
It is quite simply about creating a lasting business. Clearly many factors affect business success – market conditions, the economy, competitors’ activity, robust business processes and so on. But, some companies manage to survive and thrive even in difficult times. We believe part of their success, their sustainability, is the result of good business principles.
In the most extreme cases lending to people who can’t pay you back or hacking into phone messages may provide short term results, but that payback will be short-lived. In contrast, businesses whose managers look to the future, examine the impact of their operations, and consider the sustainability of those operations are often able to build brand value and differentiate the company.