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Integrating corporate sustainability in strategic management

Norbert Bol

Based on a literature review of 114 peer-reviewed scientific journal articles it shows that sustainability is an important topic for managers but they just rarely consider it in strategic management. Many companies therefore still lack a strategic approach to integrating corporate sustainability into strategy. In my opinion the starting point in the integration of corporate sustainability in strategic management is manager attitude and behaviour. Managers have to show what they truly mean and live up to it. Norbert Bol. Literature. 2016).

Are you too busy to improve?

Norbert Bol

Strategic Management Collaboration Innovation Leadership Learning OrganizationLast week I wrote about how we can learn to innovate by learning from haute cuisine chefs. Besides learning from models I think it is also important (1) to asses who we are and (2) to make a good assessment of the organization where the innovation should take place. Norbert Bol. Literature. Makkonen, H.,

The future of innovation

Norbert Bol

Although there were many topics discussed at the World Economic Forum that relate to the topics that are used in Strategy Blogs, I would like to share two interesting discussions about innovation, which are: Maintaining innovation and the Strategic Update: The Future of Innovation. Looking for leaders:‘Balancing’innovation, risk and management control systems. Norbert Bol. Literature.

Where sustainability and innovation meet profitability

Norbert Bol

Strategic Management CSR Innovation Learning Sustainability SustainnovateThe title of this blog could also have been “What can we learn form family farming in the South East of Spain?” ” as this blog is based on a recent study that came online last week by Piedra-Muñoz et al. 2016). Ronda, Spain. Although the study of Piedra-Muñoz et al. Have a great week! 2016).

The future of sustainability

Norbert Bol

Strategic Management CSR Innovation Strategy SustainabilityDear readers of strategy blogs, New Year brings a beautiful opportunity to thank you for reading and interacting with me on business strategy, innovation and sustainability. May the New Year open up new ways and new roads to success for you, fulfilling all your aspirations! When I am reading the newspapers and business- and scientific journals it looks like we are heading for a sustainability concept that is predominantly financialized and is defined in such a way that it can be monitored on a dashboard. Norbert Bol.

Knowledge sharing in project teams is important to go beyond your limitations

Norbert Bol

Strategic Management Collaboration Communication Innovation Leadership StrategyModern knowledge-based organizations face continuous challenges to remain competitive. These challenges today are driven by globalization, the possibilities of the internet and the increasing need for more sustainable products and services. These developments are creating a complexity of interdependent information flows which can be opportunities and/or threats to the organization. This will lead to an increase of performance and a reduction of risk. Norbert Bol. Literature. Navimipour, N. 2016).

Return on investing in social sustainability

Norbert Bol

In the November edition of the Strategic Management Journal Fosfuri et al. Strategic Management Journal., Strategic Management CSR Finance SustainabilityNowadays, many companies engage in social causes that are aligned with the social concerns of their customers. In the Strategy Blog “ Business sustainability and cost of equity ” it was shown that social sustainability has a more indirect effect to business performance. to capture value in the short term as a result of higher pricing but leading to a shorter product lifespan. Norbert Bol.

Sustainability and creativity are related, but they need a helping hand

Norbert Bol

For ethical business leaders and managers it is important to guide the company in the right direction by fostering an innovative-sustainability-based attitude. Strategic Management Innovation Leadership SustainabilityCreating value for customers in a competitive business world, requires a creative and innovative attitude to improve products and services. To create value in a (more) sustainable way with respect to the social and natural environment requires a different approach. The amount of success in this field depends on the culture of the organization. Norbert Bol.

Study 30

How we justify our (un)sustainability

Norbert Bol

Strategic Management CSR Innovation Learning Sustainability SustainnovateDuring the last few weeks I have had interesting discussions about the question: “are we doing enough to create a sustainable future?” ” The discussions were interesting because they were all very open in the first place. I also found that people are not only willing to contribute but are also willing to share their contributions with me and others. There is also the willingness to share the restraining factors that prevent them from doing more. More commitment would be too risky. 2016).

Study 24

Positive marketing innovation

Norbert Bol

Strategic Management Innovation Marketing SustainabilityIn the December 2015 issue of the Journal of Business Research there is an interesting article about positive marketing. Positive marketing is the ideal form of marketing as it aims to create value for the firm and its customers and society. In that respect it is more than cause marketing, green marketing and social marketing. Positive marketing adds value to the whole triple bottom line, also known as People, Planet and Profit. A good example can be ZipCar (carsharing) which is cheaper than owning or renting a car. 2015).

Why we need to understand innovation speed?

Norbert Bol

Strategic Management Innovation Leadership Strategy SustainabilityInnovation is important in the entrepreneurial strategy processes to increase organizational performance. Innovation speed is essential to this performance as well, because when we define a new product or service there is a need to make it available to custumers fast to achieve first-mover advantages. In the February 2016 edition of the Journal of Business Research, Shan et al. 2016) also find in their research that higher innovation speed leads to superior performance. Norbert Bol. Literature. Shan, P., 2016).

Best Strategy Blog in 2015

Norbert Bol

The model points out that entrepreneurs can create together a more favourable environment by strategically working together on technology optimization and development, market creation and socio cultural changes, but also by coordinating these activities. To become more successful it is possible to strategically work together to build a more favourable environment for sustainable innovations.

Overcoming passive resistance to innovation

Norbert Bol

Strategic Management Innovation StrategyThe development and introduction of new products are important for the long term success of a company. When new products are being introduced to the market, there is always a concern for customer resistence. Customer resistance can be active when it is based on a negative evalution of the new product, but it can also be passive when it is based on the idea that there is no need for the customer to change because the customer is satisfied with the status quo without a real evaluation of the new product. This behaviour is not always rational.

The importance of managing secondary stakeholders and the role of social media

Norbert Bol

Managing the increasing number of stakeholders, is of course a challenge for companies. Strategic Management Communication Innovation Leadership Social Media SustainabilityLast week I wrote in StrategyBlogs that bridging the gap between strategy formulation and strategy implementation is possible through a true dialogue with your stakeholders. In the current edition of Business Horizons there is an interesting article about secondary stakeholders and their growing influence. Definitions. Today if you search for a product or service, you will probably search online first.

Green management performance

Norbert Bol

In the January 2017 issue of the Journal of Cleaner Production there is a study that has investigated the relationship between green management and the performance of Italian firms. The study shows that the relationship between green management and performance is U-shaped. The U-shaped performance makes clear that green initiatives can lead to a lower performance if there is not a comprehensive environmental management system. The study shows that green firms, with more advanced environmental management, have a higher performance. Norbert Bol. Literature. Riillo, C.

Study 19

Decisive to be innovative

Norbert Bol

Strategic Management Strategy Sustainability Innovation LeadershipLast week in Strategy Blogs we discussed the topic of innovation speed and how this positively relates to organizational performance. In addition to the characteristics mentioned last week that increase innovation speed, it is important to mention decisiveness as a characteristic as well. Decisiveness can be described as the ability to decide with speed and clarity. Theory. In the March 2016 edition of Environmental Science & Policy there is an article by Gorddard et al. Practice. Norbert Bol. Literature. 2016).

Bridging the gap between sustainability strategy formulation and implementation

Norbert Bol

Successful implementation factors that need to be well aligned with the sustainability strategy are: organizational structure, organizational culture, leadership, management control and employee motivation and qualifications. In my opinion these dialogues about sustainability with all these different stakeholders are great to manage expectations, risks and opportunities (innovations). Strategic Management CSR Innovation Leadership SustainabilityFormulating a sustainability strategy can be a challenging task. Norbert Bol. Literature. Engert, S., & Baumgartner, R.

5 Advantages of Strategy Statements with Simple Language

BrainZooming

It’s worth a few minutes (if you haven’t done it recently) to crack open your strategic plan and read your strategy statements. If you weren’t involved in putting the strategic plan together, would YOU be able to understand the strategy statements? You need to download this FREE Brainzooming eBook, published with the Global Strategic Management Institute.

eBook 21

The short term actions needed for sustainable long-termism!

Norbert Bol

Most managers do not resist this pressure as 78% of the managers would reject an NPV (net present value)-positive project if it would lower quarterly earnings, and 80 percent would focus on this short-term metric at the expense of building long-term shareholder value. The way the dimensions of success are ordered above, do increase in uncertainty for management. The Challenge of Introducing Sustainability into Project Management Function: Multiple-Case Studies. Strategic Management CSR Innovation Leadership Strategy SustainabilityNorbert Bol. 2016).

Crowdsourcing ideas: sexy ideas get implemented

Norbert Bol

Strategic Management Innovation Leadership Strategy SustainabilityThrough history, the engine of human progress and prosperity has been, and is, the mating of ideas. Matt Ridley – When Ideas Have Sex. Idea crowdsourcing is the act when a company outsources the generation of new ideas (e.g. Most studies about idea crowdsourcing focus on the phase of idea generation. Norbert Bol.

Favourite 2016 books by CEOs

Norbert Bol

Strategic Management Innovation Leadership Learning Marketing StrategyLast week McKinsey published an interesting list of books that CEOs read during the summer holdiday season. For the readers of Strategy Blogs I have made a selection of the 2016 non fiction books from the list McKinsey published as they are related to the themes of Strategy Blogs. I have put the selected titles in my favourite order. The Seventh Sense: Power, Fortune, and Survival in the Age of Networks —Joshua Cooper Ramo (Little, Brown & Company, 2016). Norton & Company, 2016). Norbert Bol.

Innovation at work

Norbert Bol

Strategic Management Business Innovation StrategyInnovations are being created in formal Research & Development (R&D) departments, but can also originate outside R&D departments. In the February 2016 edition of Research Policy, there is an interesting article by Lee & Walsh who studied non-R&D innovation. The article shows that non-R&D innovation is of greater importance than previously thought as many other studies that are conducted on innovation are at firm level and do not differentiate between formal R&D innovations and non-R&D innovation.

Innovation through collaboration

Norbert Bol

Strategic Management Innovation StrategyIn the September 2015 issue of the Journal of Learning, Culture and Interaction, there is an interesting article (Ness & Riese, 2015) about how multidisciplinary groups can create innovation through collaboration. The article shows that it is not enough to bring together people with special expertise from different disciplines to develop innovative ideas. There are conditions that influence collaboration and therefore a successful outcome. People with special expertise from different disciplines should be open to innovative work. 2015).

CEO’s who are blogging about strategy

Norbert Bol

In this Strategy Blog I would like to share with you the blogs of CEO’s that I follow because they also discuss strategic management issues. If you have additions to this list of CEO’s who blog about strategic management issues please let me know. Strategic Management Communication Leadership Marketing Social Media StrategyBen’s Blog by Ben Horowitz, CEO of Andreessen Horowitz. CEO Blog – Time Leadership by Jim Estill CEO of Canrock Capital. CraigConnects by Craig Newmark, Founder of Craiglist. Norbert Bol.

Creating more value in services

Norbert Bol

Strategic Management Innovation Services Strategy SustainabilityIn our service economy we create value together. Integrating ecosystem services can create more value. Services differ from products when it comes to value creation. Unique to services is that value is always co-created between the service provider and the customer. This month a new scientific article (Matthies et al.,

Sustainability-oriented innovation

Norbert Bol

International Journal of Management Reviews. International Journal of Productivity and Performance Management , 64 (3). Strategic Management Innovation Strategy SustainabilityInnovation is a vital process for long term business success, whereby new ideas are generated and successfully implemented. To generate new ideas that can be useful, these ideas will probably arise from thinking differently than we normally think. To implement these new ideas companies must dare to act differently than they normally do. In this respect companies are sustainability-oriented.

Looking for words about the future of sustainability

Norbert Bol

Strategic Management CSR Leadership SustainabilityReporting on Corporate Social Responsibility (CSR) and sustainability has grown exponentially. The quality of the reporting has also improved, including historical information and forward-looking statements. A recent study by Aiezza (2015 in press) shows that there is still a strong bias towards optimistic trends when it comes to reporting on sustainability issues. Risks, failures and other difficulties are often missing or at least relativised. Norbert Bol. Literature. Aiezza, M. 2015). “ Studies in Communication Sciences.

Sufficiency as the ultimate business strategy for sustainability?

Norbert Bol

Kyocera – document management system manufacturer: managing demand for printing and copying. Strategic Management CSR Innovation SustainabilityWhen companies are innovating for sustainability there are different strategies that can be pursued. In general these strategies aim to create positive benefits and/or to reduce negative impacts for society and nature. However all economic business models are still based on the stimulation of consumption. Vitsœ – furniture manufacturer: extending product life and encouraging reuse. Norbert Bol. Literature. Bocken, N. 2015).

Corporate identity influences sustainability and innovation

Norbert Bol

Strategic Management Innovation Strategy SustainabilityIn the journal of Technological Forecasting & Social Change is an interesting article about the effects of corporate identity on innovation strategies and sustainability (Staub et al., 2016). In this article corporate identity (the overall image of a company in the minds of customers, investors and employees) is divided into so called “hard” and “soft” identity drivers. Soft corporate identity drivers can be identified by the corporate image, design and communication. Norbert Bol. Literature. 2016).

Understanding your public when it comes to sustainability

Norbert Bol

Strategic Management Innovation Social Media SustainabilitySustainability has become an important business principle for companies, governments and communities. To communicate about sustainability or other business issues effectively it is common practice to make use of market segmentation techniques. In the current edition of the Journal of Environmental Psychology there is an engaging study about the development of a new sustainability segmentation model, that includes the social, environmental and economic aspects of sustainability. How specific is dependent on the situation.

Business sustainability and cost of equity

Norbert Bol

Strategic Management CSR Finance SustainabilityThere have been many studies towards sustainability and its effect on the cost of equity of a firm. In the October issue of the Journal of Corporate Finance an interesting study is presented on this topic by Ng & Rezaee (2015). This study not only includes the individual dimensions of sustainability performance as prior research has done, but it also includes the overall relationship. This is in line with prior research. Norbert Bol. Literature. Ng, A. C., & Rezaee, Z. 2015). Journal of Corporate Finance , 34 , 128-149.

Study 20

The role of social media in a crisis

Norbert Bol

For that reason it is necessary to have a strategic social media plan before a crisis hits and try to avoid a crisis by engaging early when problems arise. Managing social media crises with your customers: The good, the bad, and the ugly. The real-time power of Twitter: Crisis management and leadership in an age of social media. Situational crisis communication and interactivity: Usage and effectiveness of Facebook for crisis management by Fortune 500 companies. Strategic Management Leadership Social Media StrategyNorbert Bol. Bibliography. Grégoire, Y.,

Responsible and shared leadership

Norbert Bol

This means that you don’t have to be a manager to be a leader. Diverse teams are more successful and innovative than homogeneous teams, as diverse team are better at managing opportunities and threats to create more success in a sustainable way. Strategic Management Innovation Leadership Learning Strategy SustainabilityLeadership can be found at any level of an organization. To make this work it must be possible in an organization to lead one another. Recent research shows that this can take place when there is enough diversity and commonality. Norbert Bol.

Can mindfulness stimulate sustainability-oriented innovation?

Norbert Bol

Strategic Management Collaboration CSR Innovation Strategy Sustainability SustainnovateFor most of us in the Western hemisphere the summer holiday season is coming to an end and I sincerely hope that everybody enjoyed their summer holidays. This year I have, like previous years, the intention to keep the mindset of the summer holidays for a longer period of time. The end of summer.

Spreading new ideas and the role of peer effects

Norbert Bol

Strategic Management Innovation Leadership Marketing StrategyIn 1962 Everett Rogers introduced the theory of the Diffusion of Innovation. This theory explains how, why, and at what rate new ideas and technology spread. Innovation and new ideas do not get adopted by the fact that it is a good idea. Below a picture represents these categories in relation to market share. Norbert Bol.

Responsibility for sustainability

Norbert Bol

Strategic Management CSR Leadership SustainabilityThe scientific journal Organizational Dynamics is preparing a special issue about “The leadership imperative for sustainability and corporate social responsibility” In other words what is the responsibility for sustainability of business leaders? Most business leaders describe their responsibility in terms of economic-, social- and ecological performance. Business leaders can have different views on social and environmental responsibility. Some view it as a mission that drives strategy others see is as a burden.

Sustainable innovation: innovation driving sustainability

Norbert Bol

Companies can use sustainability in their process innovation, product or service innovation, market innovation, brand innovation, company innovation and strategic innovation. Journal of Management , 1446-1476. Strategic Management Innovation Strategy SustainabilityCompanies have a responsibility for the environment and society, but on the other hand companies cannot resolve all the environmental and social problems in the world. In order to innovate, companies must find new possibilities and learn how to apply these possibilities. Norbert Bol. Literature. 2015).

Diversity enhances value creation

Norbert Bol

Industrial Marketing Management. Strategic Management Innovation Leadership SustainabilityLast week I wrote in my Strategy Blog ‘ Creating more value in services ‘, that more value can be created in services when ecosystem services are included. To achieve more value in the context of responsible long term investments or sustainability driven innovations, it means that more diverse knowledge is necessary. It has always been my conviction that in these complex challenges more value can be delivered by teams that have enough diversity. 2016). Norbert Bol.

Social media: value creation through interaction

Norbert Bol

Industrial Marketing Management. Strategic Management Innovation Marketing StrategyLast week I wrote about how Facebook is becoming the innovation platform. Singaraju et al. 2016) point out that social media platforms should not only be viewed as a context in the communication, value co-creation or innovation between participants. A social media platform can be seen as an actor as well, when it is able to generate higher order information through specific algorithms. Today not in all industries this is the case yet. Norbert Bol. Literature. Singaraju, S. Nguyen, Q. 2016).

B2C 14

Sustainability strategy in tough times

Norbert Bol

Companies have used their sustainability strategy to maximize strategic value by focussing more on the real customer needs and reduce costs. Strategic Management Innovation Leadership Strategy SustainabilityThe april (2015) special edition of the scientific journal of Long Range Planning is called “ Doing more with less? Sustainability strategy in constrained economic times “ The different articles in this special edition all focus on the sustainability behavour of companies in tough times. Norbert Bol. Photo credit: symphony of love / Foter / CC BY-SA.