Today, uncertainty abounds in business as in our daily lives. There are a number of challenges such as adverse economic developments, technological disruptions, and climate risks. To confront such a volatile environment, entrepreneurs develop strategies by taking one version of the future. It may be beneficial to consider multiple odds with probability of occurrence before developing strategies. Adopting such a strategic approach is found to be effective. While the adopted strategies may face roadblocks, one can quickly shift to the next strategies with ease and preparedness. Sounds good!

ESG drive greatly focuses on the reduction of energy consumption and water intake. On the other hand, recycling and reducing unnecessary waste could facilitate the ESG movement. Technology may be used as a fundamental way to save money by becoming more sustainable. In this context, the first question is to answer “Why is this cost” or “How much will this cost?”. That is why the sustainability drive must encompass all business cost areas. Along with environmental and social benefits, the ESG drive can help deliver economic savings by making your operations more efficient.
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The primary stakeholders (investors, employees, customers, and suppliers) of retail have shown a dramatic change in their behavior. As a result of the disruption in the retail sector, there is a rethinking of long-held beliefs and practices. Consumers are now after the latest trends and are abandoning the famous brands of the earlier era. There is a radical change in the mindset of the employees and shareholders as well. Thereby, sustainability is becoming prominent in retailers’ actions in the forthcoming decade. Not all retailers can make a move quickly. So, nearly 75% of the existing retailers fail to comply with the emerging market standards. Other than sustainability, continuous change in job openings with advanced marketing skills and the influence of AI as an important element in short-term and long-term pricing decisions are becoming important.
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There are some misconceptions among us about the ESG drive. Often, it is found that entrepreneurs consider the ESG drive as a separate and standalone program, and then it is tried to fit into the business processes. It is important to know that if a proper study is done within the organization and the ESG is integrated into daily business management as one of the core areas of activities, the results will be highly positive. It may be necessary to note the inclusion here with the right interpretation rather than social in the context of the ESG drive.

Understanding what economic productivity is and how it works is critical to working towards maintaining and increasing it. Today, productivity-enabling elements are changing with time and it is important for business owners to identify them. In today’s world, focus areas for productivity improvement are changing. There are three top priority areas that can be addressed timely to gain productivity. These are:
a) Capital allocation in the areas of opportunity and growth
b) Digitalization across the value chain
c) Skill identification and employee training/orientation

In the post-pandemic scenario, every business (large, medium, and small) needs to adopt change in their mindset for work culture. It is a hybrid work culture where nothing is static or standard. It starts from the team which is now formed by the internal and external resources. It is more strategic than organisational norms and standards. Some jobs can be done in-house but many jobs or part of it can be done on a remote basis with independent resources and mind. Such flexibility is going to drive the change in organisational working. SMEs can derive more significant benefits from this and create huge value out of cost optimization.

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