Sustainable business practices in Malta: challenges and opportunities

A sustainability strategy is now essential for businesses for many reasons. First, it helps them minimise the environmental impact their business causes. Secondly, it reduces resource depletion and pollution. Thirdly, by adopting sustainable business practices, organisations make the planet better and more liveable. According to a McKinsey report, 46% of businesses address sustainability topics to align with their goals, mission or values, while 32% adopt sustainable practices to improve the company’s reputation. A McKinsey survey from 2020 revealed that more than 60 per cent of respondents would agree to pay more for businesses providing sustainably sourced products.

Consumers becoming more socially and environmentally aware, now prefer to support businesses that align with their values. A commitment to sustainability attracts more customers and helps retain them. Here are some benefits of sustainable business practices for organisations:

• Sustainable business practices directly translate into more savings. Efficiency, improvising, waste reduction and using renewable resources lead to long-term financial benefits.
• A sustainable mindset futureproofs companies, ensuring a stable and ethical supply chain and reducing risks associated with environmental issues.
• Governments and regulatory bodies are imposing rigorous environmental standards and demanding that organisations comply with these to avoid legal consequences.
• Adopting sustainability often requires innovative thinking and agility while organisations continuously evolve in the market.

Sustainability related practices are not just becoming ethical norms but a smart decision for long-term success.

Sustainability is no longer a mere buzzword. It is the key factor shaping consumer choices globally.  According to a recent report by PwCMalta, there is compelling data that adopting sustainability measures is on the rise in Malta as businesses increasingly recognise the importance of committing to this vital change.

Qualified professionals are now expected to understand the way that sustainable business practices are integrated into commercial life in Malta. Let's explore how MBA graduates can contribute to sustainable business practices.

Sustainability is imperative for modern business operations. MBA graduates are future leaders who actively contribute to and benefit from sustainable business practices in different ways as listed below:

• Strategic inclusion of sustainability: MBA graduates gain a deep understanding of how sustainability aligns and enhances business strategy. They learn how to integrate sustainable practices such as waste reduction, water and energy conservation, the monitoring of supply chains and the responsible sourcing of materials, into core business operations, considering environmental, social and economic factors. They are trained to meet ethical standards, contributing to long-term business sustainability.
• Stakeholder engagement and relationship building: Sustainable practices need continuous collaboration with different stakeholders. This includes customers, suppliers and communities. With polished and strong interpersonal skills, MBA graduates can engage with stakeholders effectively. An MBA in Malta trains them to build relationships, positively impacting the business and the community.
• Financial know-how and value creation: Understanding the financial implications of sustainability ensures success. MBA in Malta graduates are equipped with financial understanding, enabling them to assess the costs and benefits of sustainable practices. They are experts in environmental and social sustainability.
• Innovation and adapting to change: Sustainable business practices need innovative solutions and a willingness to adapt to changing circumstances. MBA graduates in Malta are trained to regard innovation as an opportunity. The exacting programme teaches them to think creatively and identify ways to improve and implement sustainable business practices for long-term success.
• Risk management and ethical decision-making: Sustainability comes with a set of risks and questions. MBA graduates are skilled at risk management and ethical decision-making. They navigate the challenges to sustainability in the smartest possible way. They are responsible decision-makers for supply chain sustainability, ethical sourcing or corporate governance.
• Entrepreneurial ventures in sustainability: Malta welcomes entrepreneurial ventures and MBA graduates are prepared for these opportunities. Whether launching their own enterprises or contributing to existing ones, graduates understand the complexities of sustainable practices very well.
• Leadership in corporate social responsibility (CSR): An MBA in Malta will prepare leaders to take on roles related to CSR initiatives. They are trained to develop and implement CSR strategies to align with business goals, thus contributing to a positive environmental and social impact.

MBA graduates contribute to the greater good and benefit from various opportunities arising from businesses adopting sustainable practices.

MBA courses are crucial in preparing you for the new eco-dynamic business landscape. Learning and achieving through skilled training are the main goals. As future leaders, with an MBA you can contribute significantly to the sustainable agenda in Malta. The MBA puts you at the centre of future leadership, equipped with practical knowledge and the skills relevant to sustainable business practices. From understanding green supply chain management to ethical decision-making, here's how an MBA can prepare you and make you industry ready.

• Industry-driven programme: MBA courses are designed to provide you with a deep understanding of business operations. GBS Malta's MBA programme includes case studies to navigate complex sustainability challenges.
• Strategic decision-making skills: Suppose you aim to be a professional with deep knowledge of sustainability. In that case, an MBA prepares you with skills to identify opportunities and mitigate risks associated with sustainable business practices.
• Cross-disciplinary approach: Sustainability goes beyond traditional business boundaries. An MBA encourages a cross-disciplinary approach for deeper insights from various fields, such as environmental science, ethics and social responsibility.
• Integration of technology and innovation: Technology plays a major role in sustainable business practices. An MBA at GBS Malta includes the latest technological advancements, teaching you how to use them for sustainable outcomes.
• Global perspective and networking: An MBA exposes you to global sustainability practices through practical learning, on-site training and internships. Also, the networking opportunities you gain during an MBA are a long-term benefit that you can build on.

GBS Malta aims to equip you with a solid foundation in business management. The MBA provides specialised knowledge and skills necessary to address the challenges and opportunities presented by sustainable business practices. By fostering a comprehensive understanding of sustainability and instilling practical skills, our MBA in business and management empowers our students to make meaningful contributions and evolve with the landscape of responsible and ethical business.