Question

• What are your feelings about ethical investing and purchasing policies at both a personal and commercial level?
• Do they make a difference?
• When shopping do you look for products that are made ethically? What are you looking for?
• Should companies and each of us personally have an "ethical purchasing policy"? Why or why not?

These questions are related to my business plan blog which I am making on the restaurant business. so, please answer all the questions according to that scenario.

Answer 1

Q-1: What are your feelings about ethical investing and purchasing policies at both a personal and commercial level? Do they make a difference?

A: Ethical investing and purchasing policies in the way forward at both a personal and commercial level if we are to save our planet from global warming and climate change. Ethical investing and purchasing policies focuses on a green economy and circular economy. Our planet has been put to grave disruptions and risks due to the outbreak of the Coronavirus or Covid-19 and this is because we as human beings who are supposed to be an intelligent species kept ignoring the warnings about our behaviours, lifestyles and choices written clearly on the wall. In accordance with the United Nation's 30 Sustainable Development Goals (SDGs), we can look at achieving them by the proposed 2030 deadline once we have managed to overcome this current global health crisis. Being ethical in our investments and purchasing policies make a big impact on the organization culture and drives change towards sustainability and green economy. Key stakeholders like shareholders and institutional creditors like bankers can coerce an organization to mend its ways and demand an ethical approach towards investments. Customers too have a key role to play in financially rewarding those organizations who dare to be different and ethical and reject products from those organizations who refuse to mend their ways to the future betterment of this world. So, they definitely do make a major and serious difference. Restaurants too have a role to play in terms or sourcing of ingredients/raw materials, staffing policies and treatment, waste management, etc.

Q-2: When shopping do you look for products that are made ethically? What are you looking for?

A: Yes, we must look to purchase/shop for products that are made ethically as this is the not just the best but the only way forward if we want to have a green and sustainable planet for generations to come. By ethics it is implied not just being a fair employer and paying employees the minimum wages and giving them leaves but also implies the sourcing of raw materials and ingredients through fair trade and environmentally friendly policies and practices. From a hospitality, foods, and retail sector point of view, coffee, chocolate and palm oil have been highlighted by human rights and environmental activists for unethical procurement and unfair treatnments meted out to agricultural/farm labour by exploitative multinational companies. From a restaurant point of view, it is important to know where the ingredients came from, were they sourced through ethical means and whether one is treating their labor fairly. In deciding where to eat or purchase from one can look for a company which clearly advertises itself to be ethical on its website, products packaging and labelling, and all its commercials and branding signages using logos or symbols to indicate that they are an ethical organization following fair trade policies and practices.

Q-3: Should companies and each of us personally have an "ethical purchasing policy"? Why or why not?

A: Yes, we must all have an "ethical purchasing policy" irrespective of whether it is at a company or at an individual level. Individuals drive change and as the saying goes, every drop makes an ocean, so one should not under estimate the power of one. One person can bear influence on their circle and their circle and so on and so forth until a big movement has started. Individuals as customers can greatly influence change in organizations and either reward an organization by purchasing products or rejecting products based on their ideology and principles of ethics. Together, united, as big companies and as individuals we can make the change towards a better world and achieve all the SDGs as proposed by the U.N. by 2030. From a restaurant perspective, indicating to customers that the ingredients sourced, energy and water policy, waste management policy, and staff welfare policy are steeped in ethical policies and practices will make all the difference and attract customers. Customers are willing to pay a little extra to know that their food and drink are obtained from fair and ethical means.