Goal setting for environmental sustainability in rapid growth firms - An exploratory single case study investigating what companies should consider when setting environmental sustainability goals while growing rapidly

Abstract: Title: Goal setting for environmental sustainability in rapid growth firms. An exploratory single case study investigating what companies should consider when setting environmental sustainability goals while growing rapidly Background: Both growth and sustainability are vital for a business survival. However, when a company is in a rapid growth phase and aims to set environmental sustainability goals, this can create conflicting demands when pursuing both simultaneously. This since rapid growth involves constant change, a short-term perspective and growing demand for resources while environmental sustainability goals require a long-term perspective and a reduction or replacement of resources. Purpose & research questions: The purpose of this thesis is to explore how a company should set environmental sustainability goals while being in a rapid growth phase, and what to consider while doing so. This purpose is hoped to be fulfilled through a case study of the company Lynk & Co, and the research question is thereby: What should companies in a rapid growth phase consider when setting environmental sustainability goals? To answer the research question, the following three sub-research questions have been conducted: (1) What are the main challenges of setting environmental sustainability goals? (2) What enables a successful implementation of environmental sustainability goals in a value chain? (3) What are the main challenges of being in a rapid growth phase? Method: The research strategy of the thesis is qualitative with an abductive approach and a single case research design. The study’s empirical data was collected through in-depth, semi-structured interviews with employees from different departments at the case company and external experts within the field. The secondary data consists of a literature review with a narrative approach. The data was analysed with a thematic analysis. Results and conclusion: There are several factors that need to be taken into consideration when setting environmental sustainability goals while being in a rapid growth phase. The formulation of the goals needs to be adapted to the changing environment that comes with rapid growth, which can be done with the combination of visionary, long-term goals, and short-term, relative goals. Companies should focus on three main goals that are connected to their core business. To incorporate the goals into daily operations, they need to be broken down to department level, throughout the value chain. Regarding both sustainability goals and rapid growth, internal alignment is vital, in terms of communication, culture, resource allocation and strategy planning. Here the top management holds the ultimate responsibility.