The following paragraphs are a combination of standards and procedures. The standards represent the 'plan' and the procedures implement the plan. Overall, the standards for a company should give consideration to "environmental, social and corporate governance" issues.
A new business, regardless of the type, must first consider a mission statement. That statement will include business goals and possibly specific guidelines for procedures and operations. A mission statement is a generalized guideline and sometimes a value statement is ...
The solution explains both standards and procedures, and presents a good discussion of both.