Reports indicate that most of our planet’s natural resources will be depleted in a few decades. While individual contributions to sustainability are very important, it won’t mean anything if businesses with larger impacts on the environment don’t become sustainable, too. Business sustainability has more perks than profiting in every shade of green. This article unleashes the business advantages of sustainability so that more owners can become hooked on becoming green.
What is Sustainability?
Being sustainable means that the current generation’s needs are met while leaving enough resources for future generations. For a business to be considered sustainable, it has to reduce its environmental impact while continuing to be profitable and socially responsible. There needs to be systems and rules that make sure there is a balance between the economy, the environment, and the people. This is called the three pillars of sustainability, also known as profits, planet, and people.
Economic sustainability uses as few natural resources as possible to make as much money as possible. Environmental sustainability focuses on the environmental aspects that need to be looked after for economic processes and human life to be made possible. Social sustainability is more focused on the human side of the economy. It looks at getting rid of hunger, poverty, and inequality.
How to Make Your Business More Sustainable
- Conserve energy in the workplace. This can be done by conducting energy audits and switching to a different energy supplier if necessary. There are different energy-saving methods that businesses can use. Switch your traditional light bulbs for energy-saving LED bulbs. Switch the light off when a room isn’t being used. Turn off and unplug appliances when leaving the office. Your business can switch to green energy and utilities instead of using energy generated by fossil fuels.
- Let employees work from home on some days of the week, or maybe even permanently. While they are using their own facilities and utilities, your business will save on its utility bills. Other services, like cleaning services, will also be needed less regularly because less waste will be produced at the office. It has also been proven that working from home can increase productivity.
- Encourage your employees and yourself to use more sustainable transport methods. A carpool system can be set in motion. You can decide to sell your car in favour of an electric or hybrid vehicle. Maybe you can travel to work by public transportation. You can stay healthy and active by riding a bicycle to work.
- Reduce the waste generated at your business by adopting the reuse, reduce, and recycle strategy. Reuse as many products as you can, even if it is for a different purpose. A helpful tip is that everyone brings coffee mugs to the office instead of disposable cups. Implement recycling programmes to help your business become more sustainable.
- You can offset your business’s carbon footprint by investing in an environmental project like tree planting. You can pay for one of these projects to plant the equivalent of trees needed to offset your business’s carbon emissions. There are different types of projects that your business can choose from. Your business can receive offset credits. Each credit represents one ton of greenhouse gas emissions.
- Get your employees involved in making your business more sustainable. It is important that they know why this is so important and get the needed training to become part of the venture. You can hold regular meetings to hear any ideas that people might have. Create a sustainability committee made up of employees from different parts of the business. This committee will stay on top of things from the employee side and make sure to implement any rules.
- Try to support local, sustainable businesses as much as you can. If you can’t find a local business to support, make sure that you partner up with other sustainable organisations. Make sure that every part of your supply chain is as sustainable as possible. This will make your business more sustainable as a whole and more attractive to investors and customers.
- Your business can try to become a certified B Corporation. This means that your business meets high qualities for social and environmental performance, accountability, and transparency. Some assessments must be completed so your business scores the needed points. Your business also needs to meet set legal requirements to certify.
- Turn your business more digital. Embrace the different kinds of technology that are available to you. Instead of using paper to keep records of your dealings, you can use digital systems that can be accessed from anywhere. Access to your business documents is also more controlled because of security software systems.
Advantages of Sustainability for Businesses
Your business can save money by becoming more sustainable. Business costs are reduced, and the possibility of increased sales is high. There are government tax incentives that reward your business for being more sustainable. The environment is considered and put first, and corporate social responsibility targets are met. Being sustainable reduces your business’s carbon footprint. Green credentials can boost your business’s public image and create more brand value. All of this improves the marketability of your business and gives it a competitive advantage. You can impress and attract more investors and stakeholders to buy into your business. Your business’s client base gets wider by becoming more attractive to eco-aware customers.
Being more sustainable will give your business a better chance to attract and retain employees. When employees know they work for a sustainable business that is making a change, they are much happier. It makes them feel more important, which makes them more productive. Your business builds valuable community relationships by forming partnerships with local suppliers and being part of charities. You are protecting your business’s future by being more sustainable. Your business is better prepared for future laws and costs that may come into effect.
Conclusion
This article looked at the advantages of sustainability for businesses, including profit-making. A definition of sustainability was given, along with its application to businesses. The three pillars of sustainability were briefly looked at. A variety of ways to make your business more sustainable were listed and explained. Lastly, the advantages of sustainability for businesses were discussed.
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