Increasing Sustainability in Business
The importance of sustainability in today’s world is more evident than ever. In order to preserve the planet Earth, our ecosystems, our resources and our ways of living, the necessity of including sustainable ideas in business models is crucial. However, it can be hard to know how to do it. How do you ensure a regular and solid stream of revenue from it?
So, why exactly is sustainability important? Today, this word is everywhere but what does it entail through the business lens? So, one way to incorporate sustainability into business is to increase awareness about sustainable living. Consumers should want to buy products and use services that consider the environment and sustainability. But for that to happen, these need to be offered and affordable.
Characteristics of a sustainable business
For a business to be considered sustainable, its operations must be carried out without negatively affecting the environment. Usually, carbon footprint and its possible offsetting is the first thing that comes to one’s mind. However, there are many more ways for a business to be sustainable: from using recyclable and recycled materials to financially supporting climate-positive actions to encouraging remote working.
Growing a sustainable business is tenuous but rewarding. In a 2021 survey, McKinsey found out that 40% of employees expect their companies to drive revenue from sustainability. They also found when a company is sustainable; it attracts more customers. So, it is clear that sustainability is increasingly demanded across industries. Another example is 87% of travellers think sustainable travel is essential.
How to make your business sustainable?
This article will explain different steps to make your business sustainable while driving more revenue. Promise, it is easier than it looks. First of all, a great way to reduce your company’s carbon footprint is by allowing part or full remote work for your employees, especially those coming by car. The second is to give all of your employees’ common transportations benefits.
Supporting your employees to come by bike or common transportations – or asking your local government for better ones – also decrease healthcare costs as people will be more active. Third, use government funding to buy greener types of machinery or rethink your supply chain processes into a less impactful one on the environment. For example, you can use green web hosting services.
Recycle, recycled, downsize.
The following three ideas could be very significant and drastically improve the sustainability of your business. First, reusing and recycling is crucial when thriving for sustainability. For example, replacing single-use utensils with reusable ones (plastic cups vs ceramic mugs) has a tangible impact. Using recycled materials as much as possible or plain reducing the use of certain products should be considered.
Suppose you are unsure what kind of recycled materials would be best for your own business or what are the following steps. In that case, several consultancies specialise in helping on these matters, as well as your local government and associations. But there are small steps you can implement: recycle the boxes into different uses print on recycled paper on both sides.
Sustainability has strong benefits
Aside from creating products and solutions to these new problems, and therefore creating a streamline of revenue, being a sustainable business has other perks. It is a fact that sustainable companies have a lower turnover of employees. Indeed, people prefer working for an employer who cares about the environment, as there is a higher chance they will care about their employees.
Everyone needs to pitch in
Apart from LED lamps or smart thermostats, you can also compost. So, you can provide a compost starter pack for your employees who are remote while having a full compost at your office where lunch leftovers (or from the Christmas party) can be of good usage. If you don’t have the capacity on your premises, then you can ask your city.
Funding climate positive actions and programs
Another practical way of positively impacting the environment is carefully choosing where the revenue could be invested in. As mentioned earlier, the purchasing department can make a real impact but creating a CSR (Corporate Social Responsibility) function would do. The responsibilities would include selecting climate-positive projects the company could donate to or invest in. Again, give preference to projects within the community.
It could be beneficial to speak to a financial advisor to diversify investments, such as renewable energies or organic agricultural farms and donate money to fund sustainable activities for the kids in town. Then, besides doing something tangible and beneficial, you will raise awareness about your brand. But, of course, buying carbon offset is something relatively mainstream and accessible you can do.
Sustainability vs greenwashing
The most important thing you should be careful of is greenwashing. The Cambridge dictionary describes it as “behaviour or activities that make people believe that a company is doing more to protect the environment than it really is”. To avoid this problem, we recommend a high level of transparency about your actions, KPIs, goals, suppliers, charts of conduct, etc. Be accountable.
