Sustainable Business Practices: Balancing Profitability and Planetary
A growing number of organizations are integrating sustainability into their business strategies to help the planet and their profits. Sustainability is now seen not just as a “nice to have” but as an integral component to business success, as it can help minimize risk, improve resilience, increase competitiveness, and unlock new business opportunities.
But what exactly does it mean to be “sustainable” in a business context? Sustainability refers to doing business without negatively impacting the environment, your community, or society as a whole. Sustainable businesses consider a wide range of environmental, economic, and social factors when they make business decisions.
Implementing sustainable practices is also good for business. Consumers are now more willing than ever to invest in businesses that prioritize sustainability and offer planet-friendly products. One 2020 study found that 77% of consumers said it’s important that brands are sustainable and environmentally responsible, while 57% said they were willing to change their purchasing habits to help reduce negative impact to the environment.
Prioritizing sustainability can make your business more competitive and increase profitability while sending a positive message of environmental stewardship that helps elevate your brand. Take a look at these five ways to pursue sustainability at your business.
Strategies for Implementing Sustainable Business Practices
1. Create a Sustainability Strategy & Track Your Impact
An important first step to lay the groundwork for your organization’s sustainability efforts is to benchmark current sustainability performance and craft a sustainability strategy. Some main areas to consider when understanding what changes your company can make to improve its sustainability include energy, water, food, waste, buildings, products and packaging, supply chain, transportation, employee engagement, and the impact your business has on the broader community.
Using this information and available models from other companies in your industry, craft a sustainability strategy specific to your business needs. Measure and track progress to make sure you are achieving quantifiable results, and use those metrics to reevaluate and adjust your strategy over time.
2. Make Energy Efficiency Upgrades & Green Your Energy Supply
Making energy efficiency improvements helps reduce your carbon footprint while also lowering your energy bills. Consider strategies such as using energy-efficient appliances, switching to LED lights, automating lights with sensors, using smart thermostats, and taking advantage of natural light. Explore sourcing your power from a renewable energy provider. In many areas of the country, you can do this directly through your current provider.
3. Source Sustainably
Doing business with green vendors is an impactful way to minimize your company’s environmental impact. Interview your current vendors to learn about their sustainability efforts, and choose to procure products and services from suppliers with environmentally-responsible practices that offer planet-friendly products.
A few changes that can have a big impact are:
- Source paper, paper products, and packaging that are made from post-consumer recycled content or materials that can be recycled or composted
- Use biodegradable cleaning products that are free of toxic chemicals
- Switch from disposable single-use items (like water bottles, coffee cups, dishware, utensils, etc.) to reusable alternatives
- Purchase sustainable promotional products, and make sure that they don’t end up as trash. Contact SwagCycle to learn how to repurpose, recycle, and donate excess promotional products sustainably
4. Reduce Waste
Track the amount of waste your company creates to identify opportunities to make improvements. Strategies your company can consider include:
- Avoiding single-use disposable products and reusing items wherever possible
- Composting food waste
- Looking into local recycling guidelines to make sure your business is recycling properly and sharing that information with staff
- Looking for ways to keep hard-to-recycle items out of the landfill. Check out this great EPA guide to managing and reducing waste at commercial properties for more tips
5. Involve Employees
Engaging employees in your sustainability vision is critical to the success of your efforts. Convey why your company is prioritizing sustainability, and communicate this with language that shows how valuable sustainability is for the business’ bottom line. Provide opportunities for employees to receive training on sustainability initiatives, recruit a “green team” to assist with sustainability efforts, and make it fun by celebrating your successes.
Conclusion
So, there you have it – the importance of sustainable business practices and how they can not only benefit the planet, but also your profits. By implementing sustainability into your business strategy, you are not only taking a step towards preserving our environment for future generations, but also towards creating a more competitive and profitable business.
But let’s not forget the impact this has on consumer behavior. As mentioned earlier, the majority of consumers now prioritize sustainability when making purchasing decisions. By becoming a sustainable business, you are appealing to a wider audience and showing that you care about more than just making money.
But it doesn’t stop there – sustainability is an ongoing journey. It’s about continuously finding ways to minimize your environmental footprint, improve community relations, and enhance overall societal impact. So why not take the first step and start implementing some of these practices into your business today?
Remember sustainability is no longer a “nice to have,” it’s now an integral component for long-term success. So don’t get left behind in this growing trend of environmentally responsible businesses. Join the movement towards sustainability and make a positive impact on our planet while also boosting your bottom line.
So what are you waiting for? Take action now and become part of the solution for a better tomorrow through sustainable business practices. Your customers, your community, and the planet will thank you for it.
Sources:
https://online.hbs.edu/blog/post/what-is-sustainability-in-business
https://www.greenbiz.com/article/state-green-business-2021
https://looka.com/blog/make-your-small-business-sustainable/
https://www.ibm.com/downloads/cas/EXK4XKX8
https://www.inc.com/marla-tabaka/8-ways-green-your-company.html
https://www.rubicon.com/blog/sustainable-business-practices/