Sustainability is an increasingly popular concept in business. It refers to the ability of a company to continue operating without compromising its long-term viability. Sustainability is often associated with environmental concerns, but there are many other aspects that contribute to a company’s overall sustainability. That is why being a sustainable business is rapidly becoming The New Normal and one of the easiest ways to move towards ESG (Environmental Social Governance) while also improving your bottom line.
The Importance of Sustainability in ESG.
As consumers become more aware of the impact of their purchases, companies are responding by making changes to their products and services. This includes changing how they source materials, manufacture goods, and deliver them to customers. Companies are also taking basic steps to reduce waste and improve efficiency not just to increase credibility but sustainable businesses are proving to be more profitable in today’s marketplace.
Just as being on Linked In is critical for B2B marketing in your business, being able to credibly present your business as sustainable in the marketplace is becoming a ‘no-brainer’ as part of that marketing strategy and indeed the overall profitability strategy of both small and large businesses in this decade.
Environmental, social, and governance (So what is ESG anyway?) investing is used to screen investments based on corporate policies and to encourage companies to act responsibly. So with sustainability as a key component, and quite possibly the only component that delivers tangible, immediate benefits to your bottom line, it’s probaly time to start paying attention and incorporate the concept in so called ESG Policies and procedures.
Why Businesses Should Embrace Sustainability
There are many reasons why businesses should embrace sustainability. First, it makes good business sense. According to the World Economic Forum, “Sustainable growth will be critical to maintaining global competitiveness and creating jobs in an increasingly resource constrained environment.” Second, it helps protect our planet. Third, it improves the quality of life for people living near businesses. Fourth, it creates new opportunities for businesses. Finally, it provides a competitive advantage.
To Expand
Sustainable businesses are the new normal. If you’re not paying attention, you will get left behind. Here are five reasons why sustainable companies are so important:
Sustainability and profitability can co-exist
1. Sustainable businesses are more profitable in the long run.
Sustainable businesses are more profitable in the long run because they focus on increasing operational efficiency, waste reduction and the new future … contributing to the Circular Economy. They also tend to have happier employees and customers that are loyal to the brand as proven in surveys over several years. The benefits of sustainable business practices go beyond the bottom line reducing operating costs and overheads, improving Capex write-offs for sustainability improvements, cutting Capex costs through government and local government grant systems etc. depending on the jurisdiction you live in. Sustainable businesses are not only good for the environment, but they’re also good for the bottom line. Sustainable practices can help reduce costs, increase efficiency, and boost profits. In many cases, sustainable businesses are able to operate more efficiently than their traditional counterparts.
2. Sustainable businesses have a positive impact on the environment and the economy.
It’s no secret that Sustainable businesses have a positive effect on the environment. Sustainable practices can help reduce pollution, conserve resources, and promote green initiatives. All of these things have a direct impact on the planet. In addition to reducing their environmental footprint, sustainable businesses often support other eco-friendly initiatives. This includes supporting local farmers and producers, using recycled materials, and investing in renewable energy.
Sustainable businesses are not just profitable...they are also good for the economy.
3. Sustainable businesses create jobs and support the local economy.
Sustainable businesses often create jobs and support the local economy. Sustainable businesses are typically small and medium-sized enterprises (SMEs). They are often family-owned and operated. This means that they are more likely to invest in their employees and the local community. Sustainable businesses also tend to have a lower carbon footprint, which can help reduce environmental pollution.
4. Sustainable businesses are more resilient in times of crisis.
Sustainable businesses are more resilient in times of crisis. This is because they often have a diversified customer base, a strong relationship with their suppliers, and a commitment to their employees and the local community. Sustainable businesses are also more likely to have contingency plans in place for unexpected events. This means that they are better equipped to weather economic downturns and other unforeseen challenges. The bottom line is that sustainable businesses are the new normal. They are good for the environment, the economy, and society as a whole. If you’re not already investing in sustainability, now is the time to start. Sustainable businesses offer a multitude of benefits that traditional businesses simply cannot match.
“Preserve and cherish the pale blue dot, the only home we’ve ever known.”
– Carl Sagan
5. Sustainable businesses inspire people to make the change.
The final reason sustainable businesses are so important is that they inspire people to make the change. Sustainable businesses offer a positive alternative to traditional businesses. They provide hope that change is possible and that we can all do our part to create a more sustainable future. When you support sustainable businesses, when you ensure that your supply chain is sustainable or at least moving in that direction, you are supporting the change that we need to see in the world. And that is the most important reason of all. Green businesses offer a multitude of benefits that traditional businesses simply cannot match. If you’re not already investing in sustainability, now is the time to start.
How to Start Integrating Sustainability into Your Business.
Overall, sustainable businesses are good for the environment, the economy, and society and going sustainable can breathe new life into your business, your marketing, your customer and ultimately your bank account … even in recessionary times. What do you think? Do you know of any other reasons why sustainable businesses are important? Share your thoughts or comments below!
Key Takeaway – Sustainable is good and need not cost!
It is not expensive to start taking your business sustainable. Here are five ways you can start making your business more sustainable at little or low costs to your business: – Conduct a Sustainability Audit – Use Sustainable Materials and monitor your supply chain – Adopt Sustainable Practices incl in your procurement processes – Educate Your Employees and Customers about Sustainability – quite often they will come up with the best ideas for process and service improvement.
– Eventually, you Might Consider Implementing an Integrated Sustainable Management System To start integrating sustainability into your business, first identify where your company stands with regard to environmental impact. Then, determine how much energy you use and how much waste you produce. Next, find out whether your products contain harmful chemicals. Finally, consider how you can reduce your carbon footprint by using renewable energy sources. Once you understand these three areas, you can begin implementing changes that will help you become more sustainable – always bearing in mind the cost/benefit approach to any improvements you make in your business.
Conclusion – and a note of caution on ESG Investments
The financial industry has spotted an opportunity to make money by helping people feel good about themselves. Despite claims to the contrary, these investments don’t do much to make the world a better place.
Recently in The Wall Street Journal
Despite the note of caution above with regards to investments in ESG compliance etc, there are several valid reasons why a sustainable business is becoming the new normal. Overall, sustainable businesses are good for the environment, the economy, and create jobs. If you’re looking to start a business, or if you’re already running a business, please, for everybody’s sake, make sure it’s a sustainable one!Do you have a sustainable business or do you want to build your business as sustainable? Let us know … we may be able to help – that’s our business.
Have you considered pursuing green certification for your business? If not, now may be the time to make the move towards differentiation and leadership in your marketplace.
Contact Skelligs Energy to learn more about our energy and sustainability solutions.