Every business wishes to survive and be sustainable in the long term. However, what exactly is business sustainability, and how can a company achieve it?S
is a concept that has become important over time and is more relevant today
than ever before. It involves meeting social, environmental and financial
demands to achieve long-term success.
It is based on the idea
that a business doesn’t exist in a vacuum – every one of its actions has an
impact on its employees, customers and the wider community and environment in
which it operates.
So, to succeed in the
modern world, a business must ensure that it operates to bring positive change
for all its stakeholders.
According to a survey
72% of businesses consider sustainability as an ‘extremely important’ factor
for managing a business, while 60% believe it is an integral part of overall
Why Business Sustainability Is a Must
succeed because they care and invest in their employees. They also conduct
their operations with minimal waste and pollution, thus increasing revenues.
It is through such
actions that they build a positive image for themselves, making employees,
customers and shareholders feel good to be associated with them.
are also less likely to be targeted by pressure groups and environmental
activists so that it’s easier for them to survive in the long term without
Not just that, studies
show that businesses focusing on
sustainability financially perform better when compared to those who don’t.
Tips to Ensure Business Sustainability
If you want your
business to be sustainable, here are five ways to do it.
Incorporate Sustainability, Starting at the Top
Introducing the concept
of sustainability to a business and getting employees to embrace it isn’t easy.
To prevent having just a few employees or departments participating in the
sustainable initiative, incorporate goals respective of each department so that
each area is accountable in achieving their objectives.
should be incorporated into the company’s overall objectives and highlighted so
that all employees understand their importance.
Creating a culture of
sustainability is essential. From executives to department leaders –
communicating the importance of a more sustainable enterprise should start from
the top, not just in words but actions.
Allocate Resources to Expand Sustainability and
If the business is to
achieve sustainability, it must set aside resources to accomplish its goals.
While sustainability should be the responsibility of every member of an
organization. A “green team” can be assigned the task of initiating
sustainability projects and objectives to get everyone on board with
The aim should be to engage
employees as much as possible.
Training may be required on areas such as waste reduction and ethical
Funds may also be
necessary to implement sustainability projects. It can be challenging to
prioritize funds for environmental initiatives; however, if obtaining funds is
not possible, then applying for business loans to finance
sustainability efforts may be the next best option.
financing, business loans made easy to understand and apply from among various
funding options to continue with the sustainability projects.
Evaluate and Improve Current Business Processes
To achieve sustainability, the place to start is to take inventory of current business practices and see if inefficiencies are present. Think about how resources are utilized and whether there are areas that can be modified to help reduce waste. For example, to help cut down on energy costs, examine whether existing machinery is energy efficient. Also, check protocols to make sure machines of all types are powered-off when not in use. If your company utilizes vehicles, invest in fuel-efficient cars to help cut down on fuel consumption.
Achieve Sustainability throughout the Supply
just about improving the social and environmental effects of your business but
also making sure you work with partners that are also sustainability advocates.
throughout the supply chain can lead to significant progress only if every
business plays its part in bringing about positive change. Below is a supply
chain chart that needs to be modified with the changing environment.
To further achieve
sustainability goals, businesses can develop a policy to obtain materials from
sustainable sources. Additionally, companies can collaborate with their trading
partners to streamline their processes to help reduce the negative impact on
Measure and Review Results
Once you have
implemented your sustainability initiatives, your work doesn’t end there. You
need to have a system in place to measure how well you are progressing to
achieve your sustainability targets. Keep track of your energy use and evaluate
whether there is a decrease in consumption.
It would help if you
also encouraged employees to provide their feedback. Determine if they faced
any difficulty implementing them or if further progress can be made towards
achieving sustainability goals. Employees are more likely to own the new
initiatives if they feel like they have a say in how they are carried out.
The Final Verdict
It is important to
remember that business sustainability is no longer a choice in today’s marketplace
– socially and environmentally responsible behavior is something stakeholders
demand and expects from businesses. It is vital for companies to take it
seriously to ensure long term success.