November 17, 2022
Sustainability is a long term action plan which manages not only environmental risks, but social and financial ones too. For a business, a sustainable approach consists of three main pillars: people, planet and profit. According to NASA, it’s almost 100% likely that human activity is what is causing the planet to become warmer, and businesses play a major role in this statistic due to their reliance on fossil fuels and land, as well as their non-stop production and consumption.
Taking on a sustainability practice does not mean the compromise of profits or success
There are many reasons why businesses should implement a sustainability strategy to their operations. Here’s four:
Implementing a sustainability initiative will not take from business goals. In fact, this discussion notes that 85% of executives are likely to recommend a business that strongly aligns itself with a purpose. Being an organisation that does good in the world is also more likely to attract a pool of talent that is empowered and eager to learn. This means high levels of shared employee satisfaction, better productivity, lower turnover, and ultimately, a business that is geared towards financial success.
There is a growing interest in products and services that operate under an ethos that values sustainability; consumers are more likely to invest in a business whose values align with their own. Incorporating sustainable business practices is likely to enhance brand image, leading to more people wanting to invest in said brand, boosting profits and market share. It doesn’t end there: sustainable businesses are also likely to have better relationships with the community and government officials, who are able to see that ESG principles are taken seriously.
A 2019 study details that globally, 73% of consumers are willing to change a consumption habit if it means reducing their impact on the planet. Consumers are more likely to purchase from a business that is mindful of its overall impact on the environment. This isn’t just limited to what they put inside their body - consumers are curious about sustainable practices across all business operations, from resource management to product packaging. Irrespective of how one defines it, sustainability is top-of-mind for consumers across the planet.
For individuals, it can feel daunting, isolating and even impossible to create environmental change in a meaningful, positive way. When employees within a business, or a number of businesses, come together for a cause this is no longer the case. Where governments can’t, businesses can through implementing collaborative action, which often leads to them experiencing great success.
Taking on a sustainability practice does not mean the compromise of profits or success - if anything, it is a vital pillar the successful strategy and the longevity of an organization, as it does not risk sales and profitability, employee wellbeing and growth.
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