Why Is Sustainability Important In Business?
The importance of sustainability in business cannot be overstated. Climate change continues to affect our day to day lives, which is why it is so important that businesses of all sizes consider the impact they have.
Economic, social and environmental sustainability is a must in today’s business environment.
Despite just 100 companies being responsible for 71% of global emissions, it’s time for all businesses to take action and become part of the solution. Blaming others is not going to solve the climate crisis. It’s up to us all to take action and responsibility for what we can.
Businesses should not only start to think about being environmentally friendly (ie: planting trees and going green), they should also consider their impact on society and their employees as a whole.
Becoming a sustainable business means that you’re not only caring about the environment but you also care about people and profit. A true sustainable company looks at how they treat the planet, how they treat their workers, how they treat their community and how they treat their employees.
Becoming sustainable may sound expensive and hard but sustainable businesses experience a lot of positives that lead to even greater success.
So what are a few benefits of becoming a sustainable business?
Improved Brand Image
Today’s consumers are more environmentally-conscious than ever before. Surveys suggest that approximately 60% of consumers will consider the impact a company has on the environment when deciding whether to purchase their goods or services.
You don’t need to look far to see how brand awareness is improved by being more sustainable. Some of the world’s largest companies use advertising campaigns to highlight how they operate sustainably – for example; becoming a B Corp. By adopting sustainable business practices like paperless manufacturing and encouraging sustainability among their consumers, companies can improve brand awareness and reputation.
The UK government has recently created the Green Claims Code, to ensure businesses are honest and transparent with their eco credentials and to avoid greenwashing.
Some detractors of sustainability might claim that corporate responsibility means having to accept a decrease in profits. However, it’s the opposite.
The development of sustainable business practices can help streamline operational efforts while conserving resources – this can improve employee productivity while reducing overall running costs.
In the short-term, this can be as simple as insulating buildings to use less heat or turning off the office lights at night time. In the longer term, making changes to production planning or using production software to operate more economically can also reduce costs.
Attract The Right Investors
People want to be associated with companies that have a positive impact on the world. Many of today’s investors know the messages of environmental protection, and many would feel it is important to invest in companies that are respectful of the world around them.
Attract The Right Employees
Today’s graduates are incredibly conscious of having a positive impact on the world, and if you want to attract the best and brightest, your company should commit to sustainability. Waste mitigation is arguably the simplest way to achieve this. Things like recycling paper or replacing incandescent bulbs with LED lighting are great ways to reduce environmental and energy waste and save money. It will all demonstrate to potential employees that the environment matters to your business.