Is your business working towards net-zero targets, are you investing in socially responsible charities, and are you using biodegradable packaging? If the answer to any of these questions is no, then there is room in your organization for more sustainability. What are you waiting for, the global markets are shifting in this direction, and businesses can benefit from shifting as well.
If you’re running a profitable business, you’re already aware of the power of goal setting. Without a goal in mind, your business will experience slow growth, if any at all, and you will be less productive overall. But, with simple goals, you can effectively track and optimize operations.
Goal setting is standard practice when it comes to business productivity, but when it comes to green practices, it’s not the first thing company’s consider, but maybe they should. Over 70% of millennials say they would prefer to buy from a sustainable business, so make this a priority.
Not only do millennials prefer sustainable businesses, but they can also sniff out ones with a ‘green’ veneer. This generation is savvy when it comes to advertising, and attempts to cut corners will backfire. Set some green goals for your business, and then watch your profits grow.
Every business has overheads to consider, such as premises and network costs, but if you want to run a sustainable business nowadays, you need to be using renewable energy. Renewable energy is overtaking fossils fuels in terms of cost and accessibility; it’s time to make the switch.
The world is now close to the point of peak oil, meaning that it’s more expensive to extract oil from the ground than the profit you get in return. For that reason, oil companies will close down their fossil fuel operations and start investing in alternative energies such as solar and wind.
Not only are renewable energies more accessible and cheaper at the moment, but they are also more efficient than ever before. Solar and wind technologies can now adequately replace fossil fuels in industry, so you can switch to cleaner and green energy forms without incurring losses.
In recent years there has been a movement away from the linear economy in favor of the circular economy. The linear economy describes the process of developing products from raw materials and distributing them to businesses and customers. They often end up in landfill sites.
Alternatively, businesses can use the circular economy that tries to keep materials and goods circulating in the economy for as long as possible. This means that less carbon is used to produce new goods, and existing ones provide more mileage – find out more here.
By reducing waste in your business, you can increase productivity and profits. Not only can you reduce your spending on new infrastructure costs, but you can pass these savings onto your customers and grow your client base. You will also be known as a sustainable business.
It’s fair to say the 20th century was the age of plastic. The plastics industry boomed in this period, and while it was responsible for many innovative products and designs, single-use plastic has had a devastating effect on the natural world, ending up in oceans and soil.
The effect of plastic on the environment is another unsustainable trend that has been addressed in recent years. Nowadays, consumers and governments are putting more pressure on governments to use biodegradable packaging and packaging made from recycled materials.
If you want to operate a progressive and sustainable business these days, you need to switch from single-use plastic packaging and wrapping to materials that biodegrade and don’t harm the environment. The good news is that many of these materials are available at competitive costs.
Many businesses are changing their values to align with modern customer expectations and governmental regulations. This means swapping growth for sustainability. However, the way the economy is moving sustainability might be the pathway to future growth due to new demands.
One way to make your business more sustainable is to partner with local suppliers instead of using cheaper sources in overseas locations. While an overseas supplier might be more cost-effective, they use more carbon in the distribution chain and aren’t sustainable as a result.
Conversely, local partners might cost a little more, but customers appreciate the investment in the local economy. A business might view this additional cost as an investment in the brand identity because customers start to associate you with the local areas and more sustainability.
Net-zero is the goal of governments around the world – this is the point where carbon output and carbon capture are equal, and there is no additional carbon being put into the atmosphere. Most governments are confident net-zero can be achieved by 2050, but not without the right efforts.
It’s up to governments to make changes at a policy level to support net-zero, but it’s also the responsibility of businesses to contribute. If every business around the world focuses on the goal of reaching net-zero as soon as possible, it boosts their reputation and helps the planet.
If you want to make your business net-zero as soon as possible, you can strengthen your brand and grow your business. Start by using a carbon calculator to give you an overview of your carbon output. With this information, you can make efficient changes leading to net-zero status.
It’s not just consumers that are changing their strategy based on the looming climate change crises; investment markets are as well. There has been an increase in environmental, social, and governmental investments that are changing the ways businesses invest their money.
If you want to run a more sustainable operation, you should consider what you invest in; you can also promote certain areas of investment based on your company’s values and ethics. For instance, you could embrace the 1% for the Planet cause that offers 1% of profits to partners.
Whether you choose 1% for the Planet, ESG, or investing in a charity of choice, make sure you let your customer know that you channel profits in the right direction. Operating a sustainable business is as much about promoting a message as it is about making a contribution.
If you’re serious about operating a sustainable business, why not look into becoming a B-corp business. B-corp businesses are businesses that operate to the highest social and environmental standards and must undergo rigorous testing to achieve this sought-after status.
To become a B-corp business, you must pass tests relating to your supply chain, employment rights, and carbon footprint. These businesses are obliged to put people before profit and make decisions based on what’s best for the planet. It might sound like hard work, but it can pay off.
If you obtain B-corp status, it can boost your brand and secure your reputation with customers. B-corp businesses have a guaranteed ethical standard in the industry or the high street that consumers understand, so it’s easy for them to choose your product over the competition.
The world of the day is ‘sustainability’; that’s because consumers, businesses, and governments around the world understand that business as usual only ends one way. On the other hand, sustainable business practices can stabilize the global economy and lead to positive outcomes.
Governments around the world expect to be at net-zero by 2050, and you can play your part by working towards net zero as soon as possible. Not only that, markets and consumer demands are changing rapidly in the direction of sustainability, so don’t miss the chance to switch early.