These days, climate change and its effects are the subjects of frequent conversations and debates regarding public policies. Consequently, many more businesses are becoming conscious of and focused on their relationship with the environment. That focus leads to sustainable business practices that have a positive environmental impact or at least a minimal negative environmental impact.
As author and futurist Simon Mainwaring stated, “More and more companies are reaching out to their suppliers and contractors to work jointly on issues of sustainability, environmental responsibility, ethics, and compliance.”
Why is Business Sustainability Important?
First, it helps the planet and protects our future existence. Second, it makes a business more attractive to its customers, employees, and other stakeholders. And third, it helps a business to have lived for more years.
Elements of a Sustainable Business
First, to endure, a sustainable business must attract customers and be commercially profitable. Second, it must have the resources that it needs, and those resources must be available long into the future—resources that don’t harm the planet. And fourth, the business gives back; it uses resources with the intent to replenish them.
How to Incorporate Sustainability into Your Business Model
Achieving a sustainable business requires a business to:
- Establish objectives for sustainability in their business strategies. These include eco-efficiency programs, strategic initiatives, management infrastructure, and marketing programs.
- Communicate sustainability goals throughout the organization. Sustainability must be widely embraced.
- Develop operating conditions within the business that will support sustainable actions and innovations.
- Engage all business partners including suppliers and distributors so that they are aligned with your goals and actions.
- Engage with your customers so you understand what they are willing to accept and pay for. Build a community of support.
- Carefully plan your usage of resources and review your manufacturing and business practices.
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