In today’s world, sustainability is more than just a buzzword – it’s an essential mindset and strategy for business owners who want to be successful. Our world is facing many environmental challenges, including climate change, resource depletion, and excessive amounts of pollution.
It’s up to each individual business owner to recognize their responsibility to contribute to slowing down and/or eliminating these environmental problems. However, sustainability goes beyond environmental awareness – it includes ensuring products and services provide long-lasting value while protecting the wellbeing of people and our planet.
In the past, it was considered forward-thinking to care for the environment, but companies no longer have a choice regarding sustainability. It’s become a non-negotiable business strategy for anyone who wants to be successful.
Consumers want to do business with sustainable brands
More than ever, consumers want to do business with brands that embrace sustainable business practices. According to the research, 66% of U.S. based consumers say they prioritize sustainability when making a purchase.
It’s definitely something business owners can’t afford to ignore. In the near future, business owners who don’t get on board with sustainability could be left behind.
How are businesses embracing sustainability?
Many businesses choose to replace important equipment with sustainable options even if it costs more upfront. For example, food manufacturers use plastic made from plants to reduce the need for new plastic production. Conventional plastic is made from petroleum by-products, and is terrible for the environment.
Other companies are opting for energy-efficient pumps to lower carbon emissions, reduce energy consumption, and improve overall performance. Some companies even go to great lengths to replace all their windows and doors to increase energy efficiency, while others pay a premium to obtain materials and parts from sustainable sources.
How a business embraces sustainability will depend on the industry and what’s available. What works for one company may not work for another. However, there is enough focus on sustainability that you can research other organizations in your industry to see what they’re doing and then follow suit.
Four simple ways your business can become more sustainable
There are a handful of ways you can transform your business into a more sustainable company.
1. Immediate actions
Within your organization, you can reduce energy consumption by installing programmable thermostats, using LED lights with motion sensors, and using the power-saving mode on your equipment.
For long-term benefits, you can install solar panels, upgrade building insulation, and utilize smart building management systems.
2. Know your vendors
If you source products, parts, or materials from other businesses, investigate their practices thoroughly to find out if they’re supporting any kind of unsustainable practices throughout the supply chain. If you discover something wasteful or harmful to the environment, start looking for a new supplier.
Just because you aren’t directly creating an environmental problem doesn’t mean your customers will forgive you for supporting a company that is doing exactly that. Aware consumers want to know that the businesses they support care about the environment as a whole, and many find it off-putting when a brand relies on unsustainable practices at any point in the supply chain.
3. Give back to sustainable causes
Sometimes there’s only so much you can do to make your business sustainable due to limitations beyond your control, but you can always donate time, money, and resources to organizations working hard to make a change.
Consider donating a portion of your profits to a charity that does important work. It can be a big name or a company that is relatively unknown, as long as the work they do is solid. For example, Boyan Slat raised $30 million dollars to implement his plan to clean up the plastic in the ocean. Even if the causes you donate to aren’t well known, your customers will appreciate seeing your contributions.
4. Be careful with associations
Make sure your partners and business associates are not people or entities who are engaging in unsustainable practices. There’s no faster way to get boycotted than to partner with questionable people and brands.
Sustainability drives business success
The need to focus on sustainability is clear. Embracing sustainable business practices isn’t just something you do for the environment – it’s become a component required to succeed in the economy. Companies that adopt a proactive approach to sustainability tend to do better because they are not only ready for challenges, but they’re more respected by consumers who care about the businesses they support.
If you have yet to focus on sustainability in your business, now is the perfect time to start looking in that direction. Start now and position yourself for long-term success because in our current economy, sustainability and profitability are intertwined.