5 ways sustainability can improve your business
Sustainability in business is about being environmentally conscious, without compromising on profitability. Green business practices are not only beneficial to the world around us, but can be good for business too – reducing costs, helping to attract and retain top talent and boosting your brand image.
Here's everything you need to know about why sustainability is important and the benefits of sustainability in business, as well as tips on how to be more sustainable.
What does it mean for a business to be sustainable?
For a business to be sustainable, they need to operate without having a negative impact on the environment. An environmentally aware business considers more than just profits – it balances environmental, social and economic needs.
Green business practices are about long term thinking – not short term gain. A company that's focused on the environment will think of ways it can be more efficient in its operations without sacrificing profits or shareholder value. They don't want to just make money today. They want to make money over time, by doing things ethically and responsibly with their resources, as well as with people involved in their supply chain.
Why should a business be sustainable?
You may be asking yourself “why is sustainability important?” Well, customers are demanding more transparency from businesses. They want to know where their products come from, how they're made, and what impact they have on the environment. Businesses that can prove their sustainability credentials are going to be ones that win over customers in the long term.
This means corporate social responsibility is no longer considered an "optional" part of your business model – if you don’t include it in your day-to-day operations you’re missing out.
Sustainability is the key to creating a better future for all. As a business, you can make a huge impact on your community and the world. Imagine the positive impact we could have if everyone started thinking about their company’s carbon emissions and environmental footprint?
Does sustainability improve business?
Sustainability in business is a long-term investment strategy. It’s not just about saving the planet; it’s also about protecting your business and its profits. In the long-term, sustainability can increase profitability by reducing costs, boosting sales and increasing market share. For example, sustainable businesses:
- Reduce costs by minimising waste, energy consumption and water use
- Increase profit by providing products that customers like, while improving their quality of life
- Grow market share by being seen as an ethical business that cares about people and the planet
Customers are more likely to stay loyal to a green business over time because they appreciate being able to make a positive impact on the world through their buying decisions. This can turn customers into advocates for your company as they share news about it with their friends and family, strengthening brand loyalty even further.
What are the benefits of sustainability?
There are many benefits to sustainability in business. Green business practices are good for the environment, and for your company too.
Reduced business costs
Sustainable practices may save you money in the long run because they reduce waste, improve efficiency and lower consumption costs overall. Your bottom line can increase too, because sustainable policies will help you attract new customers while retaining existing ones.
Bolstering your benefits package with an EV salary sacrifice scheme is not only a planet-positive choice, but can save you money too. With Octopus Electric Vehicles, you and your team can save up to 40% on brand-new electric cars.
Improved brand image
Customers are more aware than ever of the need to protect our planet, which makes it more important to gain their trust through commitment to green practices. Customers actively look for companies that are socially responsible, and they’re more willing to do business with those who share their values. Green businesses like Patagonia have thrived by appealing directly to this demographic, demonstrating their commitment to sustainability.
Bottom line: eco-friendly companies that incorporate sustainability into their practices will attract more customers than those that don’t.
Compliance with regulations
By being compliant with regulations, businesses get lots of benefits. They save money by avoiding penalties or fines; they encourage innovation, as the need to comply spurs companies on to find new ways of doing thing. Most importantly, they ensure that businesses remain competitive in their respective industries.
Attract and retain top talent and investors
Championing sustainability in business will make you more attractive to your current team, potential hires and investors alike.
Companies that employ a strong sustainability programme attract top talent, as people who care about sustainability are more likely to be interested in working at a company that shares their values. They're more likely to stay longer too.
Sustainability in business is also good for your team, because people have higher job satisfaction when working for a business that cares about the planet. They feel more empowered as individuals within their own careers when they can contribute towards sustainability goals as part of their everyday responsibilities at work.
Then there’s the impact on shareholders and investors. It’s been proven that sustainable business practices can help a company save money and improve its bottom line, which is great news for everyone – and keeps investors happy.
Innovation is a part of sustainability. Eco-friendly companies find themselves ahead of their competitors because they’ve been thinking about things differently and challenging the status quo, which allows them to find new markets and new opportunities to become more efficient.
Sustainability in business: bottom line
Sustainability is more than just a buzzword. It’s about taking action to make the world a better place. Sustainability in business isn’t just good for society. It’s also good for business. Eco-friendly companies tend to have higher productivity, lower turnover rates, better employee engagement and increased profits.
The future of our planet depends on how we treat it now, so it’s important for all companies to consider their carbon footprint and make green choices that benefit everyone. Learn more about how to be more sustainable, starting with an EV salary sacrifice scheme.