Written by: Wayne Elsey, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
It’s impossible to read the business world these days without coming across the word ‘sustainability.’ It’s being used everywhere—from articles on current affairs to social media posts about green living. The sustainable business world is not a passing fad. Instead, it’s a movement that will continue to grow in significance. And that’s why business leaders want to know about sustainable business practices.
Precisely what does it mean for your company and its profitability? In simple terms, it means ensuring you do everything to minimize your impact on the environment. It’s also about ensuring your business remains a source of benefit for as long as possible. There’s no single blueprint for how to develop a sustainable business. Every company must find its unique path towards this goal. However, certain habits with a focus on sustainability matter.
Be Environmentally Conscious from the Start
Many businesses start with a focus on the bottom line. But they don’t pay enough attention to their operations' impacts on the environment and the communities where they operate. It’s pervasive in industries that are heavily reliant on fossil fuels. If you want to cultivate sustainable business practices, you must prioritize environmental concerns right from the start. This is where having a solid mission statement is helpful. Your statement expresses the idea your business exists to serve a purpose—not simply to make money.
Transparency with Your Suppliers and Stakeholders
Transparency is one of the most critical concepts in the sustainable business world. Transparency means a willingness to open and share information about your business practices with everyone with a stake in the company. As a result, it includes your suppliers, customers, investors, and employees. If your business isn’t transparent about your environmental impact, in time, you’re likely to lose stakeholders. And, yes, that means customers and profits.
Your Team and Sustainability
The people you hire and retain have a significant impact on the sustainability of your business. So, it’s essential to choose your team based on their fit with your mission and values, not just their experience and skill level. Therefore, actively seek people committed to sustainability who could impart this commitment to others. If you hire people already committed to sustainability, they’ll make great role models. Moreover, they’ll likely help you draw in other people who share their environmentally-conscious values. And they’ll share your sustainable business practices with your key audiences, helping you increase cash flow and profitability.
Build a Product That Serves Sustainability
Many businesses create desirable products. But many don’t solve any problems. Creating a product or service that fulfills a need is essential to building sustainable business practices. People who view your offering as a necessity rather than a luxury are more likely to buy. If the product or service you offer helps solve a global sustainability problem, you’ll have a viable business for many years to come. As we know, we need climate crisis solutions.
Continuously Refine Your Offering
Many businesses start with an "all-or-nothing" strategy. However, it’s not the best approach for sustainability. If your business is all-in to make money, you may miss the boat on sustainability. So, continuously refine your offering until it reaches a good balance between meeting your environmental and commercial targets. It’s not a one-time event but rather a continuous process that will likely go on for the entire history of your business.
Go Digital and Help Save Trees
Unfortunately, the print and paper industries are some of the most environmentally damaging. Still, paper is a necessary part of many business operations. If you must use paper, try to use sustainable methods. For instance, sustainable paper is made from recycled paper sustainably produced, without using trees as raw materials. If you go digital as much as possible, you do your part to help save trees (i.e., the lungs of our planet).
Sustainability Isn’t a Passing Fad
Sustainable business practices aren’t going away. It’s a movement that will continue to grow, as we all know. In fact, we need it because we have to save Earth. If you want to make a difference, adopt these six habits. The habits will help you make a difference in the sustainable business world and demonstrate that you're environmentally conscious.
© 2022 Wayne Elsey. All Rights Reserved.
Wayne Elsey, Executive Contributor Brainz Magazine
Wayne Elsey is the founder and CEO of Elsey Enterprises. Among his independent brands, he is also the founder and CEO of Funds2Orgs. This social enterprise helps nonprofits, schools, churches, civic groups, individuals, and others raise funds while helping to support micro-enterprise (small business) opportunities in developing nations and the environment.
