One of the primary objectives of an organisation or an enterprise is to maintain its edge in the market. In order to achieve this goal, business owners try to hire experienced and innovative minds who can come up with novel strategies to enhance their brand image while making better profits.
In this article, we will throw some light on the fundamentals and advantages of a sustainable business. So, what are sustainable businesses, and why are they slowly becoming the need of the hour?
In simple terms, a green business, or a sustainable business, is an organisation with minimal environmental impact. It is equipped with the right resources that positively affect the economy, environment, society, and community.
Examples of Sustainable Business?
Sustainable business development focuses on balancing economic growth with environmental and social responsibility. Examples include companies adopting renewable energy, reducing waste, and promoting ethical supply chains. These initiatives address sustainability issues in business, such as resource depletion and climate change, ensuring long-term viability while minimizing environmental impact and supporting community well-being.
Why is business sustainability important?
Business sustainability is crucial for long-term success. It helps companies reduce environmental impact, foster innovation, and build strong relationships with stakeholders. Sustainable business development ensures that resources are managed efficiently, while addressing sustainability issues in business, such as waste and energy consumption, enhances reputation and competitiveness, contributing to a resilient and profitable future.
Objectives of sustainable business
Below we have mentioned some of the many objectives and features of green business management that promises an efficient, brighter, and sustainable future:
1. Awareness and involvement
Most people perceive climate change and sustainability as vast and abstract topics. However, it is imperative for people to realise the power of their actions and choices. Any large or small-scale sustainable business comprises several employees, including managers, operators, administrators, and more.
In order to ensure sustainable business development, every employee of the organisation must understand the impact of sustainable goals that might include:
- Reduced carbon footprint
- Waste reduction in their overall processing and manufacturing systems
- Accelerating innovation by reusing and recycling their resources
In addition, if the senior management is committed to achieving the sustainability goals, it automatically sets the tone for the entire workforce, including external stakeholders, business partners, and other organisations associated with the business.
2. Incorporation of renewable sources of energy
The industrial and commercial sectors produce a massive amount of carbon and greenhouse gas emissions [1]. One of the primary features of a sustainable business is the deployment of renewable energy equipment like solar panels, windmills, hydropower, and more. Here is how sustainable businesses benefit by onboarding renewable sources of energy:
- Renewable equipment diversifies the supply of energy while reducing dependence on expensive and imported fuels like coal, oil, and natural gas.
- Most sustainable businesses carry a carbon neutral certificate that enhances their brand name, highlighting their futuristic and thoughtful vision.
- Installation of renewable energy equipment requires a team of skilled professionals. Hence, sustainable businesses indirectly also lead to the propagation of sustainable ideas while contributing to economic development.
3. Increased productivity with better savings
The development and expansion of sustainable businesses eventually result in effective operations that conserve resources and streamline effort, accelerating employee productivity and lowering the overall costs.
Cost reduction also entails several conservation strategies switching off unnecessary electric appliances, leveraging geothermal cooling and heating systems, installing CFL lights, and more. Even though these procedures seem like an expensive investment in the beginning, they have greater long-term results beneficial to the company and the environment.
How to make your business sustainable?
Several leading multinational companies, like Panasonic, Unilever, Patagonia, Seventh Generation, Adobe, Nike, and more, are paving the way toward a green and environment-friendly future.
These organisations are setting a benchmark in several industries on how corporations can achieve their professional targets while meeting sustainability goals. Here is a brief glimpse of how the above-mentioned enterprises are making a sustainable future a reality:
- Panasonic has partnered with multiple companies to build a Sustainable Smart Town in Japan that revolves around smart and sustainable practices.
- Seventh Generation is a sustainable enterprise based in America that came up with the novel idea of sustainably manufacturing paper, cleaning, and personal care products.
Since heavy amounts of toxic chemicals are released via cleaning products, this business came up with greener versions of personal care products that do not contribute to groundwater pollution.
- Unilever has also made a name for themselves in green business management by reducing their greenhouse gas emissions and total waste footprint by reaching 1.3 billion people via their health and hygiene programmes.
Further, one can also choose to make their ongoing business green and sustainable by following some steps given below:
- Try and shortlist the goals you can follow from the pool of sustainability goals and start drawing cooperate green strategies around them.
- Calculate the total energy consumption levels of your organisation and figure out ways to cut down your utility bills. Also, carve out some budgets for leveraging efficient renewable equipment like solar panels, solar inverters, windmills, etc.
- Another way you can turn your business into a sustainable one is by collaborating with different sustainability consultants and carbon-neutral consulting firms. They will suggest workable strategies and practices that make your organisation more eco-friendly, sustainable, and productive.
- Lastly, apart from going renewable [2] and reducing your overall carbon footprint, it is imperative to find support for a sustainable cause that fits well with your company's vision. Choosing a specific cause like reducing water pollution or reforestation can play an instrumental role in attracting customers who are inclined toward environment conservation.
Why is sustainability important in business
Sustainability is vital in sustainable business as it addresses environmental challenges, enhances reputation, attracts customers and investors, and reduces costs. It fosters innovation, ensures compliance, and contributes to a resilient and prosperous future for both the business and the planet. Embracing sustainability practices aligns businesses with global goals, mitigates risks, and creates a positive impact on society and the environment.
Challenges with sustainability in business
Challenges with sustainability in business include resistance to change, high initial costs, complex implementation, inadequate data, and balancing short-term profits with long-term sustainable practices.
Future of sustainability in business
The future of sustainability in business holds promising growth. Companies integrate eco-friendly practices, renewable energy, circular economy models, and social responsibility. These efforts are driven by consumer demand, regulatory requirements, and the pursuit of long-term prosperity.
Future of sustainability in business
- Growing awareness of sustainability issues in business is driving change across industries.
- Companies are prioritising sustainable business development to enhance brand reputation.
- Innovative technologies are being adopted to reduce carbon footprints.
- Collaboration with stakeholders is crucial for effective sustainability strategies.
- Consumer demand for eco-friendly products is reshaping market trends.
- Regulations are pushing businesses towards sustainable practices for compliance.
Schneider Electric: Powering sustainable businesses with efficient solutions
Over the years, Schneider Electric has built a name for itself for being a sustainable, green, and futuristic organisation. We believe in filling the gap between sustainability and progress by offering a range of products, solutions, and services to accelerate the efficiency levels of your home and workplace.
We have been honoured with prestigious awards and accreditations like DCS Awards 2021 for 'Outstanding Contribution to Sustainability and Efficiency', Dow Jones 2021, 11th time in a row by Dow Jones Sustainability World Index, and more.
Since our primary aim is to accelerate sustainability for all, we make the most of digital technology, support and promote local initiatives, uphold our ethical standards, and invest in developing innovative solutions to deliver lasting decarbonisation that aligns with our carbon pledge.
Explore our site today to know more about our goals, visions, products, and services.
