What is Sustainability in Business?

The ongoing consumption and production due to industrialization has become a threat to our planet. Industries are encouraging climate change through over usage of the land, water, and non-renewable resources. Sustainability in business is the need of the hour.

Running a sustainable company or green business means operating your company in such a way that it does not impact the environment negatively. Eco-friendly companies boost the economy, but they also look after the interest of the environment and society.

Why is it Crucial to Involve Sustainability in Business?

Let’s look at some facts:

• According to environmental sustainability, the vast quantity of solid waste produced by industries will cause major weather problems globally by 2050.
• According to CDP Carbon Majors Report-2017, only 100 companies are responsible for 70% of greenhouse gas emissions.

These are the results of a few studies out of so many being conducted worldwide. The good news is that businesses around the world are embracing sustainability after recognizing the threat of climate change.

What are the Best Practices for Sustainability?

Your company can get into the league of environmentally friendly companies by adapting these sustainability practices.

1. Define Goal & Eliminate the Roadblocks
   Establish a sustainability goal according to your business model. The next step would be to assess and eliminate the roadblocks in your operation and processes for achieving your sustainability goal.
2. Establish Your Company’s Compliance – Necessary regulations towards waste management, energy efficiency, pollution control, and labor rights should reflect transparently in your company policy. This will attract investors and increase your goodwill amongst customers as a sustainable company.More businesses are adjusting their objectives to use business intelligence to save money while simultaneously becoming more environmentally conscious. Read about the 9 Companies with Great Environmental Initiatives
3. Begin Recycling at work – Recycling reduces landfills and saves the natural resources used for raw material production. If you have a medium or large-scale business, you can install recycling balers. Otherwise, you can use recycling containers to collect and deposit the recyclable waste at the nearest recycling facility.What is a Baler and What Types of Businesses Use Balers? There is a wide range of businesses that use Balers, wonder which are they?? Read more here and find out!!
4. Save Water & Energy – Apply the water-saving engineered mechanism in toilet usage, cleaning work, gardens, etc. Saving electricity through installing solar panels is also one of the best sustainability practices and cost-cutting initiatives.
5. Use Green Cleaning Chemicals – Instead of using harmful chemicals for cleaning purposes, use non-chemical pest control and weed cleaning products. Ask your cleaning vendor also to cooperate with you in running a green business.
6. Promote Green Commuting
7. Everyday a massive amount of gas and fuel is used globally by people for commuting to work. Therefore eco-friendly companies are encouraging their employees for green commuting that is to travel by cycle, electric bikes, carpooling, or public transport.
8. Be a Part of Sustainable Supply Chain – With increasing awareness regarding climate change, customers prefer to deal with environmentally friendly companies. You can set up an ecosystem of vendors and partners who actively embrace best practices of sustainability.
9. Encourage working Remotely – If your employees can work remotely, it will take many vehicles off the road. Not all professions allow work from home or work remotely. However, it should be encouraged by the companies whenever it is easily possible.
10. Use Digital Technology – Many companies indulge in paperwork despite the rise of digital technology. But the 21st century is the century of electronic paperwork and soft copies. Utilize computers, laptops, cloud platforms, and smartphones to avoid using paper as much as possible.

Who Can Contribute for Including Sustainability in Business?

Collective efforts of business owners, administrators, HR managers, supervisors, and other employees are vital for running a green business. Owners can make sustainable policies and include best sustainability practices in the industry. Managers and employees implement the policies. They are also the brains behind the innovative ideas to operate eco-friendly companies.

Are There Any Commercial Advantages of running a Sustainable Business?

Apart from environmental benefits, there are various commercial advantages of sustainability in business. Some of them are as follows:

• Green initiatives improve your credibility and goodwill in the market as an environmentally friendly company.
• Sustainability practices help in cost-cutting by saving various sources of energy and spending less on materials.
• With the help of cost-cutting and improved reputation in the market, your profit margins automatically increase.
• Sustainability provides you with a competitive edge over your counterparts in the market.

Wrapping Up!

It does seem a mammoth task to save the environment. But it is possible if all the business houses and industries show an inclination towards doing green business. And it is no more a choice now. Sustainability in business can only save our planet from the danger of climate change.