Infotipsnews.com – Business Sustainability the New Era of Doing Business. Sustainability is important in every living aspect, including business. Because the earth we are living on is not getting any younger and no one wishes to worsen the damage. Thus, many businesses are trying to uphold the business sustainability environment upon their business.
Especially in the last decade, the concern over environmental sustainability is growing. Therefore, a business that opposes that purpose is not popular. Hence, people might even block it and it will affect the business all over.
But, actually what is business sustainability, and why is it important for business? To answer this question, we have to look back at the intro above. From there, you might get a clearer picture of what sustainability in business means.
The concept of sustainability in business is how to manage that the business is having as little damage as possible to the environment. Here, corporations have to coordinate the social, environmental, and economic demands at once and they are equally important.
The corporate side also holds a responsibility to keep the earth stays green. Therefore, the damaging practice of doing business is no longer popular. Moreover, governments from around the world are also updating their regulations regarding this matter. Violating the regulations is not a choice and it might cost the business license altogether.
Although it seems like throwing money, doing good for the environment will give a good rapport for the business. This way, people will be more supportive of the business. Hence, keeping up with the effort in the sustainability campaign is also one way to gain more revenue.
In a way, the term business sustainability is surely confusing. Because the word sustainable is placed in the same sentence with the word business. Yes, just keeping on its literal meaning it seems like the business should thrive for a long while.
For the distant future, that is the initial goal for sure. But to reach that, the business has to do well and do good for society and the environment. Thus, it should have a future reference in doing business.
Once, for the people that are living at the moment. Then second, to make sure that they create as little damage as possible to the earth for the future generation. To make it simple, you can say that the business has to be moderate on its natural resources and maintain its waste.
Also, there’s no single business that can be sustainable on its own. It should be an organization or several businesses creating a network to maintain the environmental damage on the lowest possibility. For example, grocery stores have fruit and vegetable leftovers as the juice bar’s inputs.
Then, how to make sure that your business follows the right steps on business sustainability? Here are how you can formulate the strategy to keep on the sustainable path with your business:
The very first thing that you have to do is to assess the problem in your business and define all the objective factors. You have to brainstorm with all the stakeholders in your company to have the same understanding of the definition of sustainability.
Also, you have to ask around what opposes the environmental sustainability that your company caused. Once you get the answer, decide which one is the priority that you have to solve first.
After you assess all the problems and get what you have to prioritize, the next one is that you have to establish what your mission is. With the priority problem, take the hard way and try to solve that problem – and it is your mission.
With this mission, you have to focus on something and hold it high. The mission can be your company value and people will see it as equivalent to what your company does. But remember, this mission should not oppose the effort to keep sustainability.
Now that you have your mission, you can start with the strategy. Make sure that the strategy formula is on the same track as the mission. Also, it is important to be in line with the sustainability campaign.
You can start with the triple bottom line that we mentioned above about social (people), environmental, and economic. Even though you have to invest more money, along the way the revenue would be profitable.
The last thing that you have to do is to execute the strategies that you have. Make sure to follow the strategy and keep track of your mission. Also, look at these three important factors: social, environmental, and economic.
While doing this, do not forget to assess the result periodically. This way, you will know which strategy is the best. Then, if any of your strategies are not working, you can try to formulate the new one to replace the old one..
Keeping stay in line with the business sustainability is time and cost-consuming. But, it is something that you have to do to make sure your business will be thriving in the near future. Here are the reasons:
- Nowadays, people are starting to focus on purpose. Thus, by doing something meaningful, your business will attract and retain employees.
- To be sustainable, you have to create or be a part of a network of businesses. This way, you have your supply chains secure and get fewer disruption possibilities.
- Growing base of loyal customers that are looking for products from companies that give positive impacts.
- Become a law-abiding business as governments put the sustainability factor in the regulations. Thus, it will be easier to do business without having a bad rapport.
Being through and through a business that applies business sustainability is a hard thing to do. Because you have to fund numerous things up front and at once. But it is not something that is impossible to do. What is important is that you have to take a step at a time and do well and good with your business.