How to Incorporate Sustainability Into Business:
This issue of the Green Guide explains how to incorporate sustainability into your business practices along with some examples, a quote from a sustainability expert, and how we can help your business to thrive in this area!
What is meant by business sustainability?
In terms of the business world, sustainable practices refer to doing business without impacting the environment, community, or society in general. Typically it is taken into account what effect the business has on the environment and also the effect on society.
Living and operating sustainably can mean providing for your needs through accessing limited resources, this links to the idea of Circular Economic principles as discussed in a recent issue of the green guide. Protecting and fighting for the preservation of natural resources is a key factor of environmental sustainability. You can read more here about areas where businesses should be more mindful.
There are increasingly more places where environmental protection laws are in place, these hold businesses to account to meet certain standards in their day-to-day operations. Adopting sustainable practices can attract more customers as this can set your business apart from the competition, your business can also retain talent as many professionals are now attracted to employers that reflect their personal values. Furthermore, your business can also build better community relationships through the implementation of sustainable policies. Finally, you can futureproof your company by moving to sustainable practices.
How to Incorporate Sustainability in Business:
While business growth should always be aimed for, it unfortunately can coincide with increasing negative environmental impacts. More and more consumers are looking to conduct affairs with companies that are increasingly sustainable in their practices. Limiting the environmental consequences of doing business can help protect the local ecosystems. It should be in a businesses goals and considerations to promote sustainable practices going forward, especially with the speed of climate deterioration that we are witnessing. It is thought that businesses hold more power than individuals in making the changes needed to see real impact.
Here are 3 examples of how to incorporate sustainability into your business model:
- You could hire an environmental consultant. The consultant would then measure the ethics and sustainability of your existing practices. This could include the environmental policies of your company’s suppliers and your overall impact on the earth. This is a good step for any business serious about getting their ESG goals on track but don’t quite know where to start.
- Implement green technology wherever possible; this can include things like transport and energy into your business. These technologies are increasingly developing which gives companies more choice.
- Avoid single use products – any packaging of products that is single-use and not recyclable should be eradicated from your company if possible, when such products are used regularly it can have a really negative impact.
Expert Quote on how to incorporate sustainability:
Amale Laaroussi, Phd in Renewable Energy and Sustainable Development; professor in economics and management, commented:
“To improve corporate sustainability, it is beneficial to adopt sustainable behaviors throughout the organization: Promote sustainability initiatives such as reducing individual material use, conserving energy and water and waste recycling.
The organization program must take into account three pillars (economic, social, environmental). This program consists of reducing energy consumption in the office, facilitating the recycling and composting of waste, purchasing renewable electricity to power the premises, providing adequate social benefits and a safe and fair working environment for employees, while guaranteeing the financial health of the company.”
How we can help improving YOUR Business’s sustainability:
- Our team of financial experts have market-wide access to funders that can fund your move towards sustainable practices, this will help to tick off those ESG goals!
- We have an individualised, cradle to grave approach in our process, once getting in touch a member of our dedicated team will be fully committed to help your business thrive; whether this be to source funding for new, sustainable assets, or to help manage cash flow to focus more resources on environmentally-friendly practices we put you at the centre of your own story.
Our actions:
- All of our directors operate hybrid or electric cars when travelling to meet clients to reduce over emissions as a company.
- Our hybrid and WFH policies help with reduction of commuting to the office which also helps with lower emissions but also the mental health of our team.
- We use local suppliers for the office and catering for business meetings.
- We support green businesses in sourcing the funding they need to thrive.