What is sustainability for businesses?

‍Sustainability is a company’s ability to operate in a manner that meets the economic, social, and environmental needs of the present without compromising the ability of future generations to meet their own needs.

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‍How can sustainability help my company?‍‍

Streamline Operations and Cut Costs

‍First and foremost, it's obvious we need to cut unnecessary spending. Use sustainability as a framework and look across your business to see where you can save bucks.Where Sustainability helps:

1) Energy efficiency: Implementing energy-saving practices and technologies in your office and at home can significantly reduce energy costs (for you and your team).

2) Prioritise employee health: Reduce burnout, absenteeism and boost morale by putting in place people policies that don’t require a big investment, but make a big impact. From menopause policies, pet policies, pre-emptive burnout measures to free L&D resources.

3) Cut travel, go digital: Cut unneeded business travel and opt for digital working. Allow employees to work from home to not only save money, but create less emissions in the process.

Seek Out New Revenue Opportunities

‍A focus on sustainability means listening to stakeholders. From customers, competitors to the community. Diversifying your services puts your business in an opportunity to meet new demands in the current climate.Where Sustainability helps:

1) Spot new needs: Gage from customers the demands or problems they are having. What propositions do they need now that they haven’t told you about?

2) Build new partnerships: Collaborate with other businesses or suppliers to identify  opportunities for how you can tap into any new markets.

3) Speak to others: Sustainability certifications like B Corp have caring communities of companies and leaders who can introduce you to new client opportunities.

Sustainability as a USP

‍Incorporating sustainability into your business can help you stand out in the crowd. You can attract environmentally conscious consumers, businesses and investors – and demonstrate your commitment to responsible business practices.Where Sustainability helps:

1) Attract new clients: More and more brands only work with companies who have environmental, social and governance credentials. Be on that list.

2) Attract investment: If you’re seeking funds, look at government loans or green investors that are specifically offered to companies with sustainability agendas.

3) Retain and attract new talent: Companies that prioritise sustainability appeal to, and keep talent. So much so, that employees would even take a pay cut to be with you.

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‍Take action

‍These are only just a few examples, with a lot more out there. Our advice would be to see sustainability as a guiding framework. Use its pillars of social, environmental and governance to give ideas on how your company can adapt to change whilst preparing for the future that’s ahead. In doing so, you can not only weather the storm, but come out the other side ready to succeed in the next chapter of your company's story.