HELP WITH BUSINESS PROFITABILITY

The traditional reason for running a business has been to make a profit. However, a recent push to recognize the impact of environmental, social, and governance (ESG) aspects means there’s a place for sustainability in business too.

Furthermore, investors are starting to pay attention too, with many taking a keen interest in funding start-ups and organizations that have sustainability as a key focus.

So, how do entrepreneurs incorporate sustainability into everyday business life?

Rebalance Your Goals

Most businesses exist to achieve certain goals, from which profitability is a result. Incorporating ESG doesn’t necessarily mean a change of goals but rather a “refining” of these objectives to highlight sustainability initiatives that are just as important as profits. For entrepreneurs, it means figuring out how normal business operations can have a social impact.

Have A Plan

A simple way of seeing the common areas where profits and sustainability play a role can be illustrated by draw- ing a Venn diagram with two circles representing these aspects. As you highlight where certain initiatives fall within these two areas, the overlap section represents where earning a profit can be achieved through sustainable efforts.

Work With Experts

In many cases, achieving sustainability requires a concerted effort. Whether businesses decide to create a dedicated in-house team or ask for help from external professionals, experts should be put in place for any meaningful forward progress to be made.

In many cases, achieving sustainability requires a concerted effort. Whether businesses decide to create a dedicated in-house team or ask for help from external professionals, experts should be put in place for any meaningful forward progress to be made.

A simple way of seeing the common areas where profits and sustainability play a role can be illustrated by drawing a Venn diagram with two circles representing these aspects.