Business sustainability: is it too late for a business to

The past 18 months have been hard on humanity. Despite the seemingly desperate situation that the world is facing, one thing was made clear. With people staying home, commutes being reduced to almost zero, nature had time to breathe and rejuvenate itself.

That has shown us that it is not too late. The damage done is not irreversible and, despite a joint effort from every human is required, there is hope for the future. That is precisely why every business - small or big, local or international, LLC or corporation- has shifted its focus on sustainability.

As a representative of an International Company, I have witnessed firsthand how a business can impact thousands of people and, at the same time, how a single person can completely change the focus of a business. The idea of living a better, healthier life is embraced by everyone who has been introduced to it.

The lockdown has allowed people to focus on the essential part of their existence - their future.

What does sustainability in business mean, and why it is important

The World Commission on Environment and Development, a United Nations initiative, defined the concept of “sustainable development” back in 1987. Sustainable development means actions.

In business, the concept refers to the effect the business has on both the environment and society. The goal, of course, is to create a business strategy that contributes to those areas without any harm.

A study from 2019 showed that eco-oriented companies have a 40% better employee retention rate and are more likely to be chosen from new candidates. Another study in 2020 showed that 95% of the 27 000 UK residents interviewed strongly believe that sustainable living is one of the three most important things they need to focus on. That said, society is pushing companies to take more responsibility for their actions and invest in sustainability. Research shows that companies with sustainability initiatives are winning public support, helping them improve their financial performance.

Where to start from

Just like every great idea, you need to make a small step. A company must focus first on the goals, the priorities and what is considered ethical. Small steps, small changes are the ones leading to significant change.

But what can these goals be? Sustainability encourages the business to focus on climate change, income inequality, human rights, gender inequality, pollution, racial injustice, fair working conditions, and depletion of natural resources.

One of the most popular decisions made by companies, as well as the one I work for, is to start using only green vehicles by 2030. Cutting emissions will help companies fight climate change.

Sustainability, of course, is not limited to only saving the planet we inhabit. It also means we care for others and offer our help. Involving a company’s employees is an essential part of the process. Gathering them together for different activities like cleaning the beach, organising charities, organising meetings where people can talk about their struggles and receive help, introducing the “reduce, reuse and recycle” policy to the office. The options are endless.

The big picture

Sustainable business models are about resilience. A study in 2019 found that 73% of consumers worldwide are willing to change their consumption habits in order to lessen their negative impact on the environment. Another, at the beginning of 2021, showed that eco-friendly products are in demand now more than ever, and companies are taking action. With consumers’ firm belief that big corporations hold as much responsibility for positive change as governments do, the demand for businesses to commit to preserving the environment is stronger than ever.

That said, it is proven that people do not mind spending more money on products containing sustainable ingredients. With people paying more and being eco-oriented, it is not hard for a company with sustainable initiatives to increase its profits.

But, of course, sustainability is not about making money. It is about the future. The global impact. It will show what a business’ vision for the world is. That there is a much bigger picture than the short-term self-interest.

Is the business going to reduce waste or create a whole franchise model that will give job opportunities to many? Or is it going to include eco-friendly uniforms or completely change its operation and make appointments online only because phones create too many CO2 emissions? Every step, every decision have to lead to a better future. To a more sustainable one.

Conclusion

This is only the beginning of a global change. The sustainability project is one of the fastest-growing and globally adopted ideas worldwide. Every change starts with a small step of a person. Having a business means you have many small steps of many people - the employees, the customers. Business is an influential factor. Some businesses are even more powerful than some governments. Companies that embrace sustainability sooner will contribute to a better future and will experience higher long-term profits. Why not use this power for good?

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https://www.fastcompany.com/90306556/most-millennialswould-take-a-pay-cut-to-work-at-a-sustainable-company https://www2.deloitte.com/uk/en/pages/consumerbusiness/articles/sustainable-consumer.html https://nielseniq.com/global/en/insights/analysis/2019/anatural-rise-in-sustainability-around-the-world/ https://www.businesswire.com/news/ home/20211014005090/en/Recent-Study-Reveals-MoreThan-a-Third-of-Global-Consumers-Are-Willing-to-Pay-Morefor-Sustainability-as-Demand-Grows-for-EnvironmentallyFriendly-Alternatives https://www.fantasticservices.com/sustainability-policy/