Why are Sustainable businesses needed / important?
Many businesses treat sustainability as a trend that needs to be leveraged for garnering social media followers. Little do they realize that sustainability is not just a term to be discussed by the social media manager but needs a boardroom discussion to be incorporated as a core practice.
If you, too, feel in a dilemma over the importance of sustainability, you are at the right place. This article is aimed to share why sustainable businesses are not a vanity feature but a necessity. Let’s start with understanding the term- sustainable business.
What is a Sustainable Business
A sustainable business adheres to social, environmental, and economic responsibilities to meet its own needs without compromising the needs of future generations. Though it may sound overbearing, it takes little measures to bring about significant changes collectively. Hence, a sustainable business is the need of the hour.
Importance of sustainable business
With environmental changes taking place rapidly, the result is a cumulative outcome of our actions without being responsible to nature. However, the more delta is caused by taking a proactive approach for making businesses sustainable, the lesser the chance of controlling the adversities. Other than the benefits for the environment, there are more reasons to create strategies for sustainability.
- Increase Efficiency
Adding sustainable practices to business operations has resulted in reducing operational costs considerably. As per McKinsey, sustainable practices that save electricity and water consumption affect operating profits by 60%.
- Add competitive edge
Sustainability has been reported as a standout feature among the competition when customers choose brands. A significant chunk of the buyer population consists of millennials actively engaged in environmental awareness and protection. To build a clientele with this generation, businesses need not just talk the talk but walk the walk too. And to not leverage such a multifaceted practice would be a grave mistake.
- Open new avenues
With sustainable practices at their core, many businesses have witnessed millions of untapped markets. For example, China discovered a $3trillion market by 2030 to cater to consumers combating air pollution.
In essence
A Sustainable business is more than just a trending hashtag. It is an iceberg that we have barely managed to acknowledge. To make survival an assurance, businesses have to incorporate sustainable practices into their principles, or they might get washed away in their race against nature.
