As more consumers demand products and services that do less damage to the environment, companies are adding ‘sustainability’ to their core operating principles.
Investors are also pushing corporations to be more sustainable, leading to a more unified understanding of what this means.
Understanding how to create sustainable business practices will not only help you impress customers and clients, but it can also help you attract more committed employees who are looking to work for socially responsible businesses.
An entrepreneur and business management expert, Dr Timi Olubiyi, stated that organisations and companies are seeking to belong to the universal space; conforming to the requirements of stakeholders and global organizations by carrying out operations to reflect transparency and sustainability in reports and activities.
He pointed out that Nigerian organisations are a subset of the international space with the economy being driven by the manufacturing and service sectors, and the incorporation of sustainability ethics to business approach and processes are gradually taking over higher positions on the itinerary of policy makers, market regulators, companies and shareholders alike.
According to him, business sustainability ensures management of resources needed to thrive as an organisation and profitable in the long run, has hedged its risks and take shocks as they may occur.
“Business sustainability focuses on two categories; its effect on the environment and the society focusing on the long term. With roots in social justice and other movements, it is a rounded approach that considers conservation, social and financial dimensions, knowing that all must be considered together to find lasting wealth with history rooted in post industrial revolution.
“Sustainability can be explored through resource optimization via recycle, re-use and reduce’ strategies in business processes and supply chains, protecting brand value through stakeholder engagement and support including fulfilling regulatory requirements and selling to a niche market of green consumers ready to buy products and services at a premium.”
How Organisation Can Build Sustainable Business Practices
Here are some impactful sustainable business practices that are a good starting point to transform company.
Operate from a work-from-home/hybrid model; Working from home has become a more viable option for employees in the past few years. Companies can easily adopt a virtual approach that helps their team stay connected while building their customer base.
Go paperless; Going paperless is a simple practice to cut down on unnecessary waste. A quick win can boost morale and motivate your team to pursue larger environmentally friendly endeavors.
Partner with nonprofit organisations and charities; Companies interested in adopting sustainable practices often need to figure out where to start. The intent and desire are there, but an organisation can lose steam without a clear plan. It needs to be efficient and balanced with action. Partnering with a nonprofit organisation or charity that aligns with your sustainability goals can aid in defining your own path.
Educate your team on best practices; Give a person a fish, and you feed them for a day; teach a person to fish, and you feed them for a lifetime. Devising and implementing a sustainable strategy will only work if your team is appropriately educated and trained.
Become energy efficient; Providing energy to an office space can be costly, especially in the current climate. 30 pe rcent of energy is wasted in commercial, manufacturing, and educational buildings. Businesses can lower their expenses and emissions by reducing energy usage and becoming more efficient.
Moreover, regardless of business type, one has a role to play in fighting climate change. With a more significant push for net zero, one has a unique challenge to care for the planet for future generations.
Adopting more sustainable business practices are simple ways to make a lasting impact. By transforming ones organisation, you could see outside investment, better brand recognition, and even become a leader in ones community for fighting climate change. Small steps can lead to tremendous results.
