How Does a Sustainability Strategy Benefit Your Business?
Updated: Nov 4, 2018
A sustainability strategy is not just about fulfilling a moral obligation. There are a number of benefits for a business to adopt a sustainability strategy. Here are a list of 12 ways in which your business can benefit from a sustainability strategy.
1. Lower costs
Switching to renewable resources, such as renewable energy or recycled water can save your business money.
2. Consumer satisfaction and retention
When customers buy a sustainable product or clients seek services from a sustainable provider, they feel good about doing something positive for the world. That feeling will keep consumers returning to your business.
For listed companies, listings on indexes associated with sustainability such as FTSE4Good and Dow Jones Sustainability has been associated with a contribution to a stock price increasing of an average of 2%. Companies which announce a plan to work towards a listing on a sustainability index may see an increase in potential investors.
4. Staff engagement
Staff are more likely to engage in their work if they feel they are making a positive impact on the economy, on society and on the environment.
5. Staff development
Sustainability practices in your business can offer your staff different skills for personal and professional development.
6. Public image
A sustainable business will have a more positive public image than a business which does not engage in sustainability activities, attracting more people to the sustainable business.
7. Media coverage
The media often covers stories on businesses adopting sustainability practices or making sustainability commitments.
8. Business opportunities
As more and more businesses adopt sustainability practices, the supply chain will become an integral focus of economic, social and environmental sustainability. Businesses will look for other sustainable businesses to provide resources. By adopting sustainability practices now, your business may open itself up to more business opportunities.
9. Forward planning
Sustainable businesses are able to undergo strategic forward planning with greater accuracy. Sustainable businesses ensure they use renewable products, which means they can rely on their supply for years into the future.
Businesses which engage in sustainability practices are able to expand their network with partner organisations, other sustainable businesses, not-for-profits, community groups, schools, politicians and members of the community.
11. Community impact
Sustainable businesses make an impact in the community, increasing client trust and relationships, especially when it comes to local businesses.
12. Safeguarding of the planet
Sustainable businesses also safeguard the planet through their practice. By making a contribution to the ongoing health and well-being of our natural environment, businesses are demonstrating to customers that they care about the future and that they are taking responsibility for their impact on the Earth.
If you want to find out more about how your business can benefit from sustainability practices, contact us today!
This article was originally published on the Strategic Sustainability Consultants website.