5 Benefits of Becoming a Sustainable Business
It is a matter of time before sustainability goes from an option to a necessity. Still, many people see it as just another expense in their budget plan. We're going to argue the opposite. It is an investment.
There are a lot of of benefits coming with sustainable business models. Here, we will focus on 5 we see as the most significant:
1. A better brand image and getting ahead of your competition
Companies tend to be thought of as inhumane corporate machines. But if they try to be a part of the solution of a global problem and let the public know about it might change the people's opinion on big companies.
Small companies can, in fact, make their brand known to the wider population by implementing a couple of initiatives aimed at helping the environment.
Remember, sustainability is a 3P business model, it aims for the People, Planet and Profit. So it is necessary to improve your brand image.
2. Reducing costs
Probably the most common misconception about sustainability is the popular opinion that it is expensive. However, limiting resource consumption not only affects the pollution. It also betters your economic efficiency.
So, now that you have an unexpected economic surplus, you can either invest it in another sustainability effort, or allocate it to a different need inside the company. You can always choose to save it for when it's needed.
3. Foretelling entering regulations
As aforementioned, the clock is ticking. It is only a matter of time before sustainability becomes a globally accepted necessity regulated by law. The saying goes: "where there's smoke, there's fire". And we can't turn a blind eye to the series of past and future discussions on this topic worldwide.
The fact of the matter is: these changes are coming and they will be here to stay. Positioning your company according to this in a timely fashion can prevent one painful headache.
4. Raising Employee Morale
Your workers are bound to feel safer working in a green environment. Making them a part of an eco-friendly initiative boosts the team spirit. They will appreciate the feeling of protecting their health. No one likes to feel like an expendable asset.
Going green will likely reduce your turnover rate. Employees are people and they would have fewer reasons to look for a new environment if they feel safe and cosy at their workplace. It's always good to be a part of a community that cares about big issues.
5. Attracting New Customers
Companies and brands with a sustainable business model are very appealing to clients and this is a trend that has yet to reach its peak. The emphasis here is once again - psychological. People like to be a part of something good and big. Sustainability is precisely that.
Millennials and Gen-Z generations show a lot more concern about environmental issues than the rest of the population. As consumers, they seek accountability for companies' actions which damage the ecosystem. Conversely, they like the idea of keeping the environment green.