What is meant by business sustainability?
The goal of every business is to survive and to thrive, meaning to be sustainable. It refers to the way a business is managed in coordination with the environment, social, and financial viability requirements, the three main pillars of business sustainability, to make sure ethical practices are followed. The times when business was only seen with profit in mind are over. Corporations used to sacrifice the environment and social responsibilities in an effort to make more money. The society doesn’t allow that anymore, it has become conscious of the problems the world is facing today and will not approve nor support a business with such practices.
How is Business Sustainable?
A sustainable business is that in which all shareholders involved are satisfied with the practices and end result of it. Some of the ways to make a business sustainable are for it to stick to its own beliefs and not deviate from them in an effort to produce more money. Things don’t stay the same and even less in this fast-paced world. Embracing change and implementing new technologies and methods may sometimes be required for a business to be sustainable. Creating value should also be sought. This way, it can value their products with a premium and all parties will be satisfied.
Why is Sustainability in Business Important?
The main reason why sustainability in business is important is to ensure that it remains for a long time in the market. An entrepreneur that doesn’t have this in mind is set up for failure and frustration. Competition exists in all types of businesses and in some fields it can become quite fierce, for this reason, having a plan to be as sustainable as possible is always a good idea.
Most businesses look forward to growth. All business owners want to make more money and if they don’t have the foundation of business sustainability this is simply not possible.
Business sustainability is also good for social and environmental purposes. Socially, a sustainable business can pay their workers better and give them better working conditions. In terms of the environment, it is no secret to everyone that it has been harmed to a great extent by humans and it needs to be taken care of if we want to be healthy and live longer.
What is a Good Example of Sustainability?
One of the best examples of sustainability is company IKEA. Ever since it was created, IKEA invested money and effort in sustainability by engaging in many activities such as using half of its wood from sustainable foresters and all of its cotton from farms that abide by the Better Cotton standards. These standards require the farm to decrease the use of pesticides, chemical fertilisers, energy, and water. Not only that, IKEA has almost a million solar panels that are used to power their stores and it plans to market them for people in the UK.
Is Sustainability a Value?
Sustainability is not only a value, but a core value, meaning, it is, or at least it should be the main part of it. Many business have profit as their main and only value. This shouldn’t be done in today’s world. It can backfire the goal of that business since customers have already become conscious of the impact a business can have on their lives, the lives of others, and the environment. Environmental sustainability rarely comes with short-term profit as a result. For this reason, many entrepreneurs forget it about it altogether. Nevertheless, most likely than not it will prove valuable to both the business and the society in general.
Is Sustainability Good for Business?
Sustainability is good for business because it is profitable, ensures long-term viability, and makes all shareholders satisfied. It is not by any means a burdensome thing to do that won’t pay off. On the contrary, it is a good business opportunity that will be gladly appreciated by its customers and allow them to increase their revenue and stay in the market for a long time. Profitability can be increased with business sustainability by allowing the company to be more efficient and value their products higher to get more profits which will be more than gladly paid by their customers given the benefits they and the society will be receiving from the business itself.