Sustainability is becoming an essential concept around the world. Many entrepreneurs are showing concern and interest in making their business sustainable and environment friendly.
One of the significant factors that are a cause of concern for people is climate change. It is affecting our lives and all the species on the planet.
Businesses are also a significant contributor towards harming the environment. Hence, business sustainability has become the primary concern for most of the entrepreneurs, administrators and leaders.
According to a study by NASA, more than 95% of global warming is caused by the human species relating to the use of land, fossil fuels and resources. Therefore, it is our responsibility to curb all the negative effects caused by our actions.
The sustainability factor in the business
To make your business sustainable, you must be aware of the ongoing issue and its proper understanding. By being aware, you can make the required changes in your approach and do well for society and the planet as a whole.
This understanding aims to make entrepreneurs, leaders, and administrators more aware and realize the seriousness of the situation.
Many businesses go for expensive sustainable measures for which they borrow unsecured business loans. It is not a sustainable approach to make your business sustainable.
Challenges to imbibe sustainability in Business
Every business requires resources to imbibe sustainability in its functioning. Resources such as money and time are needed for a sustainable business in the long run.
Some of the common sustainably sourced materials include LEED certification, solar panels and many more. It is not necessary to start with these significant changes in your business. You can start with some affordable changes and start your journey towards sustainability.
Starting with small changes is better than doing nothing at all. Once you get into the momentum of imbibing these small changes, you can further work on cutting your costs and jump on to extensive changes.
You can implement sustainable changes in your business only when you have a dedicated and willing staff. Without the support of your staff, it is challenging to implement the required changes.
While you are working on creating initiatives, ask for your staff support and their willingness. Consulting your employees can prove beneficial for you as they may have some innovative and creative ideas to offer.
There may be some employees that are uninvolved and need their ideas to be recognized and acknowledged. At the same time, there may be some who need some motivation to participate in your drive.
So you need to consult with your employees while working on your sustainability initiatives.
Inability to Assess Success
While implementing the sustainability initiatives, you have to be accurate in assessing the outcome. Otherwise, it is next to impossible to know the worth of your efforts.
You have to think of various measures to make your initiatives implementable. Do not worry about what other businesses are doing and focus on your business instead.
Once you implement the initiatives, you have to work on your marketing methods, and if your sales remain unchanged and do not increase, your marketing methods need a transformation.
It is essential to market your business as a sustainable business among your customers to increase your sales and revenue.
Lack of planning
An unclear or unfocused plan to be sustainable will not help your business to earn profit as you are trying to implement sustainability and earn profits at the same time.
Start with a good plan and then take things further. Do not divide your focus into two things simultaneously and instead focus on only one thing as it will yield results.
You can prepare a plan on implementing these sustainable initiatives and ways to earn profits out of them in the long run. If you cannot devise a profitable strategy, initially focus on cost-cutting and slowly move ahead.
Eventually, you can save some money through cost-cutting and invest it to gain profits out of it.
Some businesses do not plan effectively and borrow loans from the market to fund their measures. They opt for business loans for bad credit. With these loans, they enter into a debt cycle. Therefore, a lack of planning also leads your business to a debt trap.
Ways to make your business sustainable
Adopt recycling as an approach
Recycling forms an essential aspect of substantiality and also reduces costs in different areas. Along with effective utilization of resources, it also creates numerous jobs annually.
Till now, if you are not following a recycling approach, immediately include recycling in your business operations. It is always easy to trash the leftover and get new ones.
But do not be part of the herd and take a stand instead. You can implement various recycle bins at your business premises and encourage your employees to use them.
Segregate these bins as per the trash and also educate your staff for the same.
Promote Green Commuting
Daily commuting is a considerable strain on the environment. People travelling are a part of the big wastage of gallons of gas in traffic jams. Shifting to green commuting can lead to a significant change in the environment.
Green commuting includes bike or carpooling, taking the bus etc. These commuting ways helps in reducing the daily emissions. This leads to sustainability in the environment and the workplace as well.
Also, some electric bikes and cars contribute to green commuting and a sustainable environment.
Despite advancements in technology, many businesses are still relying on traditional methods. Traditional methods include the usage of more paper and stationery.
These papers and stationery can be replaced by computers and reduce paper usage to save the environment.
Becoming sustainable overnight is not possible. It requires a steady approach and continuous efforts. Once you are in the process of becoming sustainable, it is a rewarding process.
You should change your approach and look at every problem as an opportunity.