Like many consumers, businesses have sustainability on their minds! Some businesses are taking steps to become more sustainable and are experiencing its many benefits. However, others are hesitant to change. For those who are unsure or want to learn more, here are some benefits of sustainability practices!
Businesses need resources such as people, materials and land to operate. Without a healthy environment, resources will become too scarce. If there are too few resources, the business will struggle. Sustainability practices avoid scarcity by helping to ensure the health of people and the environment.
In addition, a sustainable business uses resources more efficiently. They plan meticulously and use exhaustive efforts to produce their products by wasting very little. According to Forrester, “tech leaders consistently [tell us] that specific efficiency initiatives contribute to sustainability… and sustainability initiatives force optimization.” So, innovation and sustainability work together to optimize and increase the company’s value while helping the world.
Next, stakeholders care if businesses are sustainable. Consumers and investors are more likely to engage with sustainable companies. Also, according to an article in the Harvard Business Review, a company emphasizing “regular dialogue with stakeholders… is better positioned to anticipate and react… to changes as they rise,” which gives them an advantage over their competitors. However, “when firms fail to establish good relationships… it can lead to increased conflict and reduced stakeholder cooperation.”
Stakeholder support and feedback are invaluable for a businesses seeking long-term success. So, by becoming sustainable, businesses experience increased investment, a competitive advantage and long-lasting support.
Finally, a sustainable business is better for people and the planet. Sustainable businesses provide a healthier environment, better support for their workers and the community. As a result, these businesses have a greater positive impact.
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Learn about sustainable business strategies and make a green difference by enrolling in UW-Green Bay’s Sustainability Certificate Program. Continue your sustainability journey!
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Sources:
Forbes. Why You Should Care About Sustainability. Forrester. November 30, 2020.
Harvard Business Review. The Comprehensive Business Case for Sustainability. Tensie Whelan and Carly Fink. October 21, 2016.
Writing/Research Credit: Benjamin Kopetsky, UW-Green Bay Marketing Intern