Do we really need to tell you there are benefits to sustainability? Obviously it’s the right thing to do. Having a focus on the triple bottom line of planet, people and profit is how businesses will continue into the future. It’s the reason that sustainability reporting focuses on ESG and not just one of them. They are interlinked. Still not convinced? Let me break it down for you.
Environmental Benefits of Sustainability
The first thing that comes to mind when we talk Environment is climate change. Your business activities contribute to GHG emissions which contribute to climate change. The result of this includes rising temperatures and extreme weather events that all impact business through direct disruptions, supply chain and changing working conditions. It is in the best interests of a business to understand and mitigate their climate impacts.
Beyond climate change though there is the environment that a business operates within. Acknowledging that your activities impact that environment will help you lessen your impact. Waste and water are the two common impacts on local environment and they usually have a cost associated with them. Reducing them is the start. Look to how your business fits and interacts with local surroundings. While there are financial benefits to be had, don’t underestimate what it can do for community.
Social Benefits of Sustainability
Again, it’s about doing the right thing. We shouldn’t have to tell you that violating human rights isn’t a good way to do business. People are at every point of any business. By understanding your team, your supply chain, your customers and the communities you operate in you’ll soon know the best way to be socially responsible. Fair wages, diversity, ethical supply chains and community involvement will be the standard. Professional and personal development of your team, localised supply chain and volunteering will be next.
Then you’ll bring in the right people. When you have a clear alignment with environmental and social practices it shows. People want to work for those businesses. The right people. You’ll attract talent that is engaged with the work you are doing. Good team members can sniff out the greenwashers or those just aiming for bare compliance and they won’t stay. An engaged team is the core of a thriving and innovative business. The purposeful reputation of your business will snowball, keeping great employees and attracting even more new talent.
Economic Benefits of Sustainability
Of course there’s the typically quoted cost savings of reducing power, reducing materials and using renewables. These are benefits, but true purpose-driven sustainability can push your business to success.
All of the things we’ve mentioned above will lead to economic benefit. If your brand is credibly rooted in purpose you’ll attract more business. Sustainability is the norm now. It enhances brand reputation and increasingly draws consumers to businesses. If you have a talented team that believes in what they’re doing you’ll outperform a business that doesn’t every time. People make your business. The more they enjoy their work the more successful you will be. Sustainability isn’t an obstacle to overcome. It is an opportunity to innovate and attract business.
Businesses that will thrive in the future are already looking at the the triple bottom line. They understand that Environment, People and Income are linked and apply systematic strategy appropriately.
