How Can a Business Become More Sustainable?
The importance of shared goals.
In our previous article, we learned what being sustainable in business means. Understanding the importance of total lifecycle cost and how we can plan to mitigate the effect each product has on the environment.
Now, we’ll look at how businesses can tackle these goals and the importance of having sustainable policies in place (to keep those goals in check).
These policies review the environmental impact of any company’s operation. Especially important for those industries that rely on natural resources to function. By presenting a sustainable solution in utilizing these resources.
Of course, this doesn’t mean other companies are free from careful inspection.
Transformation into a more sustainable way of operating starts by recognizing the severity of the situation and tackling the most pressing issues.
As we move towards a greener, more sustainable way of producing (and consuming), sustainability will take a leading spot in every business strategy.
By focusing their efforts on models that promote renewable resources and environmentally friendly supply chains (in tune with environmental regulations), businesses will gain a competitive advantage within their niche. Promoting their brand as a sustainable one to their caring audience, while keeping their competitive edge.
To provide a platform for all businesses and individuals alike, the UN’s Department of Economic and Social Affairs created 17 intertwined goals, called “Sustainable Development Goals”, or SDGs for short.
With the aim to meet all these goals by 2030.
In their words, they function as “a blueprint to achieve a better and more sustainable future for all.”
The SDG & Business junction
The “Better Business, Better World” measure expects an economic expansion in parallel with many positive consequences for businesses.
“The private sector will be crucial to delivering the SDGs, and it stands to benefit from a potential US$12 trillion worth of business opportunities, which could create almost 380 million jobs by 2030”.
As the whole planet shifts to a more sustainable way of operating, SDGs will also function as a platform for companies to better understand and improve their socio-environmental influence in their community.
“The SDGs provide all businesses with a new lens through which to translate the world’s needs and ambitions into business solutions. These solutions will enable companies to better manage their risks, anticipate consumer demand, build positions in growth markets, secure access to needed resources, and strengthen their supply chains while moving the world towards a sustainable and inclusive development path.”
This is the beauty of having an interconnected support system. By targeting one goal, you’ll inevitably move towards solving others.
An eco-system of sorts Mother Nature would be proud of.
While reaching these SDGs by 2030. might seem daunting, this presents a perfect opportunity for all businesses, regardless of how big or small, to strive toward a common goal (or goals). Which will invariably help them grow.
Also, business sustainability is growing in importance to investors looking to invest in an expanding market.
Shifting towards sustainable business models
One of the major culprits in slowing down these environmental goals is large corporations. Their business models are based only on ensuring sustainable profit, not our environment.
If you need an example of an industry in dire need of restructuring its business model, the obvious offender would be the fossil fuel industry. But that’s an easy shot (and we’re all aware of their impact in the world).
Other, less obvious models need to follow suit in this global transition towards a more sustainable future. I’m sure you can think of several.
But apart from acknowledging the baddies, we also need to acknowledge businesses that are aware of their environmental impact. And are re-designing their business practices to address the challenges they need to solve.
And because of this, we (the people!) need to support those who understand the importance of sustainable goals. We need to support businesses with sustainable solutions to further push this global change we desperately need.
I’m positive in the next couple of years will see a major shift towards these SDGs and a greater commitment of us all toward reaching them. But our action needs to start now.
I’ll leave you with a popular Chinese proverb you already heard but perfectly encapsulates our future.
“The best time to plant a tree was 20 years ago. The second-best time is now.”
We finish our second part of our three-legged journey into the what, how, and why of becoming a sustainable business. In the next part we’ll tackle the ever-important “why?”, the most effective question in helping other businesses understand the need for a different future.
Stay tuned.
You can read the first part here — https://medium.com/the-shadow/what-does-it-mean-to-be-sustainable-in-business-1a1f193181d1
