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Companies are slowly moving down a sustainable path as they seek to improve their climate and environmental efforts in hopes of achieving meaningful change in consumer behavior.
The Sustainable Development Goals (SDGs) have become a supporting pillar for many businesses large and small. Not only are consumers interested in brands and companies that take climate change seriously, investors are also increasingly interested in innovative technologies that help companies move toward a greener and more ethical business model.
In just a few years, organizations have pushed the boundaries of what's possible by developing a variety of new tools and resources that can help companies reduce their carbon footprint and become greener in their operations.
Recent figures show that 67% of companies surveyed in a Deloitte report said they have started using more sustainable materials in their products.
At the forefront of this effort is research and development through the Science Goals Initiative (SBTi), which is currently working with more than 3,400 companies worldwide to decarbonize and meet SBTi goals over the next decade.
Across the globe and in industries ranging from startups to large corporations, leaders are beginning to understand the value of sustainable business practices that not only help the planet, but also help them stay relevant in a highly competitive marketplace.
Environmental policies and the imperative of sustainability are not just warnings for any new business or start-up. Making the right decision can have its challenges, and navigating these paths means you need to know exactly what to consider.
Tips for building a sustainable business model
Here are five things entrepreneurs should keep in mind when building a sustainable business model that can succeed.
Make sustainability a core principle
For businesses to become more sustainable and environmentally conscious, owners and managers must spend time integrating these efforts into their business model and core operations.
Instead of reinventing the wheel, think about what other companies are doing and how you work for them. Adapt where necessary and ensure that environmental and sustainability policies are built into the corporate structure from the start.
Make sure these policies are implemented throughout the company and that new and existing employees are aware of how the company is working toward more ethical practices.
Enjoy a realistic view
Achieving sustainability or even zero profit at scale may seem like a distant dream at first, but overall it can be a bit ambitious for a small startup company. Even large companies are not always able to go completely green in the first few years.
Take the time to think about realistic environmental goals you would like to achieve and create a roadmap to help you and your team achieve those goals.
Sure, there will be some obstacles along the way, but instead of letting them stand in your way, it's important to focus on the bigger picture of what you're trying to achieve.
Environmental planning
Consider the environment when planning a new product or service offering. Start by looking at the types of materials used in your product and whether there are viable alternatives on the market.
Perhaps you can start implementing remote work or a hybrid workflow that will allow employees to reduce the time they have to travel to and from the office. Maybe you want to cut costs by reducing energy and water consumption, but don't know how or where to start.
There are many starting points that can help you find greener alternatives, but the most important thing is to think about how these efforts will advance your business and help you achieve your sustainability goals.
Think how small changes make a big difference
The average American worker prints about 10,000 copies a year. This number is calculated per employee, and on a cost basis, companies typically spend about $1,200 per print per employee.
This is not only an expensive task, but in the best case, it is futile.
Fewer prints not only save time and money, but also help reduce office paper usage. It's a small thing you can change, but these small habits make a big difference in the long run.
Think about other places in your office or business where you can make small changes that can have a bigger impact on your sustainability goals. Consider the areas where resources can be used to the maximum at any given time without having to replace them from time to time.
Think about the conscious consumer
Consumers are also becoming more aware of how companies operate in terms of environmental transparency, and in the next decade we will see more people supporting brands that are committed to improving the quality of the environment.
The study showed that 66% of consumers would spend more if the products they bought had environmental labels. At the same time, 81% of consumers believe that companies should contribute to a better environment by adopting more progressive sustainability goals.
This is just one of many studies showing that consumers, not just young people, see it as more important for companies to take responsibility and become more environmentally conscious.
ending
Companies can do a lot to improve the quality of their environment or better align with their sustainability goals. The ongoing need for more sustainable business practices across most of the value chain is now a defining factor for consumers and small businesses, which can be the driving force behind their success.
Businesses of all sizes need to think about how their operations impact the big picture, and how to design their current business model to consider not only consumers, but consumers, the future, and sustainability needs.
First published on ValueWalk. I read here.
Featured image credits: Photo Campus Production; Pixels. Thank you!
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