Why becoming a sustainable business should be a priority in 2020
Sustainability is more than just a temporary trend. While a lot of companies are still on the fence about adopting sustainable business practices, other companies (especially large tech firms) have fully embraced the idea and are reaping the benefits. These days, choosing a brand to side with us about more than just the product they produce. Just take a look at smartphones as an example. Despite all of the different cameras, screens and other distinguishing features, they are all fundamentally the same. It’s extremely hard to pick out differences and when you consider the price of each device, you’re usually better off just picking whatever’s on sale at the same.
However, more and more businesses are starting to find ways to get an advantage over the competition. These methods include aligning yourself politically to attract certain audiences, creating a social media persona that resonates with your target audience and also adopting sustainable practices. While the first two have mixed success, the last option is generally considered the most reliable because there’s nothing negative or questionable about adopting practices that make your business sustainable. As long as it doesn’t hurt the customer experience, adopting sustainable practices can lead to some incredible advantages that will drastically change the way your business is perceived by the general public.
So in this post, we’ll be covering some of the biggest reasons why becoming a sustainable business should be one of your top priorities.
Photo by Master Wen on Unsplash
Updating your brand image gives you a competitive advantage
Research shows that consumers are more likely to buy sustainable products. This has been a topic of debate as brand managers were convinced that consumers love talking about sustainable products but rarely buy them. This has been proven false thanks to new research which shows that consumers aren’t just talking about sustainability–they’re siding with it. Products that have sustainability claims are becoming increasingly popular, and those benefits grow if you’re able to prove those claims and mix it with your promotional materials.
Improving your brand image like this can give you a competitive advantage. Since it’s becoming harder for consumers to differentiate between products, they often go with whatever’s most popular or cheapest at the time. A well-timed video or social media post by an influencer is usually enough to affect purchase decisions. These days, the deciding factor when choosing a brand to purchase from is actually their morals and missions outside of the products and services they offer. If you show that you care about sustainability and reducing waste, you’re far more likely to be noticed by consumers and you’ll be the first choice if there are multiple similar products on the market.
Reducing your operating costs and increasing productivity
Many detractors claim that adopting sustainable practices can eat into your profits. This may seem true on the surface because you’re spending a lot of money on updating your processes to be more sustainable. However, the reality is that developing sustainable business practices can actually improve the efficiency of your business. This includes reducing your operating costs and increasing employee productivity.
This is generally because adopting sustainable practices means less wasted money and more efficient processes. For instance, there are lots of reasons for getting a water bore for your business or industrial plant. This includes reducing water costs, helping with dry seasons if you’re an agricultural business, and also making use of rainwater. While the use of a water bore is designed for specific types of businesses, it’s clear that sustainable practices that focus on reducing waste and maximising resources can be good for business. While the initial time and monetary investment for adopting sustainable practices can be high, they’re ultimately worth your time and will offer long-term advantages instead of short-term gains.
Photo by Bas Emmen on Unsplash
Attracting talented employees and informed investorsWhen it comes to hiring for your business, it’s good to inspire your potential recruits by helping them understand your business’s morals and ethics. If your company culture matches their personal beliefs, they’ll find it much easier to integrate into your workforce and become a productive member of your team. By advertising that you’re an environmentally-friendly business that focuses on building sustainable practices, then you’ll find that you can attract many talented and younger employees that echo your company’s values.
In addition, informed investors that understand the cultural impact of environmentally-friendly practices will be more likely to partner with you. If you can show that the sustainable practices you’ve adopted have improved your business as a whole, you’ll find that it’s much easier to secure funding from investors to help grow your business and develop better relationships.
People don’t want to be linked to ecological disasters or negative business practices that are bad for the environment. They want peace of mind knowing that the company they work for cares about the planet and is doing their best to improve it any way they can. As such, it’s vital that you seek talented employees and informed investors by adopting sustainable practices.
Make it easy for your business to comply with different regulations
Discussions on climate change and environmental issues will ultimately lead to new regulations. These regulations could completely change the way you do business, especially when it comes to limiting the environmental impact your business has. State and federal government agencies are always drafting new regulations to protect the environment, and some of these could end up negatively affecting your business. Integrating sustainable practices into your business will help you weather these changes and ensure that your business isn’t impacted too much by these regulations.
Your business will need to learn how to adapt to these regulations. If you don’t, your business could suffer massive losses that will eventually lead to the collapse of your company or drastically reduced productivity that could spell disaster. A sudden shock to the way you work is never a good idea and can be incredibly expensive. Make sure you prepare for these potential regulatory changes by adopting sustainable practices early on.