The management and synchronization of environmental, social, and financial demands and concerns to achieve responsible, ethical, and long-term success is known as business sustainability. CSR, the triple bottom line, and shared value are not synonymous with business sustainability. It’s more extensive, systemic, and long-term.
The term sustainable development was given by the United Nations in 1987. They said that sustainable economic development addresses the requirements of current generations without jeopardizing the needs of future generations. So, for a firm to be sustainable, it must generate profit while simultaneously improving people’s lives. That means enterprises should not consume natural resources too quickly or produce trash such as plastic and carbon too quickly. The long-term goal is for societies and ecosystems to flourish.
Companies often talk about adopting business sustainability practices. But fall short when it comes to implementation. One of the contributing reasons behind this is that CEOs and business boards are not as involved in sustainability plans as they should be. Understanding how to build sustainable company practices will help you amaze customers. The clients and recruit more devoted employees who want to work for socially responsible companies.
Why do We Need Business Sustainability?
There are many reasons companies should start adopting business sustainability practices. The dwindling energy resources are the biggest reason why every business should step towards being more sustainable. The pollution caused by these non-renewable energy sources is doing irreparable damage to the planet, and businesses should take action as soon as possible. A business that adopts business sustainability gives back to the planet and reaps many benefits. These benefits are:
- Retaining and attracting employees, particularly in a world where individuals are looking for deeper meaning in their work
- Supply chains are becoming more resilient because of fewer supply disruptions.
- Establishing a more loyal customer base, as an ever-increasing number of customers seek products and services from businesses conscious of their broader consequences.
Examples of Business Sustainability
In practice, what does corporate sustainability imply? We’re talking about a long-term outlook, with consideration for future generations, and teamwork, in which corporations and other organizations work together to safeguard a system. One such example of Companies practicing business sustainability is Ben and Jerry’s.
The brand, founded in the 1970s by childhood friends Ben Cohen and Jerry Greenfield, has always had a social and environmental purpose. Ben and Jerry, along with the director and board chairman Jeff Furman, built the company on the notion that businesses don’t have to make a profit; they can also be a catalyst for positive change.
Its founders first looked for ways to increase its environmental sustainability to achieve that goal. To combat this problem, Ben and Jerry’s started the innovation of using unbleached paper for packaging.
The corporation also innovated sustainable agriculture, a phrase that was almost unknown when it began to be adopted by the company. To prevent harmful waste from farms, they collaborated with dairy suppliers. They were also at the forefront of efforts to reduce the usage of bovine growth hormones.
Ben & Jerry’s became one of the first corporations to make its environmental and social performance reports publicly available. These were only a few of many other sustainability initiatives taken up by the company. Hopefully, some of these efforts may motivate other companies to learn from their long-term business sustainability strategies.
Associate with a Sustainable Service Provider
Adopting business sustainability is one of the best decisions a company will make. Corporate sustainability isn’t easy, but it has become crucial. Companies that embrace the intricacies of business sustainability principles sooner rather than later will contribute to a better world while also increasing long-term profitability. Why wouldn’t we all want to contribute to that goal? Collaborating with a professional Business sustainability service provider will help you give back to the planet and accelerate your company’s growth.