Business sustainability strategies are not just a trend but a crucial approach that businesses are increasingly adopting and integrating into their day-to-day operations.
It’s about fostering brand goodwill and aligning with a more significant cause beyond profit or revenue generation.
As the concept gains widespread popularity amongst consumers, shoppers, and brand loyalists, more businesses are taking center stage to spearhead sustainable practices and outlining their sustainable reports and goals.
In this article, we’ll explore various sustainability strategy examples for businesses, outline their benefits, and discuss other FAQs on small business sustainability strategies.
Sustainability strategies examples for business
Sustainability strategy examples for business entail a company’s actions or plans to minimize detrimental social and environmental impacts from its operations in a specific market.
Sustainability is the responsible use of resources to meet current needs while preserving those of future generations.
By embracing sustainability in business, you generate revenue and positively impact the environment, inspiring others to follow suit.
Businesses that commit to sustainable strategies contribute to a better world and naturally attract and retain consumers.
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Consumer demand for sustainability
An IBM research survey revealed that over 70% of customers are ready and willing to pay a premium for sustainable and environmentally conscious brands.
Customers play a role in driving sustainability. About 8 out of 10 consumers consider sustainability necessary, and 6 out of 10 are willing to change their purchasing habits to decrease their environmental impact.
This shows that your choices as a consumer can influence businesses to adopt more sustainable practices, empowering you to make a difference.
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Seven business sustainability strategy examples
If you’re planning to open or run a small to mid-sized business, you may seek strategies to implement to make it sustainable. Here are some strategies that you can opt for to run a sustainable business:
1. Recycle and reuse items.
From purchasing products with refillable packs to opting for long-life items instead of disposable ones, such as cutlery, recycling can help you promote your sustainability goals.
In addition, you may opt for refillable bottles or coffee cups instead of single-use ones.
Consider using eco-friendly woven shopping bags instead of plastic bags. You can also use items such as glass containers for other purposes within the business.
2. Participate in CSR initiatives.
Corporate social responsibility (CSR) participation may also help a business promote its sustainability goals.
Why corporate social responsibility is important for business
CSR initiatives can help a business build customer trust and spread awareness of commitment to a more significant cause to conscious consumers.
From donations to participating in causes, CSR can help promote a brand and showcase your standpoint on business sustainability.
Corporate social responsibility activities
Here’s a CSR activity you can consider:
For example, consider organizing an annual environmental cleanup in your locality to highlight your commitment to ecological footprint reduction.
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3. Switch to using renewable resources.
Opting for renewable energy sources such as hydroelectric, bioenergy, wind, and solar can significantly decrease a business’s footprint.
For example, you may embrace green web hosting service providers for your small business. These are hosting providers that use renewable energy sources to power their facilities and hosting services.
Why renewable energy is important for the future
Solar, wind, and hydroelectric power plants generate and provide clean energy as they’re nature-centric, ensuring that you reduce the business’s carbon footprint.
As the globe builds momentum to embrace renewable energy, the International Renewable Energy Agency (IRENA) forecasts that 90% of global electricity can and should come from renewable energy sources by 2050.
Can renewable energy replace fossil fuels?
Most businesses are still heavily reliant on fossil fuels for their operations.
However, embracing renewable energy is gradual, and the pace of adoption depends on a business’s location, available energy sources, and implementation costs.
For example, solar power may be an excellent option for a company in equatorial belt regions since they receive the highest sunlight levels.
4. Implement sustainable supply chain practices.
Implementing sustainable supply chain practices can be a central business sustainability strategy.
Here are a few 1sustainable supply chain management practices you may consider for your business:
Ethical Sourcing
Ethical sourcing of materials comprises the responsibly procuring raw materials or services.
Establishing a criterion to adhere to during sourcing may help a business and its supply chain partners identify and familiarize themselves with the required standards.
A mutual agreement or criterion may help a business and its partners align with business core values and sustainability commitment.
Responsible sourcing may entail discussing fair pay, using eco-friendly products, and favorable working conditions.
Sustainable supply chain solution example
For example, you may adapt or switch to eco-friendly or biodegradable packaging materials in manufacturing.
Besides, research shows that responsible sourcing can minimize supply chain costs by 9-16% and maximize brand and sustainable product revenue by 15-30% and 20%, respectively.
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Consider diversity and Inclusion.
Besides fostering social equity, diversity and Inclusion may help bridge the gap between a business and its locality.
Creating a sustainable supply chain
Consider promoting diversity and inclusion along your supply chain to encourage a multicultural environment. For example, allocating a given percentage of supply and delivery job vacancies to natives.
Opt for shorter delivery routes.
While automotive industry giants are shifting toward EV (Electric Vehicle) production and use, most transportation around the globe is still primarily powered by fossil fuels.
Yet, businesses can significantly reduce their environmental impact as more people shift and embrace EVs.
Sustainable supply chain policy example
For example, you may identify shorter routes to transport materials to and fro the access and destination points to decrease your environmental impact.
5. Go paperless
While it seems easier said than done, you can implement paperless habits by starting small and gradually progressing to bigger ones.
Paperless document management system
Opt to switch to paperless document management systems and paperless free invitations in place of manual paperwork or processes.
Digital files and software can optimize productivity and working speed since they’re easily accessible from a central digital location.
Digital cloud storage services can also enable the accessibility of files from any location. In addition, you can use paperless office software such as digital scanners to scan documents, images, or notes.
Paperless billing, mail & Invoices
Cutting down tons of paperwork and embracing paperless billing, mail and invoices can help you decrease the environmental impact of your business. For instance, minimizing costs of buying resources like reams and glossy papers.
6. Set target goals and engage in talks with stakeholders.
Setting sustainability target goals with relevant partners may help you track and measure performance progress in timeframes.
Consider setting long-term and short-term goals. Long-term goals require a long-term commitment and may help you dedicate yourself, unlike short-term ones.
They can also help you identify areas that need improvement.
This ensures you keep track once you achieve short-term sustainability goals and abandon sustainable practices after reaping benefits.
7. Engage in consumer education.
Consider educating your target customers on your business’s sustainability efforts and the steps you plan to undertake to achieve your goals.
This can help customers familiarize themselves with your mission values and understand the essence of your sustainability campaigns or concrete plans.
Consumer sustainability awareness
Consumer education and sustainability awareness may involve outlining clear, consistent messaging on your strategies.
Consider spreading the information across relevant channels on your business’s sustainability commitment.
This strategy can help you emotionally appeal to customers, promote consumer engagement, and attract customer loyalty.
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Benefits of business sustainability strategies
Here are some pros of business sustainability strategies:
1. Reduces operating costs and expenses
Implementing sustainable practices, such as going paperless and adopting recyclable and reusable products, can significantly lower your business’s operating costs.
Small business sustainability plan example
For example, opting for reusable bottles instead of plastic ones can help you lower recurrent purchasing expenses. Going paperless can also decrease your expenses when buying paper reams and notebooks.
2. Positive brand Image and goodwill
A business focusing on sustainable practices may foster a positive brand perception and improve its image.
This can lead to referrals, grow overall business recognition, and maximize revenue generation.
Consumer views on sustainability
Research indicates that individuals prefer brands that align with their values. Clearly outline your target sustainability goals and brand values to promote understanding and clarity.
3. Employee retention and low employee turnover
Employees who feel they have shared values with a business may be more likely to stay at their workstation longer and not seek other job prospects.
An IBM research highlights that 70% of employees note that sustainable practices make employers more attractive, whether in offer acceptance or staying at the workstation.
This can help you boost productivity and lower the costs of frequent recruitment and job post advertisements.
4. Attracts brand loyalists
A sustainable business is likely to attract brand loyalists. If your business and target consumers share common values, it can pique their interest and attract attention to buy your services or products.
Brand loyalty in consumer behavior
Studies indicate that humans buy with emotions and justify their purchases with logic.
If your brand appeals to the feelings of your target consumers, they’re more likely to be brand loyalists and become repeat customers.
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5. Increased competitive advantage
When a business fosters sustainable practices, it can attract brand loyalty, which gives it a competitive edge in the market.
Besides, it may get brand recognition and a positive perception, which can assist in penetrating new market segments and attracting a broader customer base.
6. Fosters innovation
Promoting sustainable practices can stimulate an innovation culture. Clear sustainability goals, vision, and values can inspire employees to devise new solutions and ideas to achieve set goals.
You can foster an innovation culture by rewarding or recognizing employees who develop ideas and solutions to motivate your business team.
Small business sustainability policy example
Supporting new inventions or ideas can motivate others to contribute to sustainable practices.
You may also encourage open communication and discussions to promote inclusivity and get positive feedback.
Frequently asked questions on sustainability for business
Below are some answers to common sustainability for business FAQs:
1. Define sustainability for business.
Sustainability for business is when a company takes initiatives or actions to preserve resources for future generations through responsible activities.
These activities minimize negative impacts that may stem from its operations in a particular market.
2. What are the pillars of sustainability?
The key pillars of sustainability entail human, economic, social, and environmental areas.
3. What are sustainable development goals?
Sustainable development goals (SDGs) are a set UN roadmap with 17 actionable goals to attain a much better, sustainable world for all by 2030.
They aim to address five essential areas: people, planet, peace, prosperity, and partnership.
The goals are also codependent on each other in that taking action in one area can impact outcomes in another.
4. Is there any correlation between carbon offsetting and sustainability
Yes, there’s a correlation between carbon offsetting and sustainability. Carbon offsetting involves financing projects or activities that decrease emissions elsewhere.
Businesses may offset their emissions by investing in emission-reduction projects. Such projects often include reafforestation and clean energy such as wind turbines and solar power.
5. What are examples of sustainable strategy examples?
Examples of sustainable practices include:
- Recycling plastics.
- Embracing renewable energy sources such as wind, bioenergy and solar power.
- Shifting to reusable or biodegradable products such as woven bags.
- Go paperless to minimize the demand for paper by using digital products.
6. What are the types of sustainability?
Sustainability comprises three main types: environmental, social and economic. These three can be broken down into subtypes that may include cultural, ecological, and human sustainability.
7. What is a green economy?
Green economy refers to a concept that aims to foster sustainable development by minimizing ecological deficits and the effects of human activities on the environment. The concept advocates satisfying the needs of man and nature concurrently.
Business sustainability development for green economy
For example, women on the Kenyan coast plant and restore mangrove trees, which can absorb ten times more carbon in a hectare than land-based forests. The mangroves also attract marine breeding grounds for fish and crabs, which they sell to earn income.
8. What are examples of business sustainability issues?
Greenwashing is a critical business sustainability issue.
It is a sly tactic that businesses use to overemphasize their products’ sustainability and mislead customers who prefer sustainable brands by making false or deceitful claims.
For example, sending or sponsoring marketing messages that a brand commits to sustainable practices without a set plan or goal.
The takeaway
There’s no better approach to conducting business operations than focusing on the people, planet, and profit viewpoint. This inclusive approach ensures that a business cares about its impact besides financial prosperity and revenue generation.
The perspective fosters accountability and awareness and encourages and motivates all stakeholders and involved parties to take action to fulfill and achieve sustainable goals.
Business founders and leaders can also partake in sustainable practices and spearhead initiatives to become sustainable industry leaders.
A consumer may support business sustainability by doing the bare minimum, such as spreading awareness, attending webinar workshops, and supporting sustainable brands. This is a significant effort to achieve a sustainable world.
