Sustainability has become a more pressing topic over the last decade, especially in the world of business. Nowadays, it’s almost imperative that businesses evaluate their practices to align with factors such as environmental, social, and economic impacts. In the culture of social media where information could spread like wildfire, companies are deliberate when it comes to talking about their varying approaches to becoming sustainable. This is because consumers are now more sensitive to how sustainability as a practice is taken, as we all should!
What is sustainability?
In a nutshell, sustainability can be viewed as a ripple effect. It’s an ideology that tackles how products, goods, and services are able to respond to changes in demands without compromising the potential to meet further changes in the future. The choices that are made today have to be ones that are conscious of the generations to come.
The Triple Bottom Line
Businesses’ approach to the concept of sustainability are made to efficiently manage the three Ps- People, Planet, and Profit. These are collectively referred to as the Triple Bottom Line. It sets a framework for business strategies— urging companies to not only gear towards making profit but also to align their plans with the well-being of society as a whole and the planet.
Why is sustainability important?
The answer is really straightforward! When resources are taken for granted in the interest of purely making money, they will soon be exhausted. Already across the world, environmental concerns like water shortages and deforestation are impeding people’s access to their basic needs. Unfortunately, studies show that 71 % of global emissions are caused by 100 companies. Imagine what else could happen if all other companies are casting aside their Triple Bottom Line strategies! But the society and the environment aren’t the only stakeholders of sustainability, it benefits businesses, too:
It reduces risks.
When unsafe and improper practices are at play, companies increase their chances of finding themselves facing lawsuits that could easily drain their assets. Not to mention they also have to spend sums of money to handle the PR nightmare. Employing sustainable practices is definitely a smart way of erring on the side of caution.
Costs are cut down.
It may seem counterintuitive to take the extra effort to become a sustainable business, but ‘going green’ has long-term benefits. When your company resources are used efficiently and waste is minimized, you’ll save on spending. There are also laws that reward environment-friendly businesses with tax credits, rebates, and savings. Even company programs that donate to benefactors can considerably decrease taxes!
Sustainability strategies are competitive advantages.
Purchasing behaviours are largely influenced by companies that place importance on how their production or service impacts society and the planet. Consumers are more inclined to purchase from businesses that match their principles and values. According to a study, consumers are a lot more likely to buy when the company promotes health and safety benefits (88%), concerns itself with fair labor and trade practices (87%) and supports environmentally-friendly production (87%).
Harmoni’s Approach to Sustainability
With a goal to build the best workspace imaginable, we crafted our products with the highest standards in mind- beginning from the materials we use to the way to turn them into instruments of comfort and productivity! By paying close attention to the details of our craft, we minimize our waste. Our desks and mats are sourced locally and are of sustainable materials; limiting our carbon footprint in the process. But we think best of all, we don’t stop seeking ways to become better for our customers and better for our planet.
To Conclude
When businesses pay attention to sustainability, they can really make a positive impact! Several reputable companies like Lego, Schneider, the ING Group, and HP have taken the lead in sustainability and are a testament to the significance of sustainable efforts to their businesses, the society, the economy, and the environment. Sustainability is a win-win situation and truly creates change for the better!
Sources:
https://diversity.social/sustainability-important/?amp
https://www.twi-global.com/technical-knowledge/faqs/faq-what-is-sustainability#WhyisitImportanttobeSustainable
https://online.maryville.edu/blog/importance-of-environmental-awareness-when-running-a-business/
https://bluglacier.com/why-is-sustainability-important/
https://www.theguardian.com/sustainable-business/2017/jul/10/100-fossil-fuel-companies-investors-responsible-71-global-emissions-cdp-study-climate-change
https://www.business.qld.gov.au/running-business/environment/environment-business/benefits
https://www.fmi.org/docs/sustainability/BBMG_Conscious_Consumer_White_Paper.pdf
