Are You Sustainable?
What does it mean to be sustainable?
Most businesses when they refer to their sustainable strategy think of their environmental impact. However, there’s a lot more to sustainability than going green. Indeed, being sustainable is about the ability of the business to sustain itself over the long term. In other words, you could think of it as another term to describe endurance or market survival. It is the process of maintaining the business at a certain rate of level and avoiding the depletion of resources. Does it mean that it only applies to green strategies?
Well, when you start thinking of business resources in terms of assets, you can unlock a full new range of sustainability strategies. Consequently, next time you get to consider how sustainable your company is, you will need to assess your environmental commitment, product development, skill growth, investor program, and team retention. Sustainability is not a plug-in solution that you can deploy as and where needed. It is a full commitment from a business to remain active, successful, and relevant in the future.
Commitment to environmental sustainability
Putting environmental protection at the heart of the business can be challenging. Where do you start to make green an inherent part of your operations? Entrepreneur Dee Agarwal argues that companies need to approach environmental sustainability in terms of desirable profits. Indeed, Agarwal believes that green businesses should constantly assess market trends and take measurable actions to reduce their footprint and reliance on limited resources.
With this in mind, the question is not whether to opt for eco-friendly light bulbs or to go paperless, but how to transform processes meaningfully. Ideally, companies should focus their attention on three core elements, namely embracing the environmental benefits of a remote workforce, choosing partners and procurement solutions that support their environmental vision, and conducting frequent audits to adjust and improve practices.
Has your product a future?
Most companies worry about whether their product or service is viable on the market. An undesirable product is unlikely to sell or drive profits. However, a product whose viability doesn’t expand to long-term objectives could be just as damaging a choice. Product sustainability, aka the ability for your offering to sell in the future is an essential part of long-term survival and growth. What will the next generation need?
According to a recent student in the Proceedings of the National Academy of Sciences, customers who pay for time-saving services feel happier. As such, a business that embraces the future consumerism trends needs to focus on packages that allow customers to buy time. In other words, the DIY market is shrinking and could rapidly become unprofitable for countless companies. Conducting market analysis to understand and spot trends before they affect your business is a no-brainer. To be sustainable, you need to offer what tomorrow’s customers will need without ignoring today’s audience.
Will you be a valuable asset to your business?
Whether you’re a business leader, a team player, or a new talent, remaining a valuable resource for the business determines as much your career as the survival of the company. Yet a profitable asset today could lose value in the long term if they find no way of boosting their skill sets. Every member of the team, regardless of their role in the hierarchy, has to showcase relevant strengths while learning to manage their weaknesses. If you are not confident about your tech skills in a constantly changing environment, now’s the time to improve your knowledge. Taking measures that ensure each employee is a sustainable asset for growth serves a double purpose. Firstly, it is a confidence boost for the individual. But it also gives the business the foundation it needs to evolve.
Will investors support you?
Will your future investors find the company through networking? At a pitch event? Or via digital technologies that facilitate money transfer? Investment platforms, such as crowdfunding channels and cryptocurrency programs, can make your business relevant to future financial partners. The easier it is for investors to support a company, the safer it can be for long-term survival.
Will your talent remain in-house?
Businesses invest in their teams. Therefore, when employees leave, they take crucial and valuable knowledge with them. While recruiting new team members will eventually replace the knowledge or introduce new skills, a high turn rate can affect growth. Ideally, you want to grow your talent pool in-house, and that means, you need to give staff a reason to stay. A pay raise may seem like a good idea, but people are unlikely to stay for the pay only. Businesses that prioritize work-life balance and value people’s professional aspirations can develop skill sustainability and retention.
Sustainability in the business world is a multi-faceted strategy that encompasses environmental commitment, team growth and development, market positioning, and investment paths. Falling to consider some of these sustainability aspects could slow down business progression.