How Can Businesses be Profitable and Environmentally Sustainable?
Environmental sustainability in business continues to be one of the most pressing topics of the 21st century. For many companies, however, one key aspect that holds them back from embracing sustainable practices is cost. It is no secret that sustainability requires an upfront investment, it can save your business money in the long term.
In our latest blog post we answer the question, how can businesses be sustainable and profitable?
Why is sustainability important in business?
According to the Met Office: “the main cause of climate change is burning fossil fuels such as oil, gas, and coal”. Considering that companies contributed 24% of total greenhouse gas emissions in the US in 2020 alone, sustainable changes are more important than ever. We are in a race against the clock to tackle climate change and businesses have a responsibility to transform their unsustainable practices.
What makes a business sustainable and profitable?
For a business to be sustainable and profitable, it must make long-term changes across its entire supply chain. Such changes centre reusables over single-use, renewable energy over fossil fuels and planet-centred values over profit-driven values. The latter may seem counter-productive in the quest for commercial gain, but when a business puts the planet first, profits will soon follow.
See our post, 3 Reasons Why Sustainability Dives Business Success, to learn more about the relationship between sustainability and profits.
5 Ways to be Environmentally Sustainable and Profitable in Business
Below, we have outlined the five ways that a business can be sustainable and profitable. This actionable guide explores the investment opportunities available for sustainable businesses and how consumer expectations have changed over the last decade.
1. Reduce Office Waste
By maintaining open lines of communication with your employees, you can reduce waste in your business and therefore save money. Rechargeable batteries and refillable printer cartridges may require a higher upfront investment, but over time, they can reduce the cost of running an office. Additional changes include reusable kitchenware instead of plastic plates and cutlery, and choosing not to print documents that could be sent via email.
2. Entice Eco-Minded Consumers
When you become a sustainable company, eco-minded consumers will soon follow. A business’ success is defined by its customer engagement, and since more people than ever value sustainability, unsustainable companies are doomed to fail. Environmentally sustainable businesses, however, are more likely to entice eco-minded consumers and outperform their unsustainable competitors.
3. Comply with ESG Criteria
ESG investing, otherwise known as Environmental, Social and Corporate Governance, defines a criterion of sustainable practices required to receive investment. Many investors want to support sustainable businesses, so ESG was created to identify companies that put people and the planet first. To benefit financially from untapped investments, hire an ESG speaker and embrace eco-changes.
4. Embrace Sustainable Technology
Modern businesses rely on technology, as innovative products or services streamline their daily operations – a productive and efficient company is a profitable company. When choosing which technologies to invest in for your business, there are several sustainable options and alternatives available. For example, if you need to upgrade your company laptops, Lenovo laptops are considered the most sustainable. Such technologies are good for the planet and your profits.
Source: Leaf Score
5. Hire a Sustainability Specialist
A specialist speaker can do so much more for your business than just providing sustainable changes. When booked for your corporate event, they use their skills in motivation and engagement to inspire your employees, which can lead to better performance and productivity. A workplace that feels united against a common cause, will work better as a team.
See our pick of the top sustainability speakers below:
- Rebecca Marmot – Former Global Vice President of Sustainability for Unilever
- Nigel Topping – UK’s High-Level Climate Champion
- Pia Heidenmark Cook – Former Chief Sustainability Officer of IKEA
- Jonathon Porritt – Co-Founder of Forum for the Future
- Alexandra Palt – Vice President of the L’Oréal Foundation
Or, read our full list of the Top 10 Sustainability Speakers on Climate Change and Corporate Responsibility. In the article, we have outlined the many credentials that make our speakers so influential in the field of climate change and why they are popular among corporate clients.
To book an environmental and sustainability speaker for your corporate event to discuss circular economies, contact us by filling in our online contact form.