Sustainable Business Impact On Future
“Earth gives enough to fulfill each man’s need, but not for greed.” Sustainable business basically focuses on development of a business with minimal and judicious use of resources without negatively affecting the environment. Various steps can be taken to promote sustainability, like- Reduce, reuse and recycle, saving electricity and water.Exhaustion of natural resources would create a huge problem in future so judicious use is a must. Various companies, like- Tesla, Accenture and many more have already adopted sustainable development and hence are blooming. Sustainable business model is required for development of a successful business. Major key factors need to be considered (people, profit and planet). Strategies for sustainable business development and setting up a sustainable business involve different steps of planning including financial, strategic, contingency, succession planning. Opportunities and growth for sustainable business in future is at bloom.
In the current era of highly advanced machines and technologies leading to higher efficiency in current operations, operating a business by saving resources and avoiding negative impacts on the environment is known as ‘Sustainable Business.’
Many advanced technologies have evolved like- Artificial intelligence, data analytics, machine learning, quantum computing, etc. But these advanced technologies around the world are seeking ways to cut costs by increasing efficiency in order to meet sustainability goals.
Sustainable Business Practices:
The “go green” motto has led to sustainable business practices and is now being globally incorporated by many industries, companies, and business practices.
Whatever the size of an organisation is, there are certain things we all can do to conserve resources, like:
Use of Recycling Procedure- The products which can be recycled (paper, electronic appliances, fluorescent light bulbs, computer appliances) should be saved and sent for recycling.
Always believe in three R’s - Reduce, Reuse and Recycle. Reduce the use of products that are harmful to the environment, minimize exploitation of resources by reusing the products.
Using products which save energy- Electronic devices which are environment friendly and give high efficiency should be used.
Make Sustainability a goal for your organization on priority. Plan, coordinate, and implement various aspects by which sustainable business could be established. Hold people accountable and analyse results.
Training the employees for sustainability and discussing ideas.
Conservation of water and electricity, go plastic free.
Examples Of Sustainable Business-
More than 90% of CEOs believe that sustainability is essential to success.
Companies like- Tesla are producing electronic vehicles to conserve natural resources, many countries have promoted e-vehicles to conserve petroleum, diesel. These efforts are setting an example for other countries.
Patagonia, an activist company from the US, gives 1% of its earnings to environmental organizations.
Accenture has reduced each employee's carbon emissions by 52%.
Apple mostly uses Aluminium instead of any other material in order to lower emissions.
Many brands like- Beyond Meat, Amazon, TOMS, etc. are eco-friendly and promote sustainable development.
Sustainable Business Model-
A business model which considers sustainability as its priority by considering all parameters like- environmental effects, stakeholders and thoroughly reports it is known as a ‘sustainable business model’. This model allocates resources and coordinates activities in a way which overcomes discrepancies be it public or private.
There are 3 major key points in this model- Economic, social, and environmental which refer to profit, people and planet respectively.
Sustainable business model works because it is commercially profitable, utilizes resources for the long term without exhausting them, and it has the scope of success in the future if a sustainable model is highly efficient it would provide the same amount of output as it takes from the input.
A business model can be made sustainable by- setting up revenue channels, hiring people who have the same values as yours and are the best fit to represent your organisation, never compromising on your values, monitoring cash flow, and working for long-term goals.
Sustainable business models are needed because it helps in approaching the purpose of sustainability with ease as it unites stakeholders which leads to better development causing customer attraction.
Also Read: Four Positive Climate Change Developments
Strategies For Sustainable Business Development-
A strategy can originate from the indulgence of the entire ecosystem, input of resources, output provided by resources utilised, people involved, the reason for the establishment of organization, contribution of the organization to the environment, issues being resolved.
Certain approaches need to be prioritised and communicated internally as well as externally by keeping transparency.
Sustainable strategy recognizes ‘flow in’ and ‘flow out’, not only in terms of currency but also in terms of palpable and nonpalpable resources that are required to create a product or service.
How To Plan For Sustainable Business Development?
Business Planning-To start a sustainable business, knowledge about sustainability (people, profit and planets) is a must, as assessing areas of improvement, checking for opportunities (innovate, discuss and analyse), setting up a vision focused on growth of organisation along with sustainability, check for changes and implementation.
Financial planning- It includes planning finances to set up business, financial ratio analysis, action plans, goals and objectives, outcomes, and quality improvement strategies.
Strategic planning- A well-planned strategy for the execution of planned business. Mainly focuses on investment and performance by prioritizing a set of actions involving stakeholders.
Contingency planning- A protocol designed for innovation and business growth by performing in depth research allowing an organization to respond effectively to any event.
Succession planning- Focuses on the progress of business considering replacements at higher levels, it is done basically to identify and develop new potential opportunities.
Businesses For The Future-
Sustainability can help organizations stay significant in the future if they adopt good ESG (Economic, social, governance) practices as this would make them more efficient and competitive with a culture that would help them establish trust.
Different types of sustainable businesses, like Sustainable and interactive farms, eco-friendly textiles or raw materials, eco-tourism, eco-friendly DIY technology( for electricity conservation, clean and green air), partnering with non-profit organizations, biofuel production, eco-friendly toys, bicycle tour planning, and more such businesses can be done promoting environment-friendly development.
The combination of environment and development is complex but rewarding. Sustainable development states stability with respect to the requirements of the environment, this allows future generations to use resources in a judicious manner.