From traditional behemoth corporations to emerging businesses and startups, organizations of all sizes are focusing on business sustainability as a critical strategy for growth. Read further to learn more on how to adopt a 360° approach to business sustainability and why it is crucial to stay ahead of the curve.
What is Sustainability?
According to the Brundtland Commission’s definition of the term in 1987, “Sustainability is the practice of meeting the needs of the present generation without compromising the ability of future generations to meet their own needs.”
What is Business Sustainability?
Business Sustainability is a planned approach for creating long-term value for businesses by evaluating how the business operations impact the economic, social, and ecological environment. Sustainable business practices not only ensure that the companies enjoy longevity, but also help in boosting revenues and profitability.
The Triple Bottom Line of Sustainable Businesses
When embracing sustainable practices, businesses have to develop a three-pronged strategy, known as the three Ps:
- Profit – Improve long-term profitability and maximize business growth
- People – Support employee growth and well-being, while building social equity
- Planet – Practice business operations that preserve the environment, while conserving natural resources
Thus, sustainable businesses adopt a holistic view of business, placing equal emphasis on Profit, People, and Planet. This three-pronged approach is known as “triple bottom line” and was introduced by John Elkington in 1994.
Why Should Your Business Focus on Sustainable Practices?
Sustainability is all about protecting your business from the risks it faces today, while ensuring that it has the right tools to meet the challenges and reap the opportunities of tomorrow. Sustainability plays a crucial role in ensuring that your business has a long-term outlook.
Sustainability is not just about mitigating risks like a rise in energy prices, tackling climate change, complex supply chains, and other risks. It does all that and more; it helps your business meet future customer needs while racing ahead of your competitors, building your brand image, and above all, improving your bottom line.
Top Benefits of Sustainability for Your Business
- Meet present and future customer needs, while gaining a marketing advantage
- Improve brand value and brand recognition
- Ensure business longevity and continuity
- Increase resource efficiency and cost-efficiency
- Profit from a platform for business innovation
- Enjoy operational excellence and total business transformation
- Strengthen stakeholder relations
- Understand and capitalize on the emerging trends in your Industry
How to Implement Sustainable Business Practices through the 360° Sustainability Program
The 360° Sustainability Program from BizXL conducts a comprehensive assessment of both your business processing operations as well as your energy, water waste solutions by suggesting efficient green solutions that help you reduce operational costs and improve your overall efficiency as well as suggesting business process improvements.
A team of professionals with years of experience and expertise in all areas of business operations like manufacturing, financial management, and environmental management conducts a top-to-down field assessment of your business/industrial facility, to identify areas that can be made sustainable.
The team then creates a cost-effective strategy that helps in enhancing the industrial efficiency of your organization, while helping you meet your sustainability goals. Additionally, BizXL also works to help you acquire some funding (pls refer note) support from NY State for your sustainable measures, thereby helping you reduce the overall costs associated with the project.
The team from BizXL uses the highly successful TBE™ (Total Business Excellence) model to help your business gain a sustainable competitive advantage over your competitors while ensuring that all stakeholders receive the maximum benefits possible.
Adopt a Well-Planned Sustainable Strategy for Your Business Today
Moving from ad-hoc initiatives to a well-planned and well-researched sustainable business strategy is no mean task. It requires expert planning, thoughtful implementation, and the right guidance. Get in touch with BizXL, a leading business management consulting services provider for a customized sustainable business strategy, tailored to your specific needs.
Remember that sustainability is not just about creating value for the society and the environment; it does wonders for your business bottom line as well.
Note: This is applicable for businesses that meet NYS requirements
- Gro Harlem Brundtland, 1987, Report of the World Commission on Environment and Development- Our Common Future, Retrieved from : https://www.are.admin.ch/are/en/home/sustainable-development/international-cooperation/2030agenda/un-_-milestones-in-sustainable-development/1987–brundtland-report.html
- John Elkington, 2017, Enter the Triple Bottom Line, Retrieved from: http://www.johnelkington.com/archive/TBL-elkington-chapter.pdf
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