Before we explore what sustainability means to your business, it’s important to understand what sustainability in business is all about.
For us, its focus is about making sure a business takes full account of all the environmental, social, and governance factors that might affect its operations
The environmental impact concentrates on the planet – it’s all about the management of the physical environment in which your business operates. This means ensuring that your company doesn’t deplete natural resources, contribute to global warming or pollute where people live or the countryside.
For social sustainability in business, we’re talking about the people behind your brand. How are they treated? Why are they important?
People buy from people and play a role in the success of your business. People are individuals, and groups, and however they relate to your business it’s important you treat them in the right way.
By promoting the well-being of your team and going the extra mile for your clients, you’re showing that you put people before profits.
But as you focus on people and the environment, it’s also important to ensure that your company has sustainable governance.
Sustainable companies are overseen on sound managerial practice and ethical principles.
By following best practices and sustainable principles, supported by a framework of applicable policies and strategies, key decisions made by the leaders and managers within your business will help it thrive for years to come.
So, back to the question, what does sustainability mean to my business?
There are numerous benefits that outweigh any negatives around this prominent conversation on business sustainability.
Your brand image will improve with business sustainability.
By being sustainable in business – across all three of the key areas – you are positively impacting how people perceive your brand.
That’s good news, especially when it comes to developing your company. From generating new clients to hiring new members of staff, expressing your commitment to being sustainable economically, socially, and through governance is welcomed.
You will notice a reduction in cost when your business is more sustainable.
Understandably, the transition to being more sustainable may need investment, such as paying for electric vehicles or going fully solar on your energy, but the long-term benefits can be colossal.
Pennies really do make pounds. Therefore, if you can save on some areas by being more sustainable, you can reinvest the money saved back into your business.
You will become more compliant with the UK sustainability regulations.
The UK has positioned itself to encourage sustainability.
Whether things like carbon reduction targets are achieved will depend on the actions of business and the government is ensuring – through things like its procurement rules – that they incentivise the required behaviour.
With more regulation being introduced around business sustainability, forward-looking businesses will get ahead of their competitors.
Your business will attract the right people – both staff and clients – when it is sustainable.
Being sustainable makes people feel good.
Why? Because they are having a positive impact on the world. So, by being more sustainable yourself, you’ll attract staff and clients who care about the future and wish to make a positive impact. That’s a very good trait for anyone to have.
You will please shareholders by being sustainable.
The economic benefits of being more sustainable will please your shareholders. Yes, it’s welcomed when people are placed before profits, but that mindset alone can play a part in increasing business and therefore pleasing shareholders.
Whatever you may do to practice sustainability – whether that’s personally, professionally, or both – there will be ongoing debates around this matter for some time.
But for Crimson Crab, we’ll keep our focus on the benefits available to you, and welcome your stories on what you’re doing to be more sustainable in business.