Climate change, pollution, resource scarcity, and rising consumption have put the spotlight on Sustainable Living. Sustainability is an aspiration every business should continuously move towards.
And well-defined, measurable, and time-bound “performance parameters” help in tracking your progress on this journey of sustainability.
Sustainability can sometimes seem like a wide umbrella term that is hard to define precisely, and therefore difficult to consciously move towards. Let’s break this down into actionable components.
At the core of sustainability is the creation of long-term value, with emphasis on “long-term”. For truly long-term success, business performance is important, of course, but it is important to remember that environmental and social responsibility will have a significant, direct impact on business interests in the long term.
From an Environmental standpoint, this means reducing the organization’s footprint in terms of energy consumption, emissions, waste, water, and other related factors. Similarly, Social sustainability would involve employee health and welfare, inclusivity, human rights, labour practices and more. A lack of attention to these factors may put an organization’s longevity and success at risk.
Sustainability directly drives optimisation of resources, and therefore cost efficiency. What that means is that it is possible to be sustainable even while reducing expenses, not increasing them.
Demonstrating a commitment to sustainability also enhances your organisation’s brand, and can actually create new business opportunities among conscious customers. Not to mention compliance with fast-evolving regulations, and the penalties this saves.
In summary, investing in sustainability makes business sense for multiple reasons – sustainability does not come at the cost of return on investment (ROI).