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5 Convincing Benefits of Sustainable Business Practices

StrategyDriven Entrepreneurship Article |Sustainable Business|5 Convincing Benefits of Sustainable Business PracticesThe concept of sustainability in business practices has rapidly gained importance over the years. There is growing awareness about crucial issues like global warming and the overuse of depleting resources among the masses. Consequently, people are actively looking for alternative products and services that suffice their needs with minimum negative consequences to the environment.

Plenty of proactive companies are shifting and adjusting their operations to incorporate sustainable practices. In today’s ever-changing and dynamic world, businesses no longer have the option of taking sustainability practices lightly if they seek to survive in the market.

So, what exactly is sustainability when it comes to a business? It refers to devising practices and strategies that help make the world better for this generation and the next generations. Nonetheless, it is not only limited to environmental changes that are taking place. By definition, sustainability comprises three significant implications; environmental, social, and economic. Therefore, a sustainable business focuses on its financial gains alongside its impact on the world, particularly the environment and society. Companies have plenty of opportunities to ‘go green’ such as reducing wastage and pollution, using renewable energy and biodegradable materials, community volunteering, and more.

Now, let’s determine five advantages you can gain by making your business practices more sustainable.

Improved operations and lower expenses

Sustainable business practices pave the way for a company’s longevity and survival in the market. A notable benefit gained from adopting techniques such as green manufacturing is cost-effectiveness.

For instance, simple recyclable material for packaging helps reduce costs significantly rather than spending tons on harmful packaging materials. The use of renewable energy alternatives is another prime example of cutting down expenses. However, deploying renewable energy and evaluating its costs and benefits can prove challenging. Fortunately, with the help of demand management, you can track your energy requirements and capacity and control costs. Smart energy utilization will enable your business to curb inflating energy costs and achieve operational efficiency.

Enhanced corporate social responsibility

The cruciality of corporate social responsibility cannot be stressed enough in today’s world. Modern-age consumers favor businesses that promote social and ethical values and support the marginalized. It instills the consumers with a sense of affiliation or positive associations with the company, boosting the brand image and customer loyalty. Therefore, it is wise to work towards a social cause that the target market strongly believes in to forge better customer relationships.

According to a recent article, a growing majority of consumers expect businesses to promote initiatives that benefit and support the people, planet, and plants. It’s known as the triple bottom line approach. The latest study by Accenture highlights the rise in purpose-led brands, serving as an indication of consumers engaging with brands that have a socially responsible image. A perfect example would be Google. It occupies the top ranking on RI’s CSR score, majorly due to high energy conservation at their data center and more than $1 billion in investments in renewable energy.

Better relationship with employees

Employees, like the consumers, also want to be part of a company that strives towards the greater good. A business that practices sustainability needs to take the interest of the employees into account. It is especially true when a company is attracting new talent, particularly the younger workforce, as they are more aware and passionate about social causes.

According to a survey, 45% of employees find a company more attractive if it incorporates sustainable business practices. Retaining a valued workforce is thus also less of a hassle if the company has a positive image in the market. Patagonia serves as a good example. The company persuades and empowers its employees to participate in the green programs and become part of the change. As a result, the company experiences only 4% employee turnover.

Rising demand for sustainable goods

The latest WWF research indicates an astonishing 71% increase in the consumers searching for sustainable and green products. The segment, which used to be a niche a few years ago, is turning out to be a lucrative opportunity for market expansion. With rising awareness about social and environmental problems, consumers are actively looking for environment-friendly products. Whether in fashion, beauty, food, beverage, pharmaceutical, or other industries.

Many international fashion brands such as Levi’s have identified that their industry is one of the most prominent contributors to landfill wastage. Thus, they are working towards making their apparel and accessories more sustainable. It helps the company in attracting a wider audience of customers and ultimately increasing its sales revenue. Another major cause of pollution, the pharmaceutical industry, has also invested more towards R&D in making their operations less environmentally damaging.

A survey by Nielsen suggests that this segment of consumers looking for sustainable goods is likely to rise to a value of $150 billion in 2021. Therefore, companies need to be swift in responding to this rising new market by providing them with precisely what they seek and reap the benefits in return.

Increased Profits and Investments

The above advantages indicating improved revenues and lower expenses suggest a substantial increase in businesses’ net profits, their prime objective. Undeniably, it would turn out to be a favorable outcome for the stakeholders of the company. It can also provide resources for more research and development for implementing better sustainable business practices in the future.

Rising profits signal current and potential investors to invest more in the company. Coupled with the fact that the business has long-term plans for sustainability is an added plus as far as investment is concerned. The concept of socially responsible investments has gained immense popularity. Thus, more investors want to put their money into projects or companies with a broader positive impact and higher financial gains.

Conclusion

The future is undoubtedly green. With the rising awareness of consumers, employees, and investors regarding social and environmental concerns, the market dynamics have changed substantially. With shifting trends, a business needs to be proactive enough to take advantage of any opportunity that presents itself and mitigate any potential threats.
Sustainable and green practices are, therefore, both an opportunity and a threat to a company. Businesses that do not recognize this opportunity today might be wiped out of the market soon by the competitors. Along with focusing on conventional business strategies and practices to stay relevant, a business needs to invest in sustainable practices for its long-term survival.

How Everyone in Leeds Can Learn to Become More Sustainable

StrategyDriven Practices for Professionals Article | How Everyone in Leeds Can Learn to Become More SustainableThe choices that you make on a day to day basis can affect the environment around you. It’s true that this isn’t new information, but some people may find it hard to adopt a more sustainable option, especially since you are always surrounded by plastic, use cars as a mode of transportation, rely on electricity and so on.

For everyone to learn how to become more sustainable, they need to change some of their daily habits. Whether it’s saving energy, finding different modes of transportation, reducing, reusing and recycling, and adopting sustainable fashion options, there is always something that you can do.

Save Energy at Home

Turning off the lights when they are no longer in use, embracing natural light during the day and finding a more environmentally friendly light bulb are all ways that you can save energy within the home and even save money on your monthly electricity bill at the same time.

Captain Green Solar Brisbane advises that nowadays, there are solar panels that you can purchase that can further help you lower your carbon footprint.

Modes of Transportation

Often the car is the go-to mode of transportation for people depending on where you live, but have you ever thought about some of the alternatives?

Biking is not only good for the environment but it’s healthy and taking the bus or train to where you need to go will also allow you to save money on petrol or diesel. Plus, public transportation gives you an opportunity to read a book while you are on the journey!

If you live close enough to your workplace or are even nearby your local supermarket, you could walk to your destination. If the weather is nice, why not?

Reduce, Reuse, Recycle

Reduce, reuse and recycle are the three R’s that everyone should live by. Already, the world’s landfills are overflowing, and plastic is often winding up in the ocean. The three R’s is part of the answer to this problem.

There are companies that you can call to assist with your waste management, no matter where you are located in the UK. Additionally, some companies will ensure they don’t take the rubbish to landfills, but rather minimise the environmental impact of your waste disposal needs.

Sustainable Fashion

Many adopt a ‘fast-fashion’ mentality, but sustainable fashion is so much better for you and the environment alike. The next time you want to purchase a new garment to add to your wardrobe, why not visit a charity shop or a vintage shop to see what you could find? You will not only end up buying something unique, but you know that you are also purchasing something that is high quality and long-lasting.

The big underlying question could be, why should everyone care about adopting the sustainable option? The fact of the matter is, the choices that you make now will not only affect your life but the future generations as well. That is why adopting an eco-friendlier lifestyle will benefit everyone, and the good news is that you can always start small, such as some of the tips mentioned thus far.

 

Seven steps for a carbon neutral coworking space

StrategyDriven Managing Your Business Article |Carbon Neutral|Seven steps for a carbon neutral coworking spaceIt is the case that many individuals want to do more to ensure that their workplace is as green as possible. After all, we all recycle and make changes to our homes in response to climate change and the desire to live in a more sustainable way – so it is only natural that we would want to do the same thing at work.

In a company workplace, this can be easy – ideas can be taken to managers and schemes can be easily implemented. But what happens if your working day takes place in a coworking space. Coworking has become a very popular way to enjoy the advantages of an office environment for those people who work remotely or freelance. But trying to introduce green schemes in such as an environment is not always easy.

But it is important to remember it is achievable – huge Australian coworking space provider The Commons, which has over 11,000m2 of space, went entirely carbon neutral in 2019. Here we take a look at seven steps you can take towards a carbon neutral coworking space.

1. Go paperless

One of the most important steps in going carbon neutral is in moving to a paperless office. This can be done far more easily than you might imagine. The first step is to get rid of printers, and instead to encourage everyone in the coworking space to avoiding printing out documents needlessly – it is estimated that 20% of pages printed are never retrieved from the printer.

Additionally, you should look into ways to ensure that you never need to use paper. Many businesses are happy to send over documents in a purely digital form, so there is generally no need to have them in paper too.

2. Switch off computers not in use

There is a major problem in coworking spaces looking to achieve carbon neutrality – people leaving their computers on. Many people in a coworking space will get into the habit of logging out from a machine but won’t shut it down. This can mean it can go draining energy for many hours unnecessarily.

Make sure that people get into the habit of fully shutting down their machine.

3. Don’t charge your phone all day

Another problem comes in the common sight of phones being charged all day. Staff might get into the coworking space in the morning, see that their phone needs charging, plug it in, and then leave it there all day without thinking about it. Not only is this bad for your phone, it also is an unnecessary drain on electrical power.

4. Promote renewal energy

There are many ways that a coworking space can utilise renewable energy. If you can look into having solar panels installed on the roof of the space, this can be extremely effective. According to Geo Green Power, specialists in renewable technologies “There are significant benefits to be had from investing in solar energy, for businesses both large and small. With rising energy costs, putting your roof space to good use can be a sensible decision.

Many commercial organisations have already realised the huge potential income stream available from solar energy.”

However, many don’t realise that there are many different forms of renewable energy that a building can invest in. This ranges from solar heating to green source heat pumps.

5. Put a recycling scheme in place

Many individuals who wouldn’t dream of doing so at home, will simply throw their rubbish away when at work – regardless whether any of it could potentially be recycled. This can be out of frustration that there is no proper recycling scheme in place at the coworking space.

This can be easily set up. All you need is a recycling bin – get in contact with your local council if you don’t have access to one.

6. Switch to energy efficient lightbulbs

It is the same changes that can add up to a big difference. Ensure that every time a lightbulb goes, it gets replaced with an energy efficient one. There is double the good news here, as energy efficient lightbulbs tend to last longer than traditional bulbs.

7. Be smart with heating and cooling

Sometimes it is important to be mindful of your own actions. If you get cold in your coworking space, don’t immediately go and demand that the heating is turned up. Instead, consider putting on another layer in order to warm up – and vice versa if you need to cool down. Once again, this is a small issue that makes a huge difference throughout the course of the year.

7 Reasons Why Waste Recycling is good for Business

StrategyDriven Tactical Execution Article | 7 Reasons Why Waste Recycling is good for Business‘Reduce, reuse, recycle’ is a well-known phrase, and doing so can be good for business. Managing waste efficiently means a better working environment, as well as saving money of disposal. Doing so doesn’t require a lot of effort; instead, it just takes the correct help. If you know where to look and what to look for, managing your waste could be a piece of cake. For example, searching for Montgomery county dumpsters for rent could save you a lot of time and money, as there are companies that provide professional services within your budget and with good response times. Here are seven reasons why waste recycling is good for business, and how to get started.

1. Showing that you are a business that cares about the effects it has on the local environment may win you customers, as more people are choosing to work with eco-friendly businesses. Having a business with an ethos that cares about the environment is something that will make it stand out for positive reasons.

2. Waste machinery saves your business money. Buying or hiring a recycling baler, shredder or compactor means you can group recycling materials into single bales, making recycling easier. It also costs less to transport, as more waste can be compacted into neat shapes so it is easier to transport more onto trucks.

3. A clean workplace gives a good brand image to visitors. Showing you have efficient and tidy ways to manage waste shows that you are a business that takes details seriously and help build trustworthiness.

4. Effective waste management may save you money on your business insurance, as it lowers the risk of fire. Lowering costs gives you higher profit margins for your business.

5. Safety onsite is increased through the use of waste machinery. Waste that is baled for recycling is less likely to catch fire, and if a fire does start, bales will burn much more slowly that loose materials. This increases safety for staff in the workplace and helps your business to avoid costly repairs and refurbishments.

6. Some recycling companies will pay money for single materials that are baled. This means that you could turn something that you once had to pay for to remove into another stream of revenue for your business.

7. Depending on the type of waste produced, there may be legal requirements in place for proper disposal. Using waste recycling machinery adds to the effectiveness of waste management, and could help your business to adhere to recycling rules and avoid fines.

How to get started with waste recycling

Using specialized waste management machinery is ideal for businesses that are looking for effective ways of recycling. Shredders cut materials into small pieces, which can then be compacted and baled. Shredders, compactors and balers can be bought new, second-hand, or can be hired, so there are options to suit any budget. There is machinery of different sizes machined to suit any business space, so even the smallest of premises can benefit from effective waste management. Recycling waste using waste machinery soon saves money after the initial investment, and provides a win-win solution to waste removal for your business.

It is important to remember that while recycling is better for the environment than waste going to landfill, it still requires energy to process. As well as recycling, businesses should also be looking at ways to reduce waste overall.

6 Ways Your Business Is Wasting Energy

StrategyDriven Managing Your Business Article |Wasting Energy |6 Ways Your Business Is Wasting EnergyOver the past few years, we’ve become much more aware of the impact that we’re having on the planet. Ice caps have melted, forests have been cut down, and entire species have been wiped out. As a small business, you might think that there’s little you can do about these issues. Thankfully, that isn’t true. By limiting the energy that you waste, you can help the planet, as well as save money and boost your image. Or if you are intending to switch to a better more energy conserving provider, be sure to check out https://www.simplyswitch.com/.

Here are six ways your business is wasting energy.

Leaving The Lights On

Unless you have staff working through the night, your office should not have its lights left on all hours of the day. This is incredibly wasteful, not to mention pointless. Instead, you should go around the building and ensure that they’re all turned off. If you think that you might forget to do this, or simply don’t want to, then switch to motion sensor lights or put them on a timer instead.

StrategyDriven Managing Your Business Article |Wasting Energy |6 Ways Your Business Is Wasting EnergyScheduling Cleaners At Night

A clean office is a productive office. This is why many employers hire janitorial staff to keep the workspace looking its best. If you have any control over when these employees work, then you should schedule their hours during the day or just after all other staff go home. By doing this, you limit how much extra energy you use and save yourself from paying off-peak energy costs.

Ignoring The Necessary Repairs

Many repairs can cause you to use much more energy than you need to. A leaking roof, for example, will let warm air out and cold air in so that you have to turn up the thermostat. For this reason, you should look into tpo roof repair. Forgetting to change your air filters will also cause heating problems, as dirt and debris will make it much harder to push air through.

Overcharging Your Mobile Devices

Everyone knows that charging cell phones and laptops is important, especially in a workplace where you tend to need them. However, once your gadgets have full batteries, there’s no reason why you should leave them plugged in. They won’t go over 100% after all. Plus, when you overcharge certain mobile devices, it can damage their batteries, making them less efficient.

Covering Up The Vents

Office occupants are going to move furniture around from time to time. You just need to be careful of where they put things. If desks, filing cabinets, or chairs are pushed in front of vents, this will block the airflow, meaning that your HVAC system will have to work much harder. This extra work will waste a lot more energy and cause your energy bills to skyrocket.

Having Unnecessary Vending Machines

A vending machine can make your staff very happy, but it also uses electricity every hour of the day. If your team aren’t using the machine very much, therefore, you should consider getting rid of it. Turning the machine off at night is also an option, but only works for machines containing items that won’t spoil without refrigeration.

Don’t let high energy bills get you down. With the advice above, you can help your wallet and the planet at the same time.