3 Reasons Why Sustainability Is Important for Business

• Jun 24

The National Environmental Policy Act of 1969 was instrumental in steering the U.S. toward a focus on sustainability. And typically, when people think of these sorts of concepts, environmentalism is exactly what comes to mind. Of course, understanding why sustainability is important requires a strong emphasis on environmental impacts. But in order to fully understand the role your business has in preserving resources, you must recognize the three key pillars of sustainability.

• Environmental – This primarily involves conserving the earth’s natural resources by heightening ecological awareness and reducing waste. Furthermore, environmentalism highlights preservation of species and habitats.
• Economic – Particularly for businesses, the economic metrics of sustainable practices become essential. Overall, the goal of this pillar is to balance different parts of the economic landscape both personally and corporately.
• Social – This is the part of sustainability that accounts for the overall wellbeing of individuals and communities. In large part, this involves combating systems and policies that might promote one group over another. However, it also requires providing equitable access to necessary resources and opportunities.
  
  

Ultimately, businesses must account for each of these pillars in order to fully commit to sustainability. But knowing what to do doesn’t always help explain why you should do it. So, let’s run through some of the primary reasons why sustainability is important for your business.

The Importance of Sustainable Business Practices

First and foremost, you need to recognize that businesses are major players in the landscape of sustainable practices. After all, they represent important economic players with the power to create numerous social opportunities. And since they utilize resources – sometimes on a massive scale – their impact on the environment can be immense.

Of course, that’s not to say other entities lack responsibility when it comes to sustainability. Naturally, governments have the power to implement policies and make changes that prove a difference. However, discounting your company’s role in this matter only reveals a lack of awareness. Because even small businesses utilize resources and impact the economy.

In fact, even fully-digital companies or those with intangible products need to understand the importance of sustainability. Computers, equipment, and office space still requires energy consumption. So, no matter your industry, size or product, you can’t escape the responsibility to greater sustainability.

Noticeably, so far we’ve only hit on the responsibilities associated with sustainable practices. But it’s also worth highlighting the fact that these policies come with benefits. Sometimes, businesses might receive certain governmental incentives for increased mindfulness toward conservation. And on a social or economic level, customers tend to notice when companies adopt a culture of equity and opportunity.

Getting straight to the point – sustainability in your business isn’t simply a thing you do. It permeates your company and becomes who you are. And while that entails greater responsibility, it also means greater benefits.

Sustainability Impacts Every Life

The way your company conducts its business processes has the potential to impact every life on our planet – positively or negatively. So, when organizations adopt harmful practices that degrade the environment, it carries drastic consequences.

Now, that doesn’t necessarily mean your business alone will impact every single creature on the planet. However, industry as a combined force, which every business is part of, does. Think of it as a “part of the whole” kind of situation. So, even if you head up a small, one-person service, responsibility remains.

It’s easy to displace blame, especially when a problem spans as many companies and individuals as poor environmentalism does. Instead, each organization needs to do what’s within its own power to help contribute to a more ecologically conscious world.

Sustainability Conserves Resources

If we haven’t said it enough so far, one of the prime reasons your business should care about sustainability is that it preserves precious resources. After all, when the inputs you use to create products become scarce, prices skyrocket. So, in a sense, contributing this way ultimately helps keep your own costs lower.

This might take the form of recycling, reducing your waste, minimizing packaging, or a host of other practices. However you decide to implement these processes, make sure they fit your business. But moreover, make sure employees know the actual importance of your decisions.

Sometimes, the decisions that trickle down from the top don’t make sense. So, take time to speak with your workers, educate them on why you’ve determined to “go green”. Because your company’s contribution only extends so far as employees are willing to reach. And admittedly, environmentalism can sometimes become more of a hassle than simply throwing all the disposable material in a dumpster. But if you take the time to get everyone on the same page, you’ll see quite a bit more success in your efforts.

Sustainability Protects Your Business’ Future

Sometimes, when it comes to issues of ethics and public sentiment, it’s tempting to play down the benefits. After all, you should practice environmental awareness because preserving the planet is the right thing to do. But at the same time, it does help businesses secure their future, and pretending it doesn’t simply isn’t true.

Now, that doesn’t mean your primary reason for instituting better practices has to become economic advancement. However, one of the three pillars of sustainability is economics. So, you should take this aspect into account, particularly as a business.

Transparency has become one key demand of various industries over the last decade, with the public calling for greater accountability. And when it’s clear companies are acting for the betterment of their workers, their societies and the world at large, consumers takes notice. This might lead to increased sales and revenue, generating the necessary funds to keep your organization running long into the future.

Additionally, approaching operations with conservation in mind allows you to preserve energy and other resources. This can lower the overhead costs associated with electricity and water usage. Going green also provides other financial incentives, such as tax breaks. But to fully understand the benefits for your company, you need to research your industry specifically.

Learn More About Sustainability for Your Business

Hopefully, at least from the few reasons we’ve shown, you have a little more understanding on why sustainability is essential for business longevity and success. Of course, there are other reasons to care about establishing better practices in your organization. Some you can easily find out by conducting research and others might be based on experience.

If you’re looking for something specific to help boost your awareness of sustainability, check out one of our courses that deals with the topic.

Article written by Braden Norwood

Last updated August 29, 2024

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