Since the start of the industrial revolution around 1750, businesses have rushed to produce large quantities at low cost to maximize their profits. Over 250 years later, it is no surprise that resources are scarcer and markets are saturated. We live in a world where competition grows ever fiercer by the day, where every opportunity to increase profitability is worth evaluating, and where every customer now has a voice heard potentially all over the world. Business as usual is an idea of the past.
Evaluating the sustainability of your business, from manufacturing processes to energy usage patterns to employee engagement, does not only mean determining environmental impact. Being sustainable means being efficient, and increased efficiency means increased profit. That said, there’s the happy coincidence that using resources more efficiently can also decrease environmental impact, resulting in both a financial and environmental benefit. By implementing sustainable initiatives in your business, you can impact four key dimensions: your business’ overall financial performance, the efficiencies of your systems and procedures, employee satisfaction, and other important nonfinancial elements.
There are many ways to become more sustainably profitable while increasing employee motivation and strengthening brand image, each of which provides a competitive advantage.
There are also approaches to avoid: approaches to internal proposals that may not result in successful buy-in from key parties, approaches that may make B2B clients skeptical of how the sustainable component of your value proposition impacts their profitability, and finally approaches that can lead to outcries of greenwashing and public backlash.
How does your business stand in terms of being sustainable? The course Introduction to Sustainable Performance will guide you through the best practices of sustainable performance, showcasing examples of the many industry success stories and providing insight into the do’s and don’ts of this fundamental shift in business thinking.