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Sustainability is all the rage these days, in part due to the pandemic that highlighted how interconnected we are all. It changed everyone’s priorities and accelerated the disenchantment with profit-obsessed tech companies.
Some today have a greater appreciation for non-profit essential workers and services, a greater awareness of how we treat nature, and a greater concern for social justice. This has led to the acceptance of sustainability in all its forms: environmental impact, social justice and individual well-being.
According to the Global Sustainability Study 2021, 85% of the people have changed their purchasing behavior towards more sustainable goods in the past five years, with 60% now saying sustainability is an important purchasing factor. Consumers expect companies to match their values and show an increasing preference for ethical brands that are climate-friendly, support social justice and advocate for diversity.
What does it mean to be a sustainable australiabusinessblog.com?
Entrepreneurs are by definition creative, out-of-the-box thinkers. Sustainable entrepreneurs apply this innovative thinking and business acumen to solve problems in their environment, community or society. At the same time, they run their businesses according to sustainable values, such as helping employees improve their mental health, embracing diversity and encouraging remote working.
Related: What Does a Sustainability Chief Do?
Sustainable entrepreneurship is not only good for your company, but also for the planet. Younger consumers are committed to sustainability and make up a growing percentage of the market. To retain your customers and increase sales in the long run, you want to have a sustainable business that aligns with the consumer’s personal principles.
Gen Z and millennials are increasingly part of the workforce and consumer population, and they’re not just in it for the paycheck. They want to work for a company that shares their standards, supports their mental health, and offers a job that does something to improve the world around them. By appealing to this desire for purpose while providing a healthier work environment, sustainable entrepreneurs stand out as employers of choice, making it easier to hire top talent.
Investors also prefer sustainable business concepts; the vast majority of investors from the US, The UK and China say they prioritize companies with “good sustainability strategies”. With investors, customers and employees all looking for companies that have a positive impact on the environment, entrepreneurs have plenty of good reasons to choose sustainability.
Entrepreneurs who advocate for sustainability don’t always find it easy to balance resilient business practices in a context of sustainability. Here are four tips to make that process easier.
1. Make informed business relationship decisions
A company’s sustainability is only as strong as that of its least sustainable business relationship. Check suppliers and distributors carefully – don’t end up like the many brands that talked about sustainability, but were shameful for the use of forced labour. Instead, use purchasing power to support other sustainable businesses.
Likewise, it’s tempting to accept any potential investor since every australiabusinessblog.com needs capital, but sustainability requires research. Investigate the origins of their funds and make sure they don’t score badly for ESG. By vetting your partners, you build a sustainable network that you can be proud of.
Related: What Is Sustainability in Business?
2. Seek expert help
It can be difficult to win contracts with big companies if you’re a small business, especially if you charge more because of your ethical business practices (such as avoiding sweatshop work).
Fortunately, mentorship can make a big difference. There are business heavyweights out there who are happy to teach you what procurement departments are looking for and share tactics to help your bid succeed. There are organizations that help social enterprises solve strategic business challenges and integrate them into corporate supply chains. Look for these types of guides to learn the best ways to score the contracts you need.
3. Forge lasting connections
It can be exhausting to serve as the only sustainable company. Partner with local sustainable entrepreneurs to build a sustainability-focused community of entrepreneurs. You will also be better able to find sustainable suppliers, buyers, manufacturers and other strategic partners if you know your neighbours.
Entrepreneurs can achieve more by working together rather than going it alone, and working as a group attracts more people to sustainable business. Form a collaborative, supportive business ecosystem that will help adhere to sustainable principles.
4. Build a healthy workplace
Your employees are an essential part of your success. You need them to keep your values high and make sure no corners are cut. In addition, you want to attract minority talent, not only as a symbol of your commitment to social sustainability, but also because diverse teams bring more creativity and drive innovation.
By investing in your employees, attracting diverse employees and establishing transparency in your business decision-making, you will gain a reputation as a healthy workplace and attract more people who prioritize sustainability – establishing a sustainability flywheel that pays for itself.
Related: A leadership roadmap for sustainability success
Sustainable business is the future
With consumers, employees and investors all looking for sustainability, being a sustainable australiabusinessblog.com tends to be “must have” territory rather than “nice to have”. When you prioritize employee well-being, invest time and effort in building local networks, find mentors to guide you, and explore your business partnerships, you can achieve your sustainability dreams, make a difference to your environment, and run a profitable business at the same time build up. company.