How to Operate Sustainably While Promoting Business Growth
In 2024, sustainability has become a buzzword across the world. This is because climate change and global warming are no longer simple theories; they are now beginning to take place on the planet. Many people will remember the devastating floods in Bangladesh in June 2022. Around 300,000 people were displaced as water levels swamped whole regions in the country. Many leading scientists now recognize that such severe weather events are due, at least in part, to humankind’s impact on the environment. The burning of fossil fuels in power plants, the production of concrete in the construction industry, and the heavy reliance on air transport are all significant contributors to CO2 release, global warming, and climate change.
All modern businesses should take meaningful steps to ensure that they can operate sustainably and minimize any adverse impacts that they may have on the wider environment. This is vital if future generations hope to live on a planet that is not subjected to extreme weather patterns and temperatures. In this article, the focus is on operating sustainably as a business.
It is important to remember that operating sustainably and achieving business growth can go hand-in-hand. This article will outline such key points and use examples of current best practices in sustainability.
Consider outsourcing key business functions
When a business seeks growth, this will often require a range of additional investments. Extra staff (and potentially even new teams or departments) will need to be hired to support new business functions and activities. In addition, there may be a need for additional business premises to support the new staff members. New buildings will typically create CO2 release in their construction.
It is recognized that concrete production accounts for 8% of the total CO2 production on earth. This equates to huge volumes of CO2 released into the atmosphere every year and concrete being a major source of greenhouse gas emissions. All businesses can take steps to reduce the need for new corporate premises by considering outsourcing. Put simply, this is where a business hires third-party professional firms to undertake key business activities and functions, such as the HR function and finance activities.
Increasingly, firms are seeking to outsource functions for project work. Companies such as Radian Generation asset management can help your business fulfill all its project needs, from financial and technical obligations to contract compliance. In many cases, these forms of outsourcing can be delivered at a cost that is cheaper than hiring in-house staff to complete the work. To sum up, outsourcing reduces the need to construct new corporate premises and gives firms access to highly skilled professionals who are only employed for as long as the project lasts.
Undertake zero-waste initiatives
Undertaking zero-waste initiatives across your organization can also be a key way to operate sustainably whilst still promoting business growth. Some forms of business waste can eventually end up in landfill sites, polluting the local environment and, in some cases, taking hundreds of years to fully decompose.
All business leaders should take a comprehensive look at every operation in their company. Where waste generation is noted, steps should be taken to reduce or eliminate these practices. For example, any waste generation should ideally be composed of recyclable or reusable materials. Companies should seek to trade with suppliers who can minimize packaging in their products or use sustainably sourced packaging.
Firms may also seek to hire a sustainability champion who can specialize in promoting “green” initiatives and waste reduction projects across the organization. It is important to understand that zero-waste initiatives can also save a company considerable amounts of money. There is less need to pay for waste disposal services and other waste management services. This saved money can then be used to cultivate business growth.
Support environmental organizations
In 2024, an increasing number of consumers want to do business with firms that can demonstrate their respect for the environment. Recent research indicates that people who are classified as “Generation Z” (people born between 1997 and 2012) are actively seeking to trade with sustainable firms. 91% of Generation Z respondents stated that they wanted to buy from companies that can demonstrate their commitment to sustainability. Along with zero-waste initiatives and outsourcing, companies should strive to actively support environmental organizations.
Undertake market research to determine which environmental organizations, causes or charities resonate with your target market. Support these organizations by donating a small proportion of your profits to them or looking for other ways to support the work that they do. Ensure that you publicize the support that you are providing for such organizations so that your customers are aware of the work that you are doing.
This will help build a positive brand image for environmental awareness, eventually leading to increased trade, which can support ongoing business growth.