Since launching Bridge Sustainability, people often ask us, "what is sustainability" or "what is a sustainable business"? Sustainability is the
“ability to meet the needs of the present generation without compromising the ability of future generations to meet their own needs” (United Nations, 2022).
Sustainability is about balancing a company's needs for economic growth with care for the environment, and greater society.
Historically, conventional business models focused on profits above everything else. However, in more recent years, international pressure driven by climate change has made it clear that companies can no longer operate in a “business as usual" fashion. Significant global issues impact our society, ranging from climate change to social inequity and diminishing resources. Simultaneously, there is a growing expectation from stakeholders for companies to be more socially responsible lest they lose their customers to ‘greener’ competitors.
Sustainability Can Look Like:
Executing zero-waste events
Mitigating risk with supply chains by including more local business
Cutting operating costs by eliminating inefficiencies in water and electricity usage
Strengthening employee retention rates
Working in collaboration with First Nations
Designing modular products
Implementing sustainability into business operations is possible for any company and should ultimately save operational costs and build competitive advantage. The general goal of a sustainable business is to positively impact the environment, and society, while also creating a monetary benefit to shareholders. The approach however is not a one size fits all.
Companies such as Patagonia have had sustainability woven into their company missions from day one, and they’ve found commercial success while positively impacting the planet. Other brands like Ikea and Unilever implemented their sustainability strategies later on, but this doesn’t mean they’re any less effective. They’ve both made significant changes to their business operations to integrate sustainability and make positive changes.
For example, Ikea continuously works to improve the quality and durability of its particleboard which permits it to create furniture using less wood than traditional methods. This strategy saves the company material costs, permits for reduced retail prices, and works to promote sales to its target demographic of low to middle income customers. This is an example of a fully integrated sustainability and business strategy.
Incorporating sustainability into your business plan begins with building a sustainability strategy and measuring the environmental footprint your company is currently producing. After that, reduction targets and process changes can be built into your business operations with the dual goal of promoting your company’s bottom line and contributing towards the world’s sustainability efforts.
Whether you’re beginning your sustainability journey or have an existing one that needs some refinement, we will work with you to develop a sustainability plan that works for your company. Let us help your company succeed in the era of the green revolution.
As inspiration, here is a list of the 50 fastest-growing green companies in Canada, presented by Corporate Knights:
Comments