How Important Is Business Sustainability For Your Small Business
A sustainable business can be described as a business that doesnt compromise on thewell being of environment or society while trying to earn profits for its stakeholders. Sustainable businesses are also known as green businesses, but that reflects on only the environmental aspect, whereas a truly sustainable business must operate in line with the society wellbeing. Businesses and corporations have become an integral part of societies, in a way that they influence the market, environment, society and even the routine lives of individuals.
Sustainable Business is a debatable phenomenon though, while environmentalists have a point to make, the opponents argue that it sidetracks the businesses from their original role in the society. The supporters claim that theres nothing wrong in businesses being more concerned about their profitability but if that starts resulting in some activities or policies that cast a negative impact on either the environment or society, thats not tolerable. If you are a small business and looking to become a sustainable business, you should focus on the following aspects.
You must have heard about the green business practices, while some businesses are just using the term to stand out from the crowd, a few have really started to incorporate policies and practices which are good for environment, for example refraining from using harmful chemicals in the manufacturing process or using alternative energy sources. Apart from the business practices, some businesses are heavily investing in research and developing sustainable products which are more energy efficient and recyclable. Consumers are often willing to pay more if they are getting some environmental friendly product, which means such products are good for both, consumers and the businesses.
Corporations have been the subject of criticism in the past but the scrutiny has increased manifolds with an incredibly alert media and internet. Some bad move (in form of advertisement, marketing tactics or waste discharge) is quickly noticed and criticized by many. Businesses and corporations are obliged to think differently, however they can use this awareness for their advantage because some good initiative or policy will be noticed in the same manner and publicized on TV channels, newspapers or Blogs. It can be in form of donation or a company voluntarily deciding to do something which is beneficial to the society by and large. A small business, who cannot contribute to the charity causes, should at least adhere with ethical business practices.