The 4 Hidden Benefits of Sustainability in a Business
Sustainability in a business reduces costs and waste, as well as improving brand image and gives a competitive edge. Prices can be increased for products and services when sustainability is involved as consumers are happy to pay that extra coin, knowing it’s going to a business that stands for a better future.
Improved brand image and competitive edge
Brand image has changed drastically over the years. Consumers, now more than ever, care about what a brand is doing behind closed doors. Are they sustainable within their offices? Do they have tactics in place to reduce energy consumption and waste? Sustainability factors heavily into the buying decision of your consumers.
People want to feel good about who they are buying from, and feel like they are making a difference in their buying process. 58 per cent of consumers are more likely to buy from your organisation if they know the impact of your company on the environment, according to The Natural Marketing Institute.
When considering where to purchase from, the consumer is more likely to purchase from companies that practise sustainable habits. Adapting sustainable personal, social and environmental values within a brand can boost their likeability from a buyer’s perspective. This research also showed that consumers will spend up to 20 per cent more on products and services they know are environmentally and socially conscious.
Reduced costs and increased productivity
Implementing a sustainable business practice is a great way to reduce overall costs within an organisation and enhance employee productivity. This can be done easily through simple energy conservation strategies, such as turning off unnecessary lights and insulating walls. Then it can be extended to more in-depth methods like installing a geothermal heating and cooling system.
Perhaps you don’t have the budget to upgrade your energy source right now, although have you thought of alternative energy? Solar panels are a great investment for lowered energy rates and reducing the running costs of a business.
It’s always a good option to start with the more accessible changes, such as making super appliances unplugged and switched off when not in use. Assigning someone to do this before leaving the office each day is a great way to reduce costs and energy consumption overnight.
Simple things like adding in recycling bins and waste mitigation are the basis of reducing waste within a business. Other things like reworking engineering products (to reduce the waste of raw materials), or replacing all light bulbs with LEDs to reduce energy consumption.
There are so many things within a business you can do to reduce waste. Having a look around, maybe it’s recycling. Maybe it’s a far-fetched tactic you saw on the internet, that might just be your saving grace. A reduction in the waste within your business can be financially beneficial, and become a selling point for your advertising or brand imaging.
Make stakeholders happy
Sustainable tactics can be used to lower costs and to increase profits! In the McKinsey report; Profits with Purpose, 40 companies were researched to understand how sustainable tactics changed the overall profits made. The study found that many companies with high ratings in environmental, social and personal factors outperformed their competitors in terms of profits and stakeholder happiness.
Sustainability takes dedication, commitment and follow-through from all employees to ensure it succeeds. Businesses that have implemented these kinds of tactics have seen a boost in morale and productivity from their employees, increasing sales and decreasing costs. It’s a win-win situation for stakeholders and consumers alike.
Your stakeholders must have confidence in your company and your products/services, so make sure all communication is clear and easy to understand. Make sure all certifications and sustainability tactics are clearly stated on your website and are an integral part of your branding; then you will receive the most benefit from implementing sustainable practices into your business.
If you are interested in discussing sustainability in your workspace further, contact us today.