The tide is changing on how global companies do business. With a greater cohort of younger, more environmentally engaged, consumers to cater for, brands and corporations need to work hard to make sure their business practices do not negatively impact the environment.
Of course, that is impossible. As everything we do has some impact on the environment. But companies need to build sustainable business models to offset their impact on the environment.
A sustainable business model has myriad benefits for your bottom line. Focussing on issues that your consumers care about, backing it up with action, and not chasing profits for profit’s sake, will help corporations safeguard their businesses for years to come.
Sustainability should not therefore be treated as a consumer trend, but a long-term strategy for your companies ongoing success. And the success of our planet.
Future-proof your interests
A sustainable business model will help you to secure your business strategy for many years to come. Working in collaboration with NGOs and non-profit groups, you can devise the best strategies to keep your business sustainable well into the future. Making sure your business practices do not hurt the environment.
Learn from the innovators
Across the globe, innovative companies are launching through their sustainably minded business practices. Looking to global innovators is the best way to build your sustainable business or restructure your current model to a more sustainable model.
Do not greenwash your business
Greenwashing is the term for marketing your business as sustainable or environmentally friendly, without doing the work to make your business sustainable. Greenwashing will hurt your bottom line in the long run, as today’s consumers are very savvy about the business practices of the companies they are buying products from.
Sustainability and fashion
Fashion brands are often front-facing industry leader when it comes to sustainability. Although many retail sustainability projects are little more than greenwashing dressed up. However, brands such as women’s thermals retailer Damart are launching important sustainable collections that do try to make buying sustainable, eco-minded products easier for a broader demographic.
Think long-term gains not short-term profits
Sustainability is a long-term business goal, and while most business exist to turn a decent profit, being truly sustainable and ethical will impact your earning potential. However, businesses that get sustainability right will see long-term loyalty from their customers, which pays dividends over the long-term of a business.