In today’s world, consumers and those in the supply chain are much more sustainability-focused. They expect the organisations that they purchase from to be operating sustainably and working towards a Net Zero target.
Even in markets where there isn’t a customer need for sustainable practices, adopting a more sustainable stance can lead to lower operating costs and overhead expenses, increased bottom-line profits and an enhanced employee experience.
In this blog we highlighted a few reasons why your business should start considering sustainable business practices.
Cost savings
Although some sustainable business practices require investment, such as introducing low carbon technologies, once the initial cost has been covered these measures typically have lower running costs compared to traditional energy sources, are less influenced by external market forces and in some cases can generate revenue for your business.
In addition, lots of sustainable business practices focus on efficiencies, using less and re-using more – all principles which result in lower operating costs.
Sales opportunities
Focusing on sustainability and celebrating your achievements in your marketing activity will open up a number of sales opportunities to your business.
A Nielsen study reported that 66% of consumers are willing to pay more for products from brands committed to sustainability, meaning that it maybe viable to pass on some of the additional short-term costs of sustainability through to the end user without any objections.
In addition, sustainable practices contributes to a positive brand image and can enhance customer loyalty.
Attracting a diverse workforce
Did you know that nearly 40% of millennials chose their employer based on their sustainability practices?
Taking steps towards sustainability, even if just small ones, is essential when attracting a workforce of the future.
Get ahead of regulation
In June 2019, the UK government legislated a net zero emissions target of 2050. Over the next 25 years we will see a number of pull and push factors to help make this a goal a reality.
Where possible, businesses should get ahead of regulation sooner rather than later.
