success in business

Balance Between Sustainability and Economic Success for Your Business

The following is a sponsored post.

Trying to make a business work economically is already a big challenge for most. Starting an organization with nothing more than an idea and turning that idea into something of tangible value is an amazing feat. To accomplish this while working towards sustainable goals is another challenge in itself. Far too many businesses fail to make it beyond their first 36 months, and all too often, the pursuit of revenue and profits overshadows the greater need, which is to develop a sustainable economic model.

Large organizations are starting to take this matter more seriously and are implementing ‘Corporate Social Responsibility’ or CSR programs. Regardless of your organization’s size, the business can implement productive steps towards sustainability that will also help the organization achieve its economic goals.

Here are a few considerations.

Educate people inside the organization on sustainable habits

The United Nations has set sustainability development goals for the world and it would be ideal if organizations can educate and implement processes that contribute towards successfully achieving these goals. Many organizations struggle to see the economic value when supporting sustainability goals. In a lot of cases, improving sustainability comes at a more significant economic cost. However, there are often other ways to measure the positive economic impact as a result of implementing sustainable measures.

The sustainability goals from the United Nations include:

  • No poverty
  • Zero hunger
  • Good health and wellbeing
  • Quality education
  • Gender equality
  • Clean water and sanitation
  • Affordable and clean energy
  • Decent work and economic growth
  • Industry innovation and infrastructure
  • Reduced inequalities
  • Sustainable cities and communities
  • Responsible consumption and production
  • Climate action
  • Life below water
  • Life on land
  • Peace and justice

Organizations should incorporate these objectives into their organization’s mission for prosperity that goes beyond monetary gain. People within the organization can then create ways to contribute towards achieving these goals, such as partnering with charitable or specialist sustainability organizations or volunteering with not-for-profit organizations to help them achieve these goals.

It would also be ideal if businesses can reward employees for working towards these sustainability goals. Rewards such as financial bonuses, additional holidays or gifts can be a bonus for organizations.

The economic value to the organization might include:

  • Improved employee productivity
  • Lower employee turnover
  • Lower overhead costs
  • The potential in increased operational profit.

Implement sustainable technology

The easiest way for businesses to implement sustainable measures is by purchasing energy-efficient technology such as LED televisions and LED lights, which have a big economic impact on the business’s operational profit. For example, businesses that have retrofitted their premises with LED light bulbs have reported up to 60% in annual energy consumption savings. Not only is it good for businesses cash flow, but it also lowers the amount of carbon emissions from fossil-fuelled energy production companies.

Seek out sustainable partners that can aid with the ‘life cycle’ of products that your organization uses

Businesses will always use and dispose of resources. Partnering with the right organizations that can help them manage the ‘end-of-life’ process will be better in the long-run for the environment. For example, partnering with a printer supplier such as Cartridges Direct will allow the organization to ethically dispose and recycle used ink cartridges so that they don’t end up in a landfill and contaminate the ecosystem.

Businesses can make a real difference if they strive towards implementing a sustainable economic model. The value might be difficult to justify in the early stages, but it is valuable over the long-term. Review areas of your business to see how things can be improved.

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George Meszaros is the editor and co-founder of Success Harbor where entrepreneurs learn about building successful companies. Success Harbor is dedicated to document the entrepreneurial journey through interviews, original research, and unique content. George Meszaros is also co-founder of Webene, a web design and digital marketing agency.

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