Importance of Sustainability in Business
Updated: Aug 11, 2020
After long years of struggle, the human race achieved a lot of advancement in every field they put their step in. But with every step we took up towards development, we also took a step down in the health of the Climate. Climate change can be felt in our day to day life as in global warming, pollution, weather change etc.
Businesses creating strategic plans to fulfill their corporate sustainability policies. By incorporating these environmental and social responsibilities into companies decision making processes can enjoy remarkable financial rewards and attract more attention from investors, that is a secret to long-term benefit.
Sustainability is achieved differently in every business, depending on the type of business.
Advantages of Sustainability to a business
Better Business Image
Good name in the Government books
Attract employees and investors
Steps to achieve sustainability in business
1. Identify and capture opportunities Improve production to minimize carbonization.
Make rules to achieve it.
2. Raise and reallocate capital
Raising and investing capital in eco-friendly ways of production
3. Reduce risks Creating ways to analyze and identify potential risk to the business.
4. Transform operations and supply chains
Modifying production and supply chain to decrease cost and increase efficiency.
5. Improve products
Products should be made sustainable and under government rules
6. Proper checks on waste
Regular checks should be done on waste emitted by the production units.