09 Dec Organisations can drive profits implementing sustainability solutions
Can a market economy encourage business practices that promote environmental stewardship? Yes, it can, because environmental sustainability is proven to have direct benefits for businesses. These include decreasing dependence on high-energy costs, reducing packaging expense, and allowing organizations to benefit from government tax incentives and programs aimed at promoting sustainable practices.
Original article appeared on BizJournals.
Given that implementing sustainable measures may involve higher, up-front capital outlay, how can businesses that are traditionally focused on key financial measures like revenue, profit, and growth justify pursuing sustainability goals that may not produce an immediate improvement in financial results?
For many businesses, sustainable measures can prove to be less expensive than traditional practices over time. More importantly, these practices pay reputational dividends because many consumers now expect organizations to be involved in “greener” practices.
The industry has evolved so much over the past decade that businesses, government, and environmental groups are now looking for new and innovative ways to collaborate and share ideas. ” Just 20 years ago, it was believed that environmentalism and good business practices could not intersect beneficially.
Gatherings like the EBLC present opportunities to learn while simultaneously recognizing innovators in sustainable practices.
“It’s clear that businesses of all sizes and kinds are now adopting sustainable practices, and for good reason,” said McGrath. “Today’s consumer is environmentally conscious. A company’s environmental awareness directly influences their purchasing decisions. Customers are attracted to companies that commit themselves to advancing sustainable business practices.”
He said events like the EBLC demonstrate to many organizations how to contribute ecologically while benefiting economically. “The old belief that profits and environmental sustainability are mutually exclusive simply isn’t true anymore. EBLC highlights how sustainability practices can ultimately help an organization’s bottom line.”