With expertise in designing leading-edge, cross-domain strategies for financial leverage and business growth, this incredible team of scientists and tax consultants are sharing their advice for how to become a sustainable business in this article written by Nicole Mirabal.
As a business leader, you want your company to grow; but is it possible to grow your business sustainably?
A sustainable business performs its business operations without negatively impacting the environment, community, or society as a whole. To successfully achieve sustainable business status, businesses require sustainable innovations that strategically reduce the negative environmental impact related to their business operations, which begs the question, can innovation and sustainability co-exist?
We’re used to thinking of innovationand sustainability as being in conflict: some believe that we need to invest in sustainable practices, while others adopt the “whatever it takes at all costs” mentality. By definition, innovation refers to bringing new and/or improved versions of products or processes to market. Overall, a positive perception follows innovation, generating an ongoing high market demand for innovation. Nonetheless, businesses face difficulty when it comes to meeting these demands resulting in unsustainable business practices.
When we think of unsustainability, what may come to mind is packaging designed for landfills. However, unsustainability takes many shapes and forms in businesses. Three categories can describe unsustainable business practices: technical, organizational, and social.
Some examples include (Ritala et al. (2018) and Bocken et al. (2014)):
As mentioned above, the concept of sustainability presents differently depending on your business. Sustainable businesses utilize strategies that align with their organizational goals and values. Within their strategy, actions per category may include:
Sustainability is an economic advantage as well as an ethical one. Although, you might assume that the only benefit of converting to sustainable practices is directly environmental, sustainable business models may:
As mentioned above, sustainability looks different for everyone. To transition to a sustainable business you’ll need to create a sustainable business strategy. Depending on where you are on your business journey, you may not be able to commit to making grand changes to your business model, which is why we present to you, an easy and low-risk green initiative that can result in high reward: acknowledging all the practices and or concepts that may attract funding.
The experts at Leyton have the expertise to guide you in your sustainability transition and discuss your eligibility for the many fundingprograms available. From government grants to tax credits, your business is able to transition with minimal disruption and sufficient cash flow!
You can learn more about Leyton and reach out to them here.