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When it comes to designing economic structures, most countries have opted for capitalistic or mixed business models. In order to run a country, the government requires a heavy amount of revenue, primarily generated by businesses and industries. In this article, we will be discussing some of the many business practices that can help reduce a range of climatic impacts[1], like deforestation, global warming, water pollution, and more.
What are sustainable business practices?
In simple terms, sustainable business practices refer to strategies and actions taken by companies to conduct their business in ways that are environmentally responsible, socially conscious, and economically viable. Corporate or business sustainability is the coordination or management of social, environmental, and financial demands to ensure the ethical and responsible successes of businesses. The integration of sustainable practices into business models is essential for long-term success in an increasingly eco-conscious global marketplace.
Broadly, sustainable business practices can fall under the below scopes:
- Environmentally conscious operations: Adopting green initiatives, such as using renewable energy sources, reducing waste, and minimizing carbon footprints, are at the forefront of sustainable practices.
- Ethical supply chains: Ensuring that suppliers adhere to ethical labor practices, maintain environmental standards, and source materials sustainably is vital.
- Social responsibility: Engaging in community development, supporting charitable causes, and promoting diversity and inclusion in the workforce exemplify social commitment.
- Economic viability: Implementing practices that are not only environmentally and socially responsible but also financially beneficial ensures business longevity.
- Transparency and accountability: Being open about business operations and taking responsibility for any negative impacts further solidifies a company’s commitment to sustainability.
- Continuous improvement: Regularly evaluating and adjusting business strategies to align with the latest sustainable innovations and research is essential.
The benefits of sustainable business practices
- Reduction of waste in business processes
- Competitive advantage and improved brand image
- Improved recruitment rate and employee retention
- Leveraging sustainable practices reinforces innovation
- Reduction in overall costs with accelerated productivity
Today, in the age of digitization, with the help of social media awareness, people across different sectors and classes are becoming more considerate about the health of the planet. Large-scale business owners are stepping up and shouldering the responsibility towards the environment by incorporating various sustainable practices like water conservation, chemical management, drafting recycling programs, developing unique, sustainable strategies, and more.
Adobe, Panasonic, IKEA, Unilever, and Seventh Generation are some of the many prestigious brands that have deployed impactful sustainable practices while setting a benchmark with their business models across different sectors. Now, we will bring under purview 4 sustainable practices for your business that will not only ensure a greener and brighter future but will also maintain your edge in the market:
Awareness and active involvement
Even though most people are acquainted with terms like sustainability, energy efficiency, and climate change, it is important to explain them in a way that everyone understands. Once everyone knows what they are working towards, they will be able to plan and strategize better, leading to better results.
Additionally, everyone from a manager to an administrator should be equally involved and driven to deploy all the decided sustainable practices. When senior management shows enthusiasm toward a project, it automatically encourages employees to put their best foot forward to meet these goals and targets.
Unlock the power of solar
The deployment of renewable energy is probably one of the most widely employed sustainable practices in our society. Non-renewable energy sources like natural gas, coal, nuclear energy, and oil are the major cause of environmental pollution as they lead to massive amounts of carbon and greenhouse gas emissions.
In contrast, equipment like hydropower systems, solar panels, and windmills are paving the way for a sustainable future. They might seem like an expensive investment initially but will eventually cover all the cost with the heavy amounts of returns it will bring in for several years.
Incorporation of automation
It takes a solid man force to run a business or an industry. Since every enterprise works in a hierarchal way, every business owner tries to onboard hardworking and diligent employees who have the skill to produce optimum results by using a minimal number of resources.
However, the introduction of automation and digitization has drastically transformed the way businesses operate on a daily basis. Leveraging digital and automation services like the Internet of Things (IoT) is one of the smartest sustainability practices organizations can invest in. They readily accelerate business productivity, reduce wastage, and save energy while cutting down on utility bills.
Draft a recycling programme
While most businesses try to recycle plastic and paper, they can also expand this practice by consistently recycling metals and glass. This sustainable practice can be implemented and reinforced by collaborating with different waste management companies who will personally weigh the overall recycling before shifting it to their facilities. This will make it easy for industries and organizations to report and track the total amount of waste they are redirecting from landfills.
Boost the impact of sustainable practices with Schneider Electric
At Schneider Electric, we aim at bridging the gap between progress and sustainability in the most efficient way possible. Our team of experts is driven to accelerate the transition to a more sustainable and electric world by designing a range of best-in-class products and services for industrial automation, buildings, grids, data centers, and more.
Over the years, we have maintained our reputation of being a visionary and futuristic organization by combining innovation with hard work and perseverance. Learn more about our climate commitments by visiting our Sustainability page.
