Ethical Practices for a Sustainable Business

Ethical Practices for a Sustainable Business

Creating a sustainable company revolves around what will work in the long-term. Both for the planet and your business model. There are areas you need to focus on and ask yourself what changes you can make that will last in the future. What practices can you follow to create a sustainable business?

Ethical Investing

It’s important to assess how you are spending your money. Ethical investing is becoming a global trend and for good reason. Think about putting money into companies which help create positive change. This can be for the environment, society, or the economy. Investing in environmentally friendly products for your business will not only save money but also help reduce waste. For example, replacing all single use plastic packaging in your business with biodegradable plastic products and reducing paper usage by printing less which will decrease your costs and increase your contribution in the sustainable world. Shifting the focus of your business onto more sustainable models will not only benefit the planet but also boost your company’s reputation. It could make your brand more appealing to potential clients.

Supply Chain

No matter your line of work, it’s likely you’ll be outsourcing materials from another company. Look at the businesses you’re currently dealing with and ask yourself how sustainable they are. There are ways you can create a sustainable supply chain. If done correctly it can reduce the impact on the environment, create continuity, and attract more business. Plus a sustainable supply chain can save your business money, rather than cost it.

Small Changes

Sustainable changes shouldn’t just happen outside of the workplace, but during the day to day running of it. There are plenty of small steps your company can take to ensure an eco-friendly work environment. From going paperless to picking products. If you’re able to, print less documents and focus more on sharing files online. Use products which are better for the environment. Introduce recycling, reusing, and refills. You could also discuss with the team to see what changes they would like introduced.

Team Effort

You can make these changes, but if your team isn’t behind you they’re not going to have the desired impact. Therefore it’s vital your colleagues are behind the sustainability movement. You could introduce incentives to encourage staff to take action. It’s important to note that a sustainable business model is an incentive within itself. More and more employees want their company to respect their values.

Role Model

However, you cannot expect your team to take action if you don’t put the work in yourself. It’s important to lead by example. You should be a role model for the team to follow. This creates a good company work ethic and a better environment for people to work in. Instil these values now so they will last in the long-term. Remember sustainable choices – while important for the planet – are also vital for keeping your company successful in the future.

A sustainable business takes work, but all these efforts are an investment for a better future. Do you have any tips for making a business more sustainable?

The views expressed in this article are those of the authors and do not necessarily reflect the views or policies of The World Financial Review.