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As environmental concerns become more prevalent, many businesses are adopting sustainable strategies. These strategies aim to reduce a business's negative impact on the environment and increase its positive impact instead. If you work for a company that has not yet adopted a sustainable business strategy, you may be interested in learning more about the topic. In this article, we discuss how the benefits of sustainable strategies and explain how to develop a sustainable business strategy. Related: Types of Social Responsibility What is a sustainable business strategy?A sustainable business strategy is a set of actionable steps that a company takes to improve their impact on the community and the environment. Sustainable strategies can take time to implement, but when done correctly, they should benefit the company and its employees as well. Sustainable business strategies have become more popular in recent years due to environmental concerns and consumer-demanded action. A sustainable strategy is unique to each business and its operations. Some companies take small steps to reach a sustainable goal, such as working to switch their production to use entirely renewable energy within a five-year time frame. Other companies take actions that can be implemented immediately, such as switching their packaging to use only recyclable materials. Sustainable strategies can also focus on giving back to the local community through monetary means or physical action. Related: What Is the Social Responsibility for a Business? Benefits of a sustainable business strategySome companies may see sustainable business strategies as additional work with no reward, but this is not the case. Sustainable business strategies can have many benefits for the company as well as the environment and the community. Here are some of the benefits that a sustainable business strategy can bring: Environmental benefitsThe most obvious benefits that come from a sustainable business strategy are related to environmental impact. When a business incorporates a sustainable strategy, they can reduce the amount of emissions and pollution they produce which has a positive impact on the environment. They may also increase the amount of materials that are able to be recycled and reduce waste by creating more durable products. The environmental benefits of a sustainable strategy depend on the business and their specific goals, but they can be very impactful. Community benefitsA sustainable business strategy can also benefit the community. Sustainable strategies encourage companies to evaluate their relationship with the community and conduct practices to improve them. This form of sustainable programs encourages companies to give back to the communities that have helped them grow. Not only do the environmental benefits lead to a cleaner and safer community, but businesses can create initiatives designed to directly help their community. This can involve making charitable contributions, creating and participating in volunteer work and creating safe and high-quality products. Companies can also become involved in community activism and education, and initiate programs to help specific members and groups within the community. Company benefitsWhen executed properly, companies should see many benefits from their sustainable strategies. These can include lower operating costs and business expenses, better overall financial performance, improved reputation and increased sales. Businesses can also attract more employees when they implement a sustainable strategy, and they can also increase their retention rate of current employees. Having a sustainable strategy not only improves a company's appearance, but it can also improve their internal operations and their level of success. Related: What Is Green Marketing? Uses, Benefits and Examples How to create a sustainable business strategyIf you want to create a sustainable strategy for your business, you can follow these steps: 1. Identify issuesThe first step in developing a sustainable business strategy is examining your current business practices to identify areas to improve. Some companies work with a sustainability consultantto identify issues and create a plan to address them. Understanding the current impact that your company has on the environment and your community is important, so really examine your policies, operations and position. Some issues may be more clear and require straight-forward solutions, such as reducing waste and pollution. Other issues may not be as obvious, or they may not be active issues, rather areas where you can make positive changes. If your company has not engaged with the community much in the past, this is not necessarily an issue, but it is still something that you can improve by making donations and volunteering. 2. Consult with stakeholders and employeesGetting your stakeholders involved in the process of creating a sustainable strategy is important, because they can be a valuable resource. Stakeholders may have more knowledge about the needs of a specific community and can present ideas for creating real change with a sustainable strategy. These individuals or groups are invested in the company's success, so they should be involved in this process The company's employees constitute another important group to consult with. As people who work for the company and live in the local community, the company's employees will likely have a lot of ideas about what sustainability issues should be addressed. Employees may be directly involved in a company's sustainable strategy, so it is important to involve them. Creating programs to encourage employees to recycle in the workplace or engage with volunteer work through additional PTO are all relevant to them, and they may be able to help implement them. 3. Set realistic and specific goalsNext, set goals for what you want your sustainable strategy to accomplish. These goals should be realistic and attainable. If you identified multiple issues within your company's current operations, decide which ones are the most important to address. This may depend on which issues are more time-sensitive or which issues will have a larger impact on your company and environment. Prioritize these issues when setting your goals. When setting goals, you should also ensure that they are specific and can be tracked. For example, rather than setting a vague goal to engage in more community service, you should determine an amount of engagement that you want to achieve and what forms of service you want to take on. This keeps you accountable and allows you to work to achieve your goals. 4. Create a planOnce you know what you hope to achieve, create a plan for how to achieve these goals. This plan should be actionable and realistic for your company. Create a budget for your sustainable strategy and set a timeline for implementing these new programs or company changes. If the goals you have set are very large, you can break down the process of reaching them into smaller steps. Some goals may take more time to fully realize, and many companies set a timeline of several years to see their sustainability goals fully reached. 5. Track your progressIn order to make sure that your sustainable strategy is working, it is important to track progress. This can help you reach your goals. If you notice that you are not making as much progress as you anticipated, you might want to reevaluate your strategy and make adjustments as needed. It is important to remember that change does not happen overnight. Create a realistic way of tracking long-term goals and keep your client and customer base informed about your progress. This shows your company's commitment to developing more sustainable practices and reassures customers that you are working towards your goal. What are the issues which are concerned with environmental sustainability?Environmental sustainability covers a wide range of issues starting from a specific location to global. Global issues comprise concerns about GHG mitigation, climate change, and renewable energy, while the location-specific issues are soil erosion, water management, soil quality, and air and water pollution.
Which are examples of environmental sustainability strategies?Examples:. Modify your production processes to emit less waste or emissions.. Use non-toxic or less-toxic substances.. Implement conservation techniques (use less energy and water at your facility). Reuse materials, such as production scrap or shop towels, rather than putting them into the waste stream.. Reduce packaging.. What are the 3 environmental factors of sustainability?The figure at the top of this page suggests that there are three pillars of sustainability – economic viability, environmental protection and social equity.
What is environmental sustainability in strategic management?Environmental sustainability involves making decisions and taking action that are in the interests of protecting the natural world, with particular emphasis on preserving the capability of the environment to support human life.
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