The Importance of Sustainable Business Practices: How To Be a More Conscientious Entrepreneur

*This is a collaborative post on sustainable business practices

As an aspiring entrepreneur, it can be challenging to decide on your first steps to building your business. However, no matter what industry you’ll be breaking into, the right path for every business in this modern age is the green one. From the conception of their company, aspiring entrepreneurs and new owners would be remiss not to embrace sustainable business practices. Not only are sustainable practices better for the environment but adopting green operations can also be beneficial to your business’s bottom line in the long run. 

You don’t want to miss out on opportunities to obtain government loans aimed to help you go green or how sustainability can improve brand image, which, in turn, can attract modern and socially conscious consumers. Implementing sustainable business practices, like utilising renewable energy or going paperless, is simpler and more affordable than many business owners think. In this article, we’ll help you understand the importance of sustainable business practices and how you can be a more conscientious entrepreneur.

No Longer An Option

Climate change and environmental sustainability have become increasingly important to modern consumers and governments around the world. Following announcements in April 2021, the UK government is set to bring forward its target for reducing emissions by almost 15 years; the new mission for the UK is to reduce 78% of carbon emissions by 2035. With new laws ready to come into place, and a radical shift in purchasing behaviour, discussing whether to incorporate sustainability into your business is no longer an option.

What Is A Sustainable Business?

Sustainable businesses, also known as green businesses, are committed to adding value to stakeholders, the environment, and society. For a business to be considered sustainable, you need to focus on reducing harmful emissions while also supporting global efforts to improve the environment. Business sustainability considers how your organisation operates in social, ecological and economic environments and while it helps tackle global challenges. It is also quickly becoming one of the driving forces behind today’s successful businesses. Furthermore, this process often reduces the risk of debt and increases equity from initiatives that enhance financial performance by nurturing public support.

Improving your green brand image not only helps encourage prospective customers to choose your product and services over your competitors, but it is also the right thing to do for future generations and the planet. Many aspects should be considered when taking the first steps in creating a more environmentally conscious organisation, but whatever your reasons, it has become clear to many business owners that business sustainability is invaluable to your success. It is why many budding entrepreneurs have embarked on online sustainability courses to improve their sustainability management. As the UK’s net-zero carbon target approaches, individuals and businesses alike are working together to do their bit in helping to reduce the level of harmful emissions. If you’re looking to become a more conscientious entrepreneur by taking a business sustainability management online course, you can learn more and make real change.

A Green Office Design

When it comes to creating a sustainable business, you can begin with developing a green office design. Each year, many conscientious business owners embrace new design approaches to green buildings. Industries are evolving continually with new ways to improve  released regularly, such as used office furniture, recycled paper, and renewable energy. 

As a new business owner, you may not have the budget to design a green building or office for yourself; however, you are likely to find eco-friendly office buildings offering space to rent while you get your enterprise off the ground. Many budding entrepreneurs utilise co-working spaces, which are offices where businesses and entrepreneurs share equipment, boardroom, training rooms, and office space in eco-friendly buildings as a way to start their ventures off on the sustainable right foot. However, this option also helps  cut business expenses and costs while your company is still in its infancy. 

Go Digital for Sustainable Business

One of the most significant ways a business can make changes to how sustainable they are is by going digital and stepping away from paper resources. The benefits of going digital are numerous, and young businesses can expect perks from reducing operational costs to helping cultivate an environmentally-conscious brand image when they choose to stop using paper. While this may seem like an overwhelming prospect as paper is a valuable resource to many businesses, with the advancement of technology, leaving paper in the past is not as challenging as many entrepreneurs first think. Many small and medium businesses across industries can go paperless and embrace the digital age.

Going digital will assist you in reducing your company’s waste as approximately 12.5 million tonnes of paper and cardboard are used in the UK each year. The decision to go digital can have a significantly positive impact on the environment, especially when implemented alongside plans to use clean and renewable energy resources. While communicating electronically via email will decrease waste, supply costs, and repair expenses, it can also increase efficiency as your employees will no longer need to spend time scanning documents or waiting for signed paperwork from suppliers, clients, or other offices. 

Protects Your Brand And Reduces Risks

Poor business practices can damage your company’s reputation. While dealing with the need for increased marketing to combat the negative consumer views, you may end up diverting valuable human and financial resources from the fundamental business activity. When a company makes a harmful impact on the environment, consumers will remember this for years to come, as evident with businesses that have invested in changing practices still are remembered for unsafe working conditions or allowing an oil spill to occur. However, you can safeguard yourself from any irreversible damages to your brand by implementing a sustainable strategy that protects both the environment and your staff early in your business’s development.

Reduced Costs for Sustainable Business

Although sustainability often requires an initial investment, many businesses save money in the long term by prioritising sustainability. In fact, a Make UK survey has found that 71% of companies surveyed reported that environmental improvements carried out reduced costs.

Improved Business Image & Reputation

Every business needs a good reputation to establish a positive brand in line with your business message. Many potential customers will view sustainability as a benefit and implementing eco-friendly practices will show them you care about more than just profits. Research has revealed that consumers are 81% more likely to buy your company’s products or services when they know your organisation is mindful of its impact on the environment.

Increased Preparedness For Future Changes

As previously mentioned, significant new climate change commitments are set to become UK law with the announcement of the mission to reduce 78% of carbon emissions by 2035, which is nearly 15 years earlier than originally planned. This new deadline is to ensure the country is on track to reduce emissions enough to be in line with the recommendations from the Committee on Climate Change. 

However, even with commitments from countries worldwide, global emissions continue to rise. t is estimated that a 45% reduction is needed worldwide  to keep this increase in global temperatures close to 1.5oC above pre-industrial levels and well below 2oC. Ensuring your business is in line with the new sustainability laws before they come into effect will save you time and money as the impact of these new rules is anticipated to double the availability and cost of energy in the next ten years.