Businesses generate a huge amount of waste nowadays, as it is estimated that only twenty firms are responsible for producing 55% of the world’s plastic waste. The sad part is that they don’t focus on business sustainability practices, and only a few recycle the waste they produce. The other companies’ waste pollutes the environment as it accumulates in landfills or waterways. In the last few years, companies have begun to change their perspective, realize that they are responsible for what is happening around them, and look for ways to implement new measures to address these problems.
And because business sustainability has become more and more considered by businesses, all the other companies should focus on this aspect if they want to be the first option for clients and maintain a competitive edge over the other organizations. So, let’s take a look and see why it is important for companies to focus on sustainability practices right now.
How do businesses impact the environment?
Businesses are responsible in a great measure for impacting the environment negatively, as they accelerate natural resources consumption, produce commercial waste, or pollute the air or water. They make significant waste, and now that waste management is a thorny issue that all the countries around the world need to address, companies should also start looking for ways to focus more on business sustainability.
Because the problem has worsened in the last few years, we all need to make changes and have less environmental impact. Statistics show that at the moment, we are producing twice more plastic waste than two decades ago, and the situation is expected to get even worse and increase by 70% in 2050, with 3.4 billion metric tons of garbage.
Many factors have led to this unfortunate event, including economic and population growth, urban and rural development, changes in consumer behavior, and the list can continue. But because of all these factors, waste can no longer be ignored but addressed as soon as possible by all people, especially by businesses. If companies continue to produce as much waste as they did or still do now, we will soon run out of landfills and live in an increasingly polluted world.
Organizations, as the largest waste generators contributing to worldwide pollution, must be responsible and take steps to address this issue. There is always time for change, so will you implement new practices focused on business sustainability now that you know businesses are the ones most responsible for the big quantity of waste?
What are the benefits of adopting practices focused on sustainability?
There are many benefits businesses will have if they begin to be more focused on business sustainability, as they will have a better image in front of their customers, attract new customers, and even cut the overall expenses of their company. They don’t even need to adopt huge changes, as small ones will also make a big impact. It can be something as simple as implementing compact recyclables in their enterprises, such as plastic or cardboard balers and waste compactors, like those from Miltek. Everything they will implement will be welcomed as long as it manages the waste produced better.
Here are the advantages of adopting practices focused on business sustainability:
1. Improve brand image
Businesses that adopt eco-friendly practices and embrace business sustainability by reducing waste, using materials from renewable sources, and implementing recycling in their operations will help the Earth and themselves because their brand image will improve significantly.
When companies adopt eco-friendly practices, they will be seen by their customers and the public as socially responsible companies and will always be considered because they help reduce the impact on the world. This will also make them stand out from the competition and differentiate the company from the others, making them an important player in the market. While having a powerful brand image is difficult, considering socially and environmentally friendly practices in your organizations will help in this respect.
2. Attract new customers
All companies want to attract new customers to become more popular and increase their profits. However, attracting them is not always easy, as you must resort to all kinds of strategies and invest in marketing campaigns. Some of the strategies will prove beneficial, but others won’t. Instead, something that will be very helpful and bring new customers is showing that your company cares for the environment.
People have begun to be very aware of environmental issues, and this is why they are more careful with the companies from where they buy products or services. Therefore, every business that takes action to minimize its carbon footprint and reduce waste has a bigger chance of attracting new customers.
3. Increase profits
Companies that want to take the game to the next level can also make their waste a revenue stream. For example, they can generate extra income and boost their profits by selling waste materials, like plastic wrap, paper, cardboard or aluminum. Also, having a company that embraces sustainability will attract more customers, making the organization thrive and increase its profits. Employees will also want to work more in a company focused on business sustainability. If top talent is attracted, businesses will have a highly motivated workforce and better-prepared employees, increasing profitability.
4. Reduce overall costs
Handling waste has a significant cost to most organizations, as they need to collect, transport, and store the waste, and all these expenses will need to be considered each month. But if companies reduce their waste, they will also reduce their handling costs.
There are many ways in which a company can reduce the waste produced, like avoiding single-use items, rethinking their supply chain, or encouraging zero-waste practices within their organization.
Every company needs to consider new practices to reduce their environmental impact. And because this is a thorny issue at the moment, focusing on business sustainability will bring plenty of advantages and make companies stand out from their competition.