I’m really starting to get tired of the term ‘Sustainability’. It’s like when you used to study for exams and you’d stare at a word for so long, that it no longer looked like a word. What does it actually mean? How do we achieve it? Is it even possible in today’s world to achieve true sustainability?
Okay, so let’s start with the definition. The closest we’ve come to an agreed upon definition was for the term ‘Sustainable Development’, which was coined as part of the Brundtland Report back in 1987. It was written by Norwegian Prime Minister Gro Harlem Brundtland as Chair of the World Commission on Environment and Development (United Nations) and it looks like this….
“Sustainable development is development that meets the needs of the present without compromising the ability of future generations to meet their own needs.”
When you begin to look at that definition through a business lens, you can see that the general idea is to build a profitable business that preserves the environment for future generations, as opposed to draining it of resources.
The ‘Triple Bottom Line’ is a term used to describe the three categories to account for in any sustainably run business. These include Environmental, Social & Economic.
Environmental
Supply chain footprint.
Production emissions & waste.
Distribution & Logistics
Impact of your product usage and the final end consumer.
End of life impact ( e.g Does your product end in landfill?).
Economic
Partners
Cost of resources / overheads
Meeting market demand
Ensuring customer satisfaction
Profitable
Potential for scalability & growth
Social
Employee well-being & satisfaction
Local communities
Supply chain treatment of stakeholders
There are certainly more factors to consider but there you have examples of business model elements to analyse, of which dictate whether a business is “sustainable” or not. There are many who argue that no company is able to be classed as sustainable. Every business on earth is exhaustive or detrimental in some way. Sustainability, both as a business and as an individual, has to be treated as a lifelong journey. Like science it is always moving and adapting, so how are we meant to have a final destination?
It’s about starting, and learning, and trying new things, and learning. There’ll always be something more you could do, but the more you’re doing, the better.
“Passion and Purpose scale — always have, always will.” — Elon Musk
It’s not a new concept. Most companies now agree that having a sustainability strategy in place is important. However, many haven’t had such a strategy developed, never mind implemented. It’s clear that business owners who continue to put off these changes will begin to fall behind. Sustainability isn’t just about reducing plastic; it’s how to succeed in the modern business world.
If you’re clear with your intentions, plan ahead and stick to your strategy, both short term and long term, you will become a ‘more sustainable business’. You’ll experience all of the benefits along the way. Many businesses have made the decision to apply to become a ‘B Corp’. This is a special kind of certification to show that a company is achieving top scores for environmental and social performance and they assess this once every two years. If that company ever drops the ball, they’ll lose the certification. I guess that’s one of the closest ways currently to be seen as truly sustainable. To meet strict criteria and maintain that over time.
What is clear, is that to be a ‘Sustainable Business’ by definition, is a rare event at the moment. However, you can start right now to begin planning and implementing changes to lead the way in your field. Set yourself aside from the competition and plan for a future that is likely to be filled with tighter policies and regulations. If you have the right strategy, you can open doors to plenty of new streams of revenue and profitable opportunities.