Becoming a sustainable business starts from within. Through attainable, simple, clear green business practices, your organisation can champion green culture.
Sustainability is an important consideration when running your business, as embracing the best sustainable business practices can allow your organisation to thrive well into the future. However, it’s crucial to practise the three sustainability pillars (environmental, social, and governance) concurrently, as it increases the likelihood of success when switching to a sustainable operation.
For example, green business practices help to keep our carbon emissions in check, to prevent harmful environmental pollution. Additionally, human and economic policies can drive sustainable employment, while social policies provide your consumers with limited purchasing power to afford your products and services. If you’re looking for ways to implement these sustainable policies, keep scrolling.
What are green business practices & how to develop them?
With carbon emissions rising by the second highest rate in history globally in 2021, the importance of implementing green business practices cannot be understated. However, with so many considerations, how do you develop and implement the best kinds for your organisation?
1. Environmental Policies
By factoring the environment into everyday business practices, sustainability gets shifted to the core of an organisation’s ethics.
Environmentally focused measures include carbon-neutral buildings, offering green products and services, as well as using sustainable aviation fuels. All of which DHL works towards championing. Going green also echoes consumer sentiment to be conscious of what is happening to the environment around us.
2. Governance Policies
This refers to the policies and compliance management systems in place to ensure full oversight and regular auditing of a business’ practices and partners. Considering different stakeholders and giving back to the community are examples of such policy actions.
Another example would be encouraging a keen interest in the organisation. Besides focusing on the obvious aspects such as bonuses and pay-outs, organisations can look into employee engagement, customer satisfaction, and stakeholder management as indicators of good governance.
Economically sustainable business practices are ones that garner growth without negatively impacting the long-term interests of communities. Organisations today must aspire to meet legal, industry, and government standards when implementing green policies as well.
3. Social Policies
Pertaining to human rights, fair labour practices, and diversity, social sustainability lies at the heart of empowerment.
Business practices such as fair employment and investment into knowledge resources can be a first foray into keeping human prosperity in shape. Making sure your talent pipeline, organisational decisions, and management structure are talent-friendly is integral to overall employee health.
In addition to the environment, employers can also contribute to the lives of people they hire by offering competitive wages and equal opportunities. Similarly, businesses can put out goods and services that satisfy consumer needs.
What is the importance of best sustainable business practices?
While it may sometimes seem like these policies aren’t useful, practising them in conjunction with other businesses can greatly reduce carbon emissions, and in turn reduce pollution and protect wildlife. Not only that, these policies can also have a positive impact on your business’ growth.
1. Reduced Carbon Emissions
By far one of the biggest impacts, introducing green business practices allows for reduced carbon emissions. This, in turn, reduces the amount of pollution expended, allowing for cleaner and greener cities. Consequently, it protects and nurtures wildlife.
2. Reduced Costs
While switching to more environmentally friendly packaged products and services can have a higher up-front cost, it actually saves you more money in the long run.
3. Stronger Reputation
Consumers today are brand conscious, and advocating for a cause they believe in will certainly put you in their good books, leading to more brand awareness and sales.
The growing dissent globally on the irreversible effects of climate change have pushed countries to enact corporate commercial policies that directly address the issue. These laws are centered around banning single-use plastics, environmental protection, and reduced traffic. One such law is the Environmental Protection and Biodiversity Conservation Act 1999 (EPBC Act), where biodiversity is protected.
Walk the talk
While it’s not easy to practise green policies initially, it’s certainly beneficial for the environment, communities around us, and your business. Try partnering with other organisations and having weekly or monthly check-ins with each other, to ensure you’re on track to achieving your long-term objectives.
The road to sustainability can be winding, but with the right knowledge you can implement effective green company practices that make a meaningful difference.
