When it comes to the climate crisis and operating your business sustainably and environmentally, your first motivation must be ‘because it’s the right thing to do.’ Sustainable business motivations draw from the knowledge that businesses must work together to preserve and save our planet for future generations.
However, the bottom line is that sustainable business strategies are often not entirely altruistic. Sustainable business strategies bring attractive financial benefits with them. Building on this idea, your business can help save the planet if you have the resources, and to have the resources, your business must be successful. These two core business ideas of sustainability and financial success need to grow together, informing one another.
In this article, we will explore seven business benefits of operating an environmentally friendly business.
Benefitting the Environment
The most motivating factor for operating sustainably is to benefit your environment locally and globally. Businesses that employ a sustainable business strategy are proven to run more successful companies. However, sustainability is also about aligning your business’s priorities with the planet’s best interests.
At The Wristband Co., we know that sustainable business is a journey. You must continuously educate yourself, your employees, and your clients. And there is always more to learn! You can find out more about The Wristband Co.’s sustainable path and commitments here.
Avoid using new materials
Our planet does not have infinite resources to give. If we continue to take and take, continually using new ingredients and materials to create our businesses, eventually, our resources will run out. This factor is looming as we see increasing inflation in the cost of living and daily ‘necessities’ year after year.
To combat this, your business needs to explore how you can become part of the circular economy. Simply put, traditional business models are linear: we take ingredients from the earth, make something, and dispose of it at the end. The move towards a circular economy aims to keep items in use for as long as possible. There are several ways to do this:
These are just three methods you can use to build sustainable business practices from the ground up. You can see how The Wristband Co. has incorporated some of these ideas into our office policies in our sustainable guide or read our blog on how we are part of the circular economy.
Becoming an employer of choice
Research has shown time and time again that businesses with clear, defined business goals, policies, and motivations are more successful. When companies are openly purpose-driven, for example, with active sustainability goals and political or diversity hiring commitments, they become more appealing to stakeholders.
When it comes to employees and your workforce, purpose-driven businesses attract and retain more highly skilled, motivated, and productive staff than businesses that stay quiet and don’t act. In addition, when your employees are motivated by your corporate decisions and work toward the same goals as your business, they will contribute daily to your business’s financial success.
Customer loyalty and attracting new customers
A report in 2019 showed that 73% of consumers are willing to change their habits to make more sustainable buying decisions. Companies are being pushed by their consumers to move from knowing they need to look after the environment to actively doing something. Customers and potential clients now demand from their brands that they have sustainable practices and stick to them. Since 2014, the sustainable products market has grown by over 20%.
This is not a market or a ‘trend’ to ignore but an essential factor to incorporate into your business strategy.
Another aspect of sustainable business gaining momentum with consumer buying behaviour is buying locally. Sourcing products, ingredients, and partners locally is an important aspect of sustainability. Locally sourced solutions reduce delivery time, reducing carbon emissions and your carbon footprint. Buying local also supports your local economy, promoting smaller business success and retaining your money within your local economy.
Movements like Australia Made provide certification for consumers, and over 93% of consumers prefer to buy a product with an Australia Made accreditation. The great news is that all of our 25mm Tyvek Wristbands are certified Australian Made, and The Wristband Co. also supports our local community with our wristband donation program, providing wristbands each month to local causes and charities.
Improve business reputation
It is often the worst nightmare of business owners that they will end up caught in destructive news cycles or a headline scandal. One of the strongest tools in your arsenal is operating a business with clear, defined policies that define and protect your company, employees, clients, and the planet.
By operating with purpose in a clear direction, a sustainability strategy helps mitigate the risk that you will be accused of improper conduct. You do not want to be the business that asks your employees to work or perform tasks that put them or the planet at risk. These are the types of headlines your company does not want to make!
Reduce business costs
It can seem daunting if your business does not currently have a sustainability practice. You might think that financial and time commitments make it impossible. However, companies with sustainability commitments are proven to be more financially successful. The initial commitment is paid off in the ongoing loyalty from stakeholders, attracted to brands with greener products and services than their competitors.
Removing harmful procedures and products from your business and supply chain can save you money in a variety of ways:
► Adopting a sustainable business strategy often streamlines your existing operation
► Reviewing purchasing suppliers can often lead to sourcing green and cheaper solutions. For example, The Wristband Co. began using Australia Post to ship our products, which are committed to carbon-neutral parcel delivery.
► Reduced production processes also knock onto reducing energy consumption within your premises.
► Processing or disposal of harmful waste is removed and all materials used are recyclable – all our Tyvek wristbands are recycled using our TerraCycle Zero Waste Box Program.
► Fines or penalties become a minor concern or risk.
► Staying informed on government policies and laws creates a positive attitude towards change. You are aware of bonuses and grants you can take advantage of. Early adaptors of new rules and guides are proven to be more successful and highly regarded by their peers and governing bodies.
Provide a competitive advantage
All of the above provide clear competitive advantages for businesses regarding stakeholders: employees, partners, suppliers, consumers, and potential clients. By creating a sustainable business strategy, you turn each element of your business into a competitive advantage. Your strengths become aligned with your employees. Your attention is focused on your customers and their needs. Your business solutions – services and products – are developed based on finding the most strategic and efficient options for your clients – and potential clients.
Ways we can help
At The Wristband Co., we regularly work with customers wanting to use eco-friendly materials. We are happy to assist in any way we can, including helping you find the right wristbands for your event. Get in touch with us today on 08 8363 4850 or email us at [email protected] for more information.
Meet the Author
Laura Sayer – Marketing Specialist at The Wristband Co.