Understanding Sustainability: It is much more than a buzzword
Are you a startup business founder eager to cultivate enduring growth and long-term viability? Or, perhaps you are driven by gaining a competitive edge? Either way, continue reading this article as it delves into how proactive sustainability integration can propel your business without straining resources.
Sustainability is: “Actions that take account of economic, social and environmental considerations to ensure today’s actions do not destroy resources available for future generations.” At its heart lies the principle of minimising resource consumption and influence how energy, water and materials are utilised across the entire value chain.
By embracing sustainable business practices, startups can significantly lower carbon and water footprints while simultaneously improving energy efficiency.
The foundation pillars of sustainability are typically identified as environmental (Planet), social (People), economic (Profit), governance (G).
Whether articulated as ESG (Environment, Social, Governance) or ESEG, the concept extends far beyond mere carbon reduction initiatives or symbolic tree-planting endeavours. Instead, it represents a comprehensive commitment to responsible and ethical operations.
A deep consideration for the human impact encompass crucial social dimensions such as bolstering staff retention, attracting top-tier talent, and rigorously preventing human rights abuses in supply chains.
The Circular Advantage: Minimising waste, maximising value
In the realm of waste management, startups possess a unique opportunity to champion a ‘circular economy’ ethos. This involves proactively minimising waste generation at its source and actively diverting waste away from costly landfill sites.
The circular economy champions repurposing waste. Initiatives transform waste into valuable resources. These resources create new products, although previously may have been discarded.
Converting (recycling) plastic cups into pens is an example of redesigning that benefits the circular economy. However, prevention is the most impactful as you strive to reduce consumption. Designing products that will reduce waste applies to what you buy from suppliers to your business.
As you embark on your startup journey, consider the substantial long-term financial benefits of simple yet impactful choices. These include reducing paper consumption or optimising the use of printer ink cartridges.
Sustainability: Your catalyst for innovation and gaining a competitive edge
Integrating sustainability into the foundational stages of your startup’s operations can yield substantial and enduring advantages. This strategic foresight can spark innovative changes across a spectrum of business functions, such as:
i) processes
ii) new technologies
iii) operating methods
iv) systems
v) products
vi) services
vii) approaches to management.
The sheer breadth of opportunities for innovation within sustainability can unlock novel solutions to existing challenges. For example, optimising resource utilisation and transforming waste into valuable raw materials. These innovative approaches can address specific company issues or even tackle broader industry-wide challenges.
Sustainability should not be viewed as merely another cost centre. Instead, as a startup founder, think about sustainability as a strategic imperative to help ‘future-proof’ your business. Indeed, it is also another significant way for your startup to gain a competitive edge! Having the capability to develop a customised roadmap towards achieving this is an invaluable asset. And, if you’re unsure about how to take action on sustainability, then outsource. Your business will benefit from specialist guidance in this area.
Crafting your sustainable roadmap to success in your startup
Integrating sustainability can also unlock opportunities in procurement processes. Increasingly, legislation emphasises the importance of ‘social value’ in publicly-funded projects. Indeed, this requirement requires businesses to showcase their positive community impacts. For many, however, this can be a challenge to evidence. Calling on an external expert for help can be the most practical option for you.
For startups bidding for tenders or framework contracts with major corporations, retailers, or government agencies, a cohesive integration of the environmental and social pillars of sustainability is paramount. Success in these competitive environments necessitates a shift from siloed approaches to ones of integration. Such shifts demonstrate commitments to reducing carbon emissions, improving work-life balance for employees and active transitioning to a low-carbon economy.
For startups aspiring to secure contracts and foster long-term job security, integrating sustainability is not just advisable, it is essential.
Your next steps: embracing the advantages of sustainability
Businesses that strategically place sustainability at their core adopt a holistic perspective that transcends traditional “single bottom-line” focus on profit.
Undertaking an early and realistic assessment of the relevance of sustainability. For example, a sustainability audit, and identifying potential benefits for your startup, are crucial steps for action-oriented founders.
Integrating sustainability principles and practices early in your business can result in financial savings. This will be through operational efficiencies, new revenue streams changes to process, service, or product innovation. Ultimately, competitiveness is enhanced. Beyond these tangible benefits, a commitment to sustainability secures jobs in your business. protects your livelihood. This in turn paves the way for consistent and enduring business growth.
Prepared by:
Veronica Broomes PhD
Founder of the Sustainability Support Service and Help to Grow Business Mentor
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