Business sustainability is often described as ‘doing well by doing good’, and relates to the idea that organisations can carry out their operations without causing harm to society or the environment. It’s largely accepted that sustainable practices offer a business benefit too.
When you hear the word ‘sustainable’, you might think of green wheelie bins, canvas shopping bags, and hemp clothing. And that’s understandable. But environmental sustainability is just one aspect of the overall concept.
Just think of the other ways we use the word. If you can sustain a good running pace, it means you won’t tire out and give up halfway through your route. And the ‘sustain’ pedal on a piano means a note is held for longer.
So according to the dictionary definition of the word, when something is sustainable it means it’s “able to be maintained at a certain rate or level”.
So what is meant by business sustainability? When it comes to sustainability in a business sense, there are several aspects being ‘maintained at a certain level’: the environment, yes, but also the wider society, both economically and in terms of social equity.
There are several formal definitions of sustainability in business, but what it all comes down to is the idea that, by considering the impact of your organisation’s activities on the environment and society as a whole, you can create a more profitable business. Or, in other words, ‘doing well by doing good’.
There are several reasons why sustainable business practices are important. And some of them are wholly unselfish: organisations have considerable power to affect change, from their impact on the environment and introducing and standardising eco-friendly practices, to D&I efforts that slowly but surely lead to a more equitable society.
But business sustainability isn’t just good for the world…
Considering the many business benefits of sustainability, it’s not surprising that it’s become more of a priority for organisations across industries. Over 90% of CEOs say it’s a key part of their success, 70% of companies have a formal sustainability programme, 63% of executives say it’s a crucial part of staying competitive, and almost 60% of employees recognise that their organisation has stepped up sustainability efforts. So if you take it seriously, you’re in good company.
So business sustainability is important. How do you actually create a sustainability strategy? The first step is understanding the different components of a sustainable business: being profitable and performing, while not harming (and ideally improving) the environment, and encouraging social equity across communities. Environment, society, economy.
Sometimes economic sustainability is referred to as ‘governance’ – and it relates to the fact that a business has to be profitable to be able to uphold any other elements of sustainability. But the big-name examples above show that, though it used to be the case, sustainability and profitability are not mutually exclusive.
Not only can you have a successful, sustainable business – you actually need to think sustainably, about planet and people, in order to maintain any level of success.
It’s not easy to be sustainable. But in a world experiencing a climate crisis and battling social injustice, it’s never been more important. If you don’t know where to start, there’s one obvious answer: by listening to your employees.
Whether a suggestion box or survey (we’d advise the latter!), there’s two big reasons to make listening your first step:
Sustainable practices should follow from your purpose and values as an organisation – send a deep dive survey on that topic, and you’ll learn how highly your employees rate your efforts. Is sustainability even something they recognise as a company priority?
You can look at different aspects of sustainability too, like the social aspect. This might mean asking them about inclusion in your organisation, and whether you’re practicing what you preach inside the workplace.
2.from the frontline of your business
Sometimes you get advice where you’d least expect it. Like in our Virgin Media case study: where workers who spent a lot of time outside flagged a lack of adequate clothing, which was affecting wellbeing and job performance. A simple fix, but one you’d only get by listening to the workers you see least.
If you want to make listening part of your sustainability strategy, the easiest, fastest, and cheapest way to start is with Qlearsite Foundation. Learn more and get a free 21-day trial: