In today’s world of business, more companies are looking towards sustainability. The cost of business investments into sustainability rose to new levels in 2020, up to $51 billion. Companies continue to look for new ways to make their organizations better and more profitable, and sustainability is helping them get a solid return on their investment.
Invest in Sustainable Practices and Operations
When you’re first starting up a new business, one of the best things you can do for it is to adopt eco-friendly practices. Some ideas include sourcing sustainable materials, reducing single-use plastic waste, and lowering your energy costs. Some new entrepreneurs can take this a step further and create a completely green business, such as an eco-friendly cleaner, a composting company, an energy consultant, or a garden planning business.
Compare Startup Costs
Creating a new, sustainable business model also requires capital. The average cost to start a new business is about $30,000. When you add investments into green practices, the costs go up. The good news is that sustainable business practices may have an initial investment cost, but they often can save an organization money over many years.
Do More With Your Marketing
As you start to make decisions regarding the direction of your future business, don’t forget to consider how to market your new venture. Effective branding starts with strong, memorable visuals. For example, a well-designed logo helps define your brand and build awareness. To get the most out of your branding and marketing efforts, consider hiring a branding consultant. You can find branding services through online job boards and vet candidates by rates, reviews, and experience.
Look at Patagonia’s Examples
It’s also beneficial to read and research other successful sustainability campaigns from existing businesses. One example is outdoor gear retailer Patagonia. This company has aimed to reduce consumer consumption with investments in sustainability ads and new repair and trade-in programs for their products. They have also committed to using more recycled materials in their products, such as plastic bottles and rubber.
See How Ikea Has Transformed Its Model
Ikea is another exemplary business that has prioritized sustainability. They have transformed their energy consumption over the past decade with new practices. Their buildings use solar panels to reduce their carbon footprint. They also recently started offering renewable energy options to homeowners in Europe.
Check Out Unilever’s Details
Unilever has also made a commitment to lessening its environmental impact. It has reduced its waste by 32%, its greenhouse gas emissions by 65%, and changed to 100% renewable energy. It did this through its Sustainable Living Plan, which was adopted in 2010.
Learn From Panasonic
Electronics maker Panasonic has also transformed its practices to be more environmentally responsible. The company’s CEO has promised to make its factories carbon neutral by 2030. Leaders from this business are focused on more efficient ways to build electronics to help reduce their energy consumption.
Follow Adobe’s Lead
New businesses can also learn from Adobe’s dedication to helping other companies be better for the planet. Adobe products have helped reduce the paper workflow by 95% and led to fewer cars on the road to sign and process physical documents.
The future of a successful business is one that takes sustainability seriously. Investing in green practices can help increase the chances of your company finding great success.
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