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As a business leader, you want your company to grow; but is it possible to grow your business sustainably? A sustainable business performs its business operations without negatively impacting the environment, community, or society as a whole. To successfully achieve sustainable business status, businesses require sustainable innovations that strategically reduce the negative environmental impact related to their business operations, which begs the question, can innovation and sustainability co-exist?
Innovation vs. Sustainability
We’re used to thinking of innovation and sustainability as being in conflict: some believe that we need to invest in sustainable practices, while others adopt the “whatever it takes at all costs” mentality. By definition, innovation refers to bringing new and/or improved versions of products or processes to market. Overall, a positive perception follows innovation, generating an ongoing high market demand for innovation. Nonetheless, businesses face difficulty when it comes to meeting these demands resulting in unsustainable business practices.
Unsustainable Business Practices
When we think of unsustainability, what may come to mind is packaging designed for landfills. However, unsustainability takes many shapes and forms in businesses. Three categories can describe unsustainable business practices: technical, organizational, and social.
Some examples include (Ritala et al. (2018) and Bocken et al. (2014)):
Sustainable Business Practices
As mentioned above, the concept of sustainability presents differently depending on your business. Sustainable businesses utilize strategies that align with their organizational goals and values. Within their strategy, actions per category may include:
Benefits of a Sustainable Business
Sustainability is an economic advantage as well as an ethical one. Although, you might assume that the only benefit of converting to sustainable practices is directly environmental, sustainable business models may:
Getting You Started on Your Transition to a Sustainable Business
As mentioned above, sustainability looks different for everyone. To transition to a sustainable business you’ll need to create a sustainable business strategy. Depending on where you are on your business journey, you may not be able to commit to making grand changes to your business model, which is why we present to you, an easy and low-risk green initiative that can result in high reward: acknowledging all the practices and or concepts that may attract funding.
If one or two things popped into your mind immediately, you are well on your way to begin your transition! Our experts at Leyton have the expertise to guide you in your sustainability transition and discuss your eligibility for the many funding programs available. From government grants to tax credits, your business is able to transition with minimal disruption and sufficient cash flow! Speak to one of our experts today to get started!
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