Having an environmental sustainability strategy has become an increasingly important factor in running a successful business. Environmental sustainability strategies have also been associated with competitive advantage. In fact, a McKinsey study showed that 70 percent of companies have a formal sustainability strategy.
There are three main stages that companies face when adopting environmental strategies. These include responding to the climate challenges, managing environmental risk, and developing long-term strategies.
The first step toward implementing environmental sustainability strategies is to understand the nature of your business and the environmental constraints. This includes understanding how much natural resources you have and what the costs and risks of diminishing these resources are. If you are in the manufacturing industry, you may not be able to obtain the natural resources you need to run your business. You may need to find alternative manufacturing methods.
Next, you must develop a sustainable business strategy that considers both economic and social aspects of your company. Consider how you can reduce air and water pollution, reduce your carbon footprint, and create new, eco-friendly products.
To help you make the right decisions, look for articles that discuss the impact of environmental sustainability on business performance. The National Marketing Institute reported that over half of consumers consider your company’s sustainability strategy when making purchasing decisions.
Moreover, you can use an online calculator to calculate your personal carbon footprint. Having an environmental sustainability strategy also gives your business a competitive edge, as younger generations prize empathy and environmental friendliness.