By Zilla Efrat

Sustainability is at the tip of everyone’s tongue these days and it’s not just big companies that are embracing it. Here’s a look at how your business can benefit from it, beyond introducing solar panels and energy-reduction efforts.

The value of sustainability

There are many advantages to becoming a more sustainable business. Such a move could, for example, improve your business’s public image and help you better attract, engage and retain staff. It has been reported that today’s workers, especially younger ones, look for employers who align with their values of social responsibility.

Plus, a growing number of socially conscious consumers are being drawn to businesses that demonstrate the ethical practices they align with. Recent research reveals one in four consumers think sustainability has become more important to them and would choose an alternative, more sustainable product, service or brand, if available.

Improved sustainability is also known to lower waste and operating costs and drive new and innovative ways of working. It will also better position SMEs to comply as large companies increasingly engage with and push their expectations down the supply chain to meet their growing compliance requirements.

Improved sustainability can also boost your profits. The Australian research organisation Climateworks Centre recently reported that savings generated from investment in energy productivity could lead to increases in annual profits of between 2 and 10 percent.

And it appears that many businesses are recognising the benefits of becoming more sustainable and are planning to rise to the challenge. The research also found that one in five small- to medium-sized business owners strongly intend to improve the sustainability of their business over the next two years.

Making your business more sustainable

Implementing sustainable practices can seem daunting to already time-stretched owners of SMEs in Australia. Still, there are several ways they can embark on the journey.

Small steps include limiting new purchases and reusing things like files and folders. You could also go paperless to cut back on the costs of paper, printers, copiers, ink cartridges, filing and so on. Most things can be done digitally these days, but if you do need to use a printer, consider using recycled paper and ink cartridges as well as printing on both sides of the paper.

Also, make it easy for your staff to recycle in the office and to bring package-free food to work from home or local food stores. Supply real kitchenware rather than disposable items as well as reusable coffee cups.

Other steps can include ensuring your suppliers are also improving their sustainability and running high-energy equipment during the evening or overnight. The energy demand is lower at these times and the price is cheaper.

What else you can do will depend on the type of business you run but can include replacing or upgrading existing equipment to improve and save on energy costs, upgrading your premises to lower your carbon footprint and redesigning your products and packaging to be more sustainable.

Further options can include lowering the waste your business generates, limiting your water usage and reducing transport-related emissions, possibly via investing in hybrid or electric vehicles. There are also a range of technological advancements that can help you better track and optimise your use of energy.

According to a survey by software provider Capterra, the main challenge for SMEs wanting to embark on the sustainability path is a lack of financial resources.

If finances are your challenge, give us a call to explore how we can help fund your sustainability efforts. This article was originally published on ScotPac.com.au.