How to tackle the environmental issue for a positive impact on your business TBL
Going green isn't a niche catchphrase anymore. The "triple bottom line (TBL)” refers to developing a business that not only brings profits but also values people and the planet. While a company's bottom line is profit, the TBL adds a value system to the concept of corporate success, ensuring its long-term sustainability.
The three P's of a triple bottom line provide a framework for looking at businesses holistically. These socially-aware enterprises claim that their operations positively impact the environment and community as part of their corporate social responsibility. This includes considering every individual involved in the business, from the customers, employees and supply chain employees, to anyone that connects to the company somehow, plus how it impacts the environment.
To measure profitability, environmental impact, and social responsibility, a business should reach its TBL successfully. Keep reading to learn about several green business practices and see how they can pay off.
Get rid of business waste in an eco-conscious way
Every business is responsible for the legal disposal of all the waste resulting from its business activity, from mobile companies like gardening or house cleaning services to businesses with fixed premises. The trash generated by landlord activities is also classifiable as business waste, for instance, when a landlord is disposing of furniture, renovating, or servicing a property. Business trash can be transported or disposed of by a third party on behalf of the company.
It's not rocket science that industries are the most significant waste producers and among the key factors in all unfortunate environmental issues. However, since the awakening of the "eco-conscious" mind worldwide, businesses have jumped on environmentally-safe waste disposal practices. For example, they work with companies that offer waste and recycling solutions and use balers and compactors to tackle the waste issue.
It's burdensome and costly to have employees transport trash to the landfill and expose them to safety risks like accidents and other unpleasant outcomes that may arrive at the workplace. Therefore, to eliminate carton (since it accounts for a considerable part of the generated business waste), companies like restaurants and logistic hubs compact and recycle them.
Bring sustainability to the forefront of your business
Having sustainability at the core of your business strategy can have many benefits. Looking beyond profits can lead to examining overlooked consequences of your business, from the supply chain to the daily management of the office. Making sustainable company practices the norm from the top down can provide various benefits, including the following:
Fostered innovation. Companies looking to increase their sustainability efforts typically want to avoid expensive efforts that may cut into their financial performance. Trying to be more eco-friendly while maintaining profitability can foster inventive ideas that benefit the overall triple bottom line.
Improved company reputation. The public notices when a company goes above and beyond to improve its environmental and social impact. Including sustainability in your business model can boost the positive attention your company receives and the respect attained.
More customers. As the TBL theory states, a business that profits people and the planet appeals to new and loyal customers. You're in a stage of a consumer culture that values how a company does business and cares about the total cost of buying from it.
Improved staff retention. Employees demand more out of their employment than a paycheck. 37% of employees resigning say they look towards more ethical and environmentally responsible companies.
Source materials from local suppliers
A significant source of a business's carbon footprint is the supply chain, mainly because transporting materials and supplies to the facility is polluting. This is often seen with food, where "buy local initiatives" are common and aim to minimize greenhouse gas emissions. If you own a company, you can cut CO2 emissions by simply limiting the distance food travels to get to the consumer's plate.
Another idea would be local sourcing, which provides the following benefits to your company:
Good for the community. If purchasing locally improves your bottom line, it will also improve the bottom lines of other manufacturers and suppliers near you, which can be a big boon to the people who live in your area and the local economy.
More revenue. Local sourcing can help your company save money and even generate more. Your efforts may impress companies in your region, attracting new customers.
Reduced supply chain costs. There's less weight on your business bottom line once less money is directed to logistics, thanks to a localized supply chain.
Find long-term solutions to everyday service demands
Another way to become green is to create a green version of a service-based business. An eco-friendly landscaping business, for instance, would avoid using gas-powered equipment by using electric equipment. For local events, an organic catering business would use organic, locally-grown foods. Sustainability consultants can advise other enterprises on impactful initiatives they can take to become greener.
For manufacturing businesses, a top priority for going green should be finding ways to reduce the waste potential of their products. Using recyclable or biodegradable materials ensures that they don't add enormous amounts of trash to landfills.
Excellent opportunities exist for both B2B and B2C companies, and your sustainable efforts can make your business stand out from the crowd within your niche.
Rethink product packaging
Let's face it, one of the most significant sources of waste is product packaging. As a Business News Daily report shows, 77% of customers don't regard plastic as an environmentally-conscious product packaging method.
Conversely, the most environmentally-friendly packaging option was paper, as it can be recycled more easily. For instance, smaller packaging designs or simply replacing packing peanuts with paper can help minimize your business's environmental impact. Eco-focused brands often encourage their customers to recycle the packaging and emphasize their sustainability efforts.
These examples show that becoming more eco-friendly can be a long-term, profitable process. Now, how are you going to go green?
