Beyond the basics of sustainability

A more complete approach to sustainability considers the longevity of a company as well as its impact on the planet. A sustainable outlook should include employment policies and financial performance as well as the environment. This is also known as the triple bottom line: people, planet, profit.

Getting With the Times

Historically, businesses have tended to look only at their financial results as a barometer of progress. This is completely understandable; the key to every successful business is the ability to turn a profit. However, today, as awareness continues to grow - not only around the environment, but of mental health as well - more and more companies are beginning to sit up and take notice of the vast benefits that companies can bring about by paying closer attention to their employees and their impact on the planet. Not just as an added bonus, but within their business model.

A lot more needs to be taken into account now. In years past, companies would do business with each other based purely on economic benefits and the ability to follow through on promises. However, as industries grow, so too does competition for business, and organisations need to find different ways to set themselves apart from competitors. Company reputation, employee wellbeing, and environmental impact are all huge factors that are now taken into account.

The Bigger Picture

There is absolutely nothing wrong with making small changes to benefit areas that aren’t necessarily business driven - such as the planet or your staff. Recycling is great, so too is donating to charity, and allowing employees to take the day off on their birthday is a nice gesture that they will appreciate once a year. These are all beneficial to the planet, your staff and even in some cases, the local community - but only marginally.

Considering the Triple Bottom Line means that decisions made for the wider business as a whole also factor in the people involved with the business - whether that’s staff, the local community, or those that might otherwise be affected - and the environment, as well as finances.

In the long run, this means that as well as growing profits, companies are also benefiting people and the planet. An organisation’s reputation can improve drastically. It could introduce environmental initiatives which mean that it will only partner with companies that boast certain sustainability credentials, or it might implement a circular economy model that lessens demand for brand new IT devices, saving huge amounts of CO2 in the process. Or perhaps the company introduces flexible working for its employees, allowing them to improve their work/life balance, and enjoy their jobs a little bit more than they already do. In this day and age, where so much focus is placed on helping the environment and mental health, these changes can be the difference in winning a new business pitch, or selling to customers.

Genuine Business Sense

Because these decisions are being taken at C-level or by board members, they’re likely to be having a much stronger impact than any recycling or birthday initiative, simply because it starts to affect the entire company - not just a couple of offices.

Sustainability is about more than just the planet. It’s the welfare of people affected by a business, being able to continue to be profitable while still helping the environment. If the triple bottom line model is followed correctly, the long term future of a business remains in good hands, society benefits, and it meets the needs of the present without compromising the ability of future generations to do the same. True sustainability gives businesses no reason to fail, and the triple bottom line facilitates that.