January 2022
Sustainability in business practices can be an impactful business decision. Businesses that give back receive benefits from all ends.Your business is not only helping make a cleaner planet, but these sustainable practices do pay off in the long run, as well. If you follow the current business trends, you can invest in a sustainable business model. Read on to learn how to build a sustainable company in 2022.
4 Steps to Business Sustainability
Data-Driven Decision-Making
When a company needs to measure the impact of its sustainability efforts, the leaders will turn to data analysis. Professor Tai-Yuan Chen, associate dean of MBA programs at HKUST Business School, explains, “There is a demand for data-driven decision-makers who consider social impact when making business decisions. … It’s not enough for leaders to incorporate the concept of sustainability, they also need to execute their ideas based on the data.”
Many companies have already turned data-driven decision-making into sustainable business practices. For example, tire company Pirelli uses sensors to monitor its tires’ performance, as well as helps sustainability measures regarding what materials to keep stocked to avoid waste.
Investing in Sustainable Business Will Increase
Sustainability will become central to many organizations. In 2020, an incredible $5.1 billion was invested in environmental, social, and governance (ESG) funds worldwide. This trend is still making headway into 2022, as it creates new opportunities for business philanthropy for those passionate about business and sustainability.
More Awareness of Sustainability in Business
Since environmental sustainability in business is a hot trend, people, in general, are more in tune with the state of the planet and its resources. As a result, everyone from consumers to investors to potential employees is looking into a company’s sustainable business ideas before deciding to move forward with business transactions.
Increased Transparency
Based on current sentiments and trends, organizations will be held accountable for their sustainable business practices. Therefore, transparency will be the key for a company to prove its sustainability efforts. This goes for investors, as well, who turn to ESG reporting and other ways to gain information about a company. Consumers could also turn to these sources when making purchasing decisions.
Inner Works Pro can help your company with our sustainable business consulting that will assist you in becoming one of the businesses that are good for the environment. Contact us today to get started with the best sustainability business ideas to grow your business.