To be considered a sustainable business, your company needs to have minimal impact on the community and environment. Following best practices in key areas such as social, environmental, and economical will help your business stand out. 

Incorporating sustainability strategies into your everyday practices is the only way of future-proofing your business. While there is a substantial learning curve, you can start small. Whether it is cutting emissions, using green packaging alternatives, or nurturing a decent work environment—begin with the simplest best practice and then work your way up. 

Let’s take a look at the strategic changes and innovative practices that can champion the cause of sustainability in business.

What are Sustainable Business Practices?

Sustainable business practices are actions that companies take to create a positive impact on society, the environment, and occupants of the world. In general, the three pillars of sustainability are environmental sustainability, social sustainability, and economic sustainability respectively. Sustainable business practices help protect the environment and it also reduces waste, conserves natural resources and save costs in the long run. Sustainable business practices may involve the use of sustainable materials in the manufacturing process or initiatives that reduce carbon emissions, just to name a few. In essence, sustainability is an essential part of social and environmental responsibility in business today and it is a necessary step toward preserving our planet for future generations. 

What are the Benefits of Sustainable Business Practices?

There are a number of benefits to becoming a sustainable company. As a starter, it enhances cost-efficiency. A sustainable approach also mitigates a business’ ecological footprint, which ultimately contributes to an increase in sales volume that amplifies revenue. Generally, sustainable business practices promote and decrease expenses as it lower energy bills in the long run. From an employee’s perspective, it contributes to elevated employee satisfaction and efficiency from the fundamental concept that they are contributing to the wider community and the protection of our planet in a substantial manner. In turn, this will improve the overall wellbeing of those involved with the business. From a consumer’s perspective, augmented, increased sales and enhanced consumers allegiance often result from consumers who favor businesses with a robust sustainability framework or related initiatives. As a result, it reinforces public perception and social standing for businesses that are deemed to be socially and environmentally responsible. 
 

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Examples of Sustainable Business Practices

The following section illustrates a number of approaches to implement sustainable business practices:
 

1.    Welcome Flexible Office Spaces

A sustainable business must have a workplace that is conducive to sustainability. And flexible workspace is the first step in the right direction. 

By definition, a flexible workspace is a dynamic office space that can be customised to suit the organisations’ needs and preferences. Flex space can range from shared offices to hybrid workspace with a mix of open layouts, breakout corners, and private enclosed offices. 

The idea behind flexible office space is to ensure that your employees are engaged and productive in a fully equipped work environment. They choose to work from their private offices, meeting rooms, or business lounges. This flexibility in the work environment ensures your employees perform with improved productivity, thereby setting your business up for efficiency gains.  
Flexible workspaces can also maximise occupancy without increasing your overhead costs or electricity consumption. The best part? You can reduce your floor area if some of your employees work from home or have a hybrid working model in place. 
 

2.    Make Sustainability A Part of Your Work Culture

Sustainability initiatives can only be successful if the management and the employees are dedicated to the cause. So, instead of just hosting workshops on sustainability, practise what you preach. Make sure that sustainability is ingrained in the very DNA of your work culture. 

Switch to energy-saving appliances at work and implement green marketing strategies for your business. Beyond Meat, a plant-based imitation meat manufacturer uses creative doodles to explain their mission and market their products to their customers. What an ingenious way of making every single act count! 

Encourage your employees to cut down on their carbon footprint at work and home. You can also consider incentivising those who make significant contributions to your sustainability goals. Who Gives A Crap manufactures toilet rolls from recycled paper or bamboo, while donating 50% of their profits to the cause of building toilets in poor communities around the world.

Cut down on air travel as flying business class causes three times more emissions than economy class flights. Change your company policy, advocate for greener means of transport like the train, carpool services, etc. The pandemic has already proven that video conferencing is essential to collaborative work - stick with it.
 

3.    Device Policy Changes That Promote Sustainable Practices

Your sustainability strategy must cut straight to the chase. So come up with foolproof company policies that promote sustainable practices. Some of these could be:

⦁    Having employees set their devices on power-saving mode
⦁    Switching off all appliances, lights, air conditioners before leaving the office 
⦁    Using reusable and recyclable straws, coffee cups, cutlery at work 
⦁    Reducing paper waste by not printing documents 
⦁    Offsetting CO2 emissions by planting trees

While it can and will take time to switch to sustainable business practices, taking concrete steps that cannot be disregarded by anyone can get you closer to your sustainability goals. 
 

4.    Partner with non-profit organisations and charities

There are many different approaches to best business practices, one of which entail partnering with non-profit organisations with core missions and initiatives that align with a business’ sustainability and philanthropic goals. By doing so, it not only provides valuable support for the greater community by strengthening marginalised voices, it also introduces new ideas and concepts that can be built upon as part of a business’ innovative strategy. These processes also constitute effective ways to promote brand awareness and builds brand loyalty overtime. Moreover, it highlights a brand's commitment to mitigating the effects of climate change or other social objectives, which ultimately benefits both the company and our planet.
 

5.    Invest In Technology

Because the return on investment you get is a safe and secure future for all. Consider supply chains as an example. Most companies struggle with maintaining an optimised supply chain that is also sustainable. The constant tussle between profitability and social accountability indicates how the current economy works. 

But new-age tech like big data and AI can help build economical, efficient, and eco-friendly supply chains. Collaborative shipping, synchromodality, and deep reinforcement learning can make supply chains effort, cost, and energy-efficient. 

That is just one way technology can help you get closer to your sustainability target. 
 

6.    Create Values by Adopting Green Buildings

Green buildings, in particular those that are LEED-certified, consume fewer resources and minimise waste such as carbon, water, and energy. By using sustainable design and operation procedures, it is estimated that LEED projects divert more than 80 million tons of waste from landfills. 

Green buildings promote public health with improved indoor air quality. Research shows that ‘More than 90 percent of respondents in LEED-certified green buildings say they are satisfied on the job and 79 percent say they would choose a job in a LEED-certified building over a non-LEED building.

Compass Offices ArthaLand Century Pacific Tower business centre is situated in the LEED Platinum-certified green building. Located in the heart of Bonifacio Global City, ArthaLand Century Pacific Tower has been awarded the world’s first EDGE Zero Carbon building for green standards, offering spaces that have a positive impact on health and well-being.
 

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Why Sustainability Should Be At the Core of Your Business?

As a recently commissioned study by SmartestEnergy reveals, more and more consumers continue to lean towards brands driven by sustainability. In fact, every 4 out of 5 customers will choose a brand that implements sustainable business practices.

Unless you want to risk getting cancelled by your customers, implement sustainable business practices. But there is another simple answer to why sustainability is important—the need of the hour. 

Of late, many brands have been prioritising purpose over profitability. You could be the next to join the ranks of sustainable brands. 

Need to convince your partners or investors? Here is our list of top four benefits:

• Improve your bottom lines, cut down costs, and increase profits 
• Gain the appreciation of your customers and build an impactful brand image 
• Conduct business legally in the context of new environmental laws and policy changes 
• Secure fresh investment and set your business up for achieving new milestones

Take Your First Steps Towards Business Sustainability Today

When Lego terminated its 50-year-old partnership with Shell because its business ethics didn’t align with the latter’s anymore, it came as a shock to the business world—but being steadfast in their reserve to be sustainable cemented Lego’s place as a responsible brand in public memory. 

Implementing best practices for sustainability has its obvious benefits in terms of profitability. But above all, it makes you a brand that is accountable for its actions. That should be your greatest motivation to take the route to sustainability.

As hybrid work models become the norm, opting for a flexible office space instead of a traditional office is one quick way to save on overhead cost and create a conducive work environment with a focus on sustainability. At Compass Offices, you can rent a serviced office in key business centres around Hong Kong and the APAC region. Contact us to find out how we can help you take the first step towards building a sustainable brand today.