How Do Businesses Weigh-Up Short-Term Profits Against Sustainability?
While not all sustainability practices cost money at the outset, there are some which do require financial investment. For an economically sustainable business, it is important to weigh-up short-term profits against sustainability.
The first fact businesses must reconcile is that social and environmental sustainability actually have an impact on a business’ economic sustainability. If we completely destroy and degrade the planet, there will not be a planet on which we can conduct business.
There are some economic costs associated with a transition to sustainability — especially when it comes to environmental sustainability. However, these costs usually pay off in the future. These include actions such as switching to renewable energy, switching to recycled water or switching to LED lights. Each business will need to go forward with some economic modelling to understand exactly when they will see a financial savings.
Another point of investment is in staff. Good staff are an invaluable asset to any business. Fantastic staff are worth an investment. By investing in the financial stability, health and well-being and the general happiness of your outstanding staff, you are contributing not only to your business’ sustainability but to social sustainability. Investment in staff may be financial or it may be through resources; either way, this investment will come with long-term benefits should you choose the right staff in whom to invest.
Short-term profits may look good at a glance on a piece of paper, but it doesn’t show any long-term commitment to the outcomes of your business. That is why investing in sustainability is crucial to your success and far out-weighs short-term profits. To start your long-term plan towards sustainability, contact us now!