The term “sustainability” often gets pushed aside as an abstract, jargon-laden concept.
There are many ways in which starting a sustainable company will help your business grow exponentially. It will allow you to become more efficient, increase your brand value and awareness, provide a platform for innovation and strengthen stakeholder relations.
While there are many advantages to running a sustainable company, you also need to be made aware of some of the challenges that come along with it. For instance, the initial costs of becoming more sustainable are high as you are investing in additional methods or materials for your product. Also, the availability of resources need to make your business or product(s) more sustainable are finite. This may lead to manufacturing issues along the way. However, with any risks there are also rewards, which is why we believe a sustainable business in the long-run pays off.
Locally and globally, companies are starting to implement a sustainable strategy in their long-term goals because of the increasing demand for natural resources. Sustainability can bring a wide array of business opportunities.
Research conducted by Colmar Brunton's Better Business Better World, shows that consumers are willing to pay more for ethical and greener products.
Consumers want to feel good about the products that they buy and that they are making a positive impact on the environment. As the demand grows, by starting a sustainable company or making your company sustainable, will meet these market needs.
Sustainability is coined from the idea of meeting our own needs without compromising the chances of future generations to meet their own demands.
Sustainability in business often addresses two main criteria:
1. The effect the business has on the environment
2. The effect the business has on society
The goal of a sustainable business is to generate profit while improving societal and environment conditions. This includes what you offer (product or services) and how you do it (the way you operate). When companies fail to assume corporate responsibility, it leads to environmental degradation and inequality.
There are many benefits of starting a business, especially one that positively impacts the environment. The following reasons are some of the many as to why you should operate one and how you can contribute to the ever-growing demand of a circular economy.
1. Improve Brand Value and Awareness
Consumers are willing to pay more for a product because it is environmentally friendly, meaning there is a great demand in the market for greener products. Establishing a sustainable brand would open many opportunities for your company as your reputation is a form of capital which must be built over time. This is seen as a long-term investment and strategy. It will assist you with tapping into what the market cares about while strengthening your company's culture and ethics.
2. Reduce Waste
With the rise of climate change impacts on the environment, it is crucial for companies to work towards reducing waste and their carbon footprint. By becoming a sustainable business, you contribute to the endless battle against climate change. As consumers become more conscious about the products they buy, not only will you be meeting their demands but also reducing waste globally. By 2050, there will be more plastic in the sea than fish (by weight).
3. Increase Productivity and Reduce Costs
Green business reduce costs in many ways:
4. Meeting Consumer Demands and Marketing Advantage
Being green creates a new stream of revenue as it attracts environmentally conscious customers that care about the footprint of a business. This will create a competitive advantage for your brand because you will increase customer loyalty, retention and market share. You can tap into a demand that has not yet been met and therefore increasing your return on investments (ROI).
5. Creating a Platform for Innovation
The emergence of social and environmental issues often present new business opportunities for companies that recognize the possibility of new revenue sources. For instance, at WRAPTIE™, we took an innovative product that is genuinely useful and made it as sustainable as possible. It is always crucial as a company to make profit, as without it, we cannot scale higher and the more successful we are, the better the planet gets.
At WRAPTIE™, we only work with accountable suppliers that are certified environmentally responsible. That’s why we choose to manufacture our products on the small island of Taiwan. Taiwan is a world leader in the manufacturing of recycled materials, and partnering with them is helping us reach our goals for sustainability.
When making WRAPTIE™, we use recycled materials whenever possible. That’s why in 2017 WRAPTIE™ developed it's very first recycled webbing (R-PET), for use in our tie-down straps. Each tie down straps contains the equivalent of 1 plastic bottle. So, every time someone buys a WRAPTIE™, that is one more plastic bottle that won't be making it's way into the oceans.
Our product is durable and designed to replace single-use products such as duct tape or short lengths of string or cheap bungee cords that break after a few uses. WRAPTIE™'s design and durability enable consistent reuse, and it’s eco-friendly materials make sure it has minimal impact on the environment when the time comes for a replacement.
Millions of tonnes of packaging waste generated all over the world, and such waste almost always ends up in landfills. WRAPTIE™ designs innovative packaging that eliminates the need for any single-use plastic packaging. This means that you don’t have to figure out a way to dispose of it. All of our packaging is made using recycled card when possible and from sustainably managed forests when not. We even choose to use Soy Ink which is less toxic than regular ink!
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‘Environmental crisis’ was the buzzword on everyone’s tongue until the Coronavirus swamped all other headlines. Whilst the press coverage may not be quite what it was a year ago, now remains as crucial a time as ever in fighting the good fight by continuing to play our own crucial roles in protecting our planet.
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