A sustainable business is one that continues to thrive in any situation, as it creates value for all its stakeholders without depleting the resources that support it.
It’s October. Months after Covid-19 hit the world, some economies are gradually opening. Yet many are still adapting to new ways of living to avoid the spread of the disease until a vaccine becomes available. If you are a business owner, you’re probably in constant search of a go-to business strategy that can make you thrive even in the most uncertain times.
The situation you’re in is certainly not unique.
Thousands of people globally are in the same spot.
Even more so, today.
The graph is the 10-year search trend for the phrase “strategy for business”. People looking for ways to reach out to their target markets to keep a strong competitive advantage are increasing. From the first quarter of 2020 until today, the search trend spiked showing that interest in fresh business strategies that work is growing rapidly.
But what does it take to build business resiliency?
What makes a business sustainable?
Business sustainability has a two-fold meaning. The first aspect looks at how quickly a company can turn a profit and stay afloat for decades while the second looks at making sustainability a core value and strategy for growth. Together a sustainable business is one that continues to thrive in any situation, as it creates value for all its stakeholders without depleting the resources that support it.
What makes a sustainable business work?
Here are the three key elements of a sustainable business:
A solid value proposition
Your value proposition lets your potential clients know what sets your brand apart from the other players in your industry. It is the first thing that your potential clients see when they explore your brand. Thus, a clear and concise value proposition is crucial in attracting leads consistently.
Use of resources that can last for a long time
Sustainable alternatives are often perceived to cost a lot, difficult to find, and complex to use. But in reality, many companies are reaping the benefits of using sustainable alternatives such as solar energy and are happy to commit to this strategy in the long haul.
Making your business sustainable should not be expensive, because you don’t have to invest in solutions that you don’t need right now. Set your targets to get started and build momentum over time.
Check out our simple sustainability checklist here to find out how you can develop your company’s sustainability strategy.
It’s a business that gives back
A truly sustainable business doesn’t just comply with regulatory standards. Rather, it is an endeavor that strives to benefit everyone involved: customers, employees, suppliers, business owners, and shareholders. A recent survey led by the Boston Consulting Group found that 70% of participants developed a heightened awareness of the environmental impacts of human activities during the pandemic. In the same study, about 60% of the respondents think that economic recovery plans should prioritize environmental issues.
Consumers today care a lot about their environmental impact. And businesses that help them meet this goal are bound to get their loyalty in return.
Business leaders around the world are trying to come to grips with the impact of the virus on their livelihood. Although the risks are substantial, the health crisis also exposes areas where you, as a business owner, can create resilience.
Using low environmental impact strategies, there is a way forward post-crisis.
How are you building resilience in your business today?