Sustainability: a definition
Sustainability is often perceived as a complex concept to understand and it can be hard for businesses to discover the benefits it offers. In essence, sustainability is about meeting the needs of today, without adversely impacting on the needs of tomorrow. As a term it can be applied across a range of areas, such as the environment, society and the economy.
Sustainability and business
In a business sense, the key messages of sustainability actually tie in with what are generally considered to be 'sound' business practices, such as building efficiency, minimising waste and maximising resources. It is not a fad and is essential for businesses to adopt in order to be successful in the emerging markets. Sustainable business practices are a new way to direct your business and can be applied across every aspect of your business - from strategy to waste disposal.
Proven benefits
Businesses that have adopted sustainable business practices have reported the following benefits:
- Reduction in operating costs.
- Improved identification and management of risks.
- Created value through enhance and positive customer response.
- Increased ability to attract and retain employees.
- Increased learning and innovation.
- Reduced Government intervention.
Source – Enterprise3 – produced by Sustainable Business Network and Ministry for the Environment).
