Green Business: What is a green business? It is a business that has a minimum negative impact on the local or global environment. Meeting the triple bottom line is the ultimate target for all sustainable businesses. Once the following four criteria are met, a business is considered a green business.
Presence of sustainability principles in every business decision
Services and products are environmentally friendly
Greener than competitors
Follows environmental principles strictly in business operations
Green businesses take part in green and environmentally friendly activities to ensure that the manufacturing and distribution processes, products/services and other operational activities clearly address the environmental concerns while also maintaining the triple bottom line concept.
When thinking of sustainability for your own business model, make sure it is sustainable not only in terms of environment but also in terms of all other people working for the business such as workers, providers, distributors, clients and others.
Why sustainability is important for your business?
Business practices and sustainability:
Sustainability is effective both as short term response and long term strategy in business operation. As a long term strategy sustainability helps improving employee confidence. It is also effective as a short term response to government legislation. Sustainable and green businesses are also attractive to ethical investors.
If your business can achieve sustainability through proper practices, the cost of managing sustainability will not be a tough task as government grants will do most of it. At present governments are encouraging businesses to go green for reducing the impact on the environment. Issues like energy security, water supply, carbon emission, and others now have a profound impact on business cost and governments are taking strict actions against such activities. So, achieving sustainability has become important for avoiding penalties and reducing business costs.
In the past, big industries were concerned about the negative effects of sustainability but the recent trends show that due to increased awareness of people regarding environmental factors, sustainable or green businesses are generating more profit while also creating their own path to customers. Sustainability also introduces new business ideas by searching for new solutions and thus assists competitiveness in business.
Achieving sustainability can bring investors. When your business becomes sustainable, it is sought out by investors. They consider your business as a worthy project after the life cycle analysis. There are also some other factors that come along like a good reputation and improved employee productivity. So, achieving sustainability is really crucial for your business at any stage.