Longevity in your business and sustainability are interconnected in more ways than you think.
The idea that marketing, communication and good intentions will suffice is now seen as outdated.
It is estimated that about a fifth of the waste generated in the UK is generated by businesses.
Consumer research by Kantar finds that 77% of British people have switched or avoided brands upon finding out about their environmental policies.
In order to achieve longevity in your business, there are two key aspects that need to be addressed in the overall business strategy:
1️⃣ A survey by MIT shows that while 60% of companies incorporate sustainability in their strategy, only 25% include it in their business model. This is the gap between knowing and doing
2️⃣ Companies still see sustainability as a set of ideas and rules that they need to be in compliance with. They do not see how it could give them a competitive edge over others. This leads to a lack of creativity and enthusiasm in sustainability strategization.
It is being significantly established that companies that formulate strategies in these respects, not just for the purpose of marketing themselves as socially aware green companies, but actually incorporate these into their larger vision and bring structural change, are going to see significant returns and larger long term viability of their businesses.
Read the rest to understand how longevity in your business and sustainability are interrelated.