I think – there will be a world where profits are the same as protecting and preserving the environment. It’s a win-win.
But when you need to provide profits in the short-term, how do you aim for long-term good and why should you bother to negotiate this balance?
Because consumers demand it – and your reputation is on the line.
Your consumers will demand transparency, ethical practices and a positive impact – or, at least, a neutral impact – on the environment. Consumers will ask questions about how your products and services impact the environment, or they will do their own digging on your business practices, and they will share and discuss this on social media. Whatever your answers, you need to be honest, or you could lose the trust of customers – and that’s impossible to get back.
“It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.” – Warren Buffett
Because it increases the bottom line – and brings more customers.
Being responsible with limited resources will improve your bottom line and avoid waste. You can recycle products and offer incentives to customers e.g. discounts for re-using bags or returning packaging and this reduces waste in production too. Businesses can lead by promoting green practices and encouraging customers to do the same.
Plus, the environment has a price, whether you’re aware of it or not. If it’s gone, your business is gone too!
…And you avoid subsequent costs of legal troubles if you don’t comply with increasing environmental regulations.
- Because you’ll hire future talent.
You want to hire people who make good choices. You want people passionate about using their talents for the good of society. You want to attract people to your business to make a difference and be engaged. Millennials, in particular, are heavily influenced by a company’s commitment to the community or the environment as a factor in decisions to work for them. There’s job boards dedicated to this.
You can also combine recruitment based on green policies with a great event supporting the environment or the community. Its win-win: people will have fun, become your customers, and want to work for you, because you care.
Also, when you empower poorer sectors of populations – domestically and internationally – you balance out the scales. You can create opportunities and this creates a prospective set of new customers down the line. If you raise people up, these people will have conversations about the positive impact of your business. And every business needs those conversations.
- Because I’m currently researching B-corps: http://benefitcorp.net/faq
- Because you read my stuff. You win the award.