Kumar Vijayendra, Forbes.com
If you own or manage a small business, one of the most strategic decisions you should consider is to realign your business strategy and objectives around sustainability. The reason extends beyond altruism and delves into the long-term survival and success of your business. Embracing sustainability in core business strategy can help bring operational efficiency, contribute to daily cost savings, enhance brand reputation, improve customer loyalty, and increase the valuation of your business.
It’s common for leaders to feel they are too busy to spend time on sustainability, that their finances run too thin, or that they are too small to cause an impact. I want to allay those perceptions by presenting a five-factor analysis of why businesses should make this strategic paradigm shift as soon as possible.
1. Customer Base
A business exists for its customers. Whether you are in a B2C or B2B business, the way your customers relate to your business can be transformed by adopting sustainability as your core strategy.
If you have been in a B2C business for some time, you’ve likely already felt the impact of a change in your customer base. Small businesses now cater to a larger share of young people (Gen Z), whose values and purchasing preferences are very focused on sustainable practices and products. If you are a B2B small business serving major corporations, you may have already witnessed your clients demanding or preferring sustainable practices and operations by building it into their supplier codes. There are also a higher number of businesses that wish to partner with more sustainable organizations.