Today the buzz word for individuals and businesses alike, is Sustainability.
Sustainable this, sustainable that, no matter where you turn, this is what you will hear.
Sustainability apparently requires a change in the way we think and act, requiring us to keep in mind the possible negative impact our actions might have on generations yet unborn.
However, the question might well be asked why businesses in Nigeria that find themselves struggling to survive and keep their doors open in our current hostile business environment, should care about the long-term effects of their business decisions
and actions.
Why care about Sustainability that requires us to take the long view of our businesses, when the short-term view is so dire?
Here are a few reasons WHY STRUGGLING BUSINESSES should care about sustainability!
Struggling businesses should care about sustainability because it can provide several benefits that can help improve their situation. Here are a few reasons why:
1. Cost savings: Implementing sustainable practices can lead to significant cost savings in the long run. By reducing energy consumption, waste generation, and water usage, businesses can lower their operational expenses and improve their bottom line.
2. Competitive advantage: Sustainability is becoming increasingly important to consumers, who are more likely to support businesses that prioritize environmental and social responsibility. By demonstrating a commitment to sustainability, struggling businesses can differentiate themselves from their competitors and attract a larger customer base.
3. Risk mitigation: Sustainable business practices can help mitigate various risks. For
example, by diversifying their supply chains and adopting sustainable sourcing practices, businesses can reduce their reliance on limited resources and minimize the impact of price fluctuations. Additionally, by implementing measures to adapt to climate change and reduce their carbon footprint, businesses can better prepare for regulatory changes and avoid potential penalties.
4. Employee engagement and retention: Embracing sustainability can also enhance employee morale and engagement. Many employees, especially younger generations, are passionate about working for companies that align with their values and contribute to a better future. By incorporating sustainability into their business practices, struggling businesses can attract and retain top talent.
5. Long-term viability: Sustainability is not just a trend; it is a necessity for long-term business viability. As consumer expectations and regulatory requirements continue to evolve,
businesses that do not prioritize sustainability may struggle to remain relevant and competitive in the future. By embracing sustainability now, struggling businesses can position themselves for long-term success and resilience.
Overall, integrating sustainability into business operations can provide struggling businesses with a range of benefits, including cost savings, competitive advantage, risk mitigation, employee engagement, and long-term viability.
The reasons above should at least be food for thought, even where our businesses are nearly comatose or on life support!
Toks Longe
Contemporary Ventures & Resources Ltd
