The Hill Hub’s Sustainability Advice for Startup Businesses
Sustainability is essential to business.
More consumers are becoming concerned about environmental impact. Thus, many modern businesses must consider their effect on the environment. By reflecting your business’ sustainability, then coordinating a strategy, your business can thrive and stand out from your competitors.
There is a clear relationship between consumerism and environmental sustainability. In The Global Sustainability Study of 2021 by Simon Kucher & Partners, it was revealed that 85% of consumers said they made greener purchases in the past 5 years. In addition, an entire third of consumers are willing to pay premium prices for sustainable products. This was a very large international study with over 10,000 participants across 17 different countries. Therefore, what these statistics disclose cannot be understated.
Sustainability is a topic that is taking over the world.
With urgent warnings of global climate change, there is a push towards eco-friendly legislation. This includes policies that encourage responsibility towards the environment as well as low-impact solutions like certain product packaging and transport schemes. The societal impact of eco-legislation occurs on both a corporate and social level. With this in mind…
Your startup can be ahead of the curve!
Eventually, all businesses will be forced to consider their role in making society greener. So why not start your business with sustainable practices? And also, save yourself the headache of converting your business practices and models later down the line. Moreover, it can actually reduce costs and increase awareness and sales from the beginning.
In March 2015, an SME Guide to Energy Efficiency was released. This guide was by the governmental Department of Energy & Climate Change. It reported that the average start-up could reduce its energy bill by 18-25% by installing energy efficiency measures with an average payback of less than 1.5 years. To add onto this, it is estimated 40% of these savings would require zero capital cost.
For startups going green can be daunting…
Aspiring business owners already have a lot on their plate. They already have their hands full with implementing all the core services and departments to keep their business running. Now, doing all these extra tasks to ensure compliance with eco-regulations – that can be a lot.
However, going green is absolutely worth it!
The eco-business sector is a hugely popular market that will only continue to grow. If your new business considers its environmental impact from the very beginning, it is not only ahead of new market regulations, but also opens an important portal for environmentally aware customers.
Sustainable sourcing helps enhance your brand image. By implementing sustainable practices, you will be able to earn public recognition – to boost views and profits.
Over at The Hill Hub, we foster an ecosystem of genuine passion and sustainable success. The business owners and entrepreneurs we proudly host in our ecosystem we want to see reach their highest potential. Hence, our commitment to educating and empowering businesses both big and small, new and experienced, how to reach their aspirations. So, for the startups just-starting-up…
Here are our tips for sustainability:
Travel might seem like a necessity, but avoiding it is one of the biggest ways a business can reduce its carbon footprint. Allowing employees to work remotely, or only come into the office a couple of times a week, would greatly reduce your overall footprint as a company. If this is not possible, provide incentives for employees to take public transport instead of driving, or even cycle.
Alongside the daily commute, think also about business trips. Can these be avoided or reduced? Would it be possible to go by train rather than fly? Could you combine business trips to different places to reduce environmental cost?
Materials are an important factor to consider. Whether it is the materials in your product or in your service, you can consider switching to more renewable, biodegradable materials which are better for the environment. Recycling these materials is an even better option, which will reduce the amount being sent into landfills.
Live sustainably by giving your employees incentives when it comes to transportation. If employees decide to take public transport, share a carpool, or walk, they can significantly reduce their carbon footprint in the long term. So, look into cycle to work schemes and B Corps certification.
In conclusion, sustainability and success go hand-in-hand. Profit does not have to be at the expense of the planet!