Addressing the Top 6 Myths on Business Sustainability

In all Business Aspects, in Today’s World, we are not talking enough about Business Sustainability. We might have a glance idea of what Business Sustainability means but we actually do not know what: it covers, how we can apply it in real life work – life practice or how it creates a difference. We are not aware of the effects implementing this practice has across everyone involved. The good part is that by educating ourselves and by being more open minded towards creating better opportunities, we can change that.

Today’s article is meant to be an informative post on the most common myths that we have encountered when it comes to Sustainability in Business. Additionally, this article is also meant to raise more awareness on the subject and all it’s particularities. 

As a side note, before we get started, we want to mention that the list of the business sustainability myths is not an exhaustive list and we will re-edit and update the article, regularly, as needed based on new information and findings. 

Here are the main common myths and concerns about Business Sustainability that we will be going over today. Let’s get started.

Business Sustainability is not Something Companies Need to do

We are going to be very direct and say that companies who do not think that Business Sustainability is something they can implement or work towards are not a good fit for us. We are strong believers that companies should work on creating and developing sustainable business practices that will benefit future generations.

Business Sustainability should be part of the company’s culture and even if it is present or non-existent –  it speaks loudly about the organization. The sooner the companies recognize this, the sooner they can act upon it in order to change and adapt their business models.

Business Sustainability is not Something Companies Need to do – but are very much encouraged to do.

Business Sustainability is Expensive 

The data speaks for itself. We now know that companies who implement sustainability in their organization and activities are able to:

  • decrease their overall costs (but generally need a greater investment at first)
  • realign their strategy to compliment the business
  • be proactive and emerge new trends
  • empower consumers in their buying decision
  • increase revenue and profit 
  • create change and embrace a new vision
  • stand out from their competition

The question is not if business sustainability is expensive – but rather, how much does it cost your company to NOT have a Business Sustainability Practice and Strategy in place!?

Business Sustainability does not lead to profit  / Consumers are not interested in Business Sustainability

This is one of the most common myths we are encountering in our practice. Just like in the previous myth we discussed, we are re-affirming that: the data is there and speaks for itself.

The new trend amongst consumers is changing. Currently, customers are more likely to pay and purchase from companies that are putting extra efforts in making sustainability and CSR (corporate social responsibility) parts of their business practice. 

Corporations and companies that are getting more involved and actively planning their strategy in order to become more sustainable can have an increase in return by about 15% or even more. 

Employees are not interested in Business Sustainability

It should not come off as a surprise, that just like in the previous example, trends are changing and the stats are there. Right now, employees are more likely to want to work for companies that are making a difference, creating change and bringing value in their activities.

Business Sustainability is not important and it does not help a business grow

The effects business sustainability brings are far greater than the overall growth of a company. Depending on how you choose to adapt your sustainability strategy, the benefits can be seen across multiple places. Your sustainability effects will not only be reflected on your company but they will also be reflected on your: customers, employees, communities and more.

Business Sustainability will not make a difference in your business, but it will help create a bigger impact on your customers, employees, stakeholders, and community, which in the end will impact new markets and help develop new practices and mindsets. 

Business Sustainability does not require any strategy or a plan

Another myth in business sustainability is that it does not require a strategy or a plan. The truth is that sustainability in business is an ongoing practice that requires a well built plan that constantly needs adjustments and tweaks.

The strategy that you will create will dictate if your company will be able to be successful in adapting sustainability practices in the future, if it will be able to expand or if it will require more resources than initially planned. 

Developing an advanced business sustainability practice requires: experience, time, resources and even a dedicated team that will be able to create strategies, implement them, analyze them and review the impact it had. 

This way, Business sustainability is an investment that without a doubt, requires a well integrated plan in the overall aspects of any business.  

Conclusion

In conclusion, we know and we are seeing that implementing sustainability practices is something we can all work towards building, especially as what we do today has a big impact on future generations.

We can all take the responsibility to learn more and adapt our ways to the current trends and act differently. Even if there are many myths that circle around sustainability and ethical business practices, just like in everything else, time and knowledge is what is required to diminish these wrong concepts. 

We hope you enjoyed this article and do not hesitate to let us know what you think or if you know any other myths that you would like us to “debunk”. 

Additional Resources

If you’re new to Business Sustainability and if you are seeking more, in depth, information on the subject, we have written a few more articles in regards to Business Sustainability. Please find them here:

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