Profit vs. Purpose: When Green Goals Meet Business Growth
Protect the planet, or boost your bottom line? Not so long ago, businesses felt that they had to choose—and their sustainability goals often lost out. Now, we can debunk the myth once and for all.
Purpose and profit can get along together. Below, we’ll examine how sustainability initiatives can benefit your brand and business and outline some best practices for balancing the two.
The Business Case for Being Green
No longer a nice-to-have, an Environmental Social Governance (ESG) strategy is essential for businesses that want to stay competitive and relevant. In 2021, the Harvard Business Review declared that “sustainable business went mainstream.” In 2022, 96% of the world’s top companies reported on sustainability.
It pays to be aligned with the UN’s Social Development Goals. Embracing environmental initiatives help you grow your business in the following ways:
It’s Good for Your Brand
Nearly 80% percent of consumers agree that a sustainable lifestyle is important. Adopting an eco-aware, purpose-led approach puts you in tune with consumer sentiment, helping you build your brand and drive customer loyalty. You’ll also be able to nurture relationships with partners and stakeholders who share similar ESG goals.
By putting people and the planet at the heart of your business, you can also mitigate the risk of environmental disasters that can damage your reputation and cost you dearly. For example, Ziing only works with service partners with all the appropriate safety certifications and processes to lessen the risk of accidents.
You’ll Save Money
Undoubtedly, some sustainability initiatives require a bit of front-loading in terms of cost. You might want to switch your company fleet to hybrid or electric vehicles or replace an outdated workplace heating system.
In the long run, you’ll see the economic benefit. A sustainable mindset can help you reduce waste (for example, by adopting a made-to-order production model so you don’t end up with overstock), better manage your energy consumption, and optimize your supply chain to reduce emissions. At Ziing, we use technology such as route optimization software to deliver packages most efficiently and can help you monetize emissions reduction by leveraging carbon markets.
You’ll Discover New Opportunities
Prioritizing sustainability isn’t just an act of kindness to the planet; it can also open up a whole new market of sustainably-minded consumers.
Internet searches for sustainable products have steadily increased, up 71% in five years. There’s a vast market opportunity for any company offering a more sustainable way of doing things, whether creating luxury accessories from plant-based faux leather or—something close to our hearts here at Ziing—adopting recyclable packaging for ecommerce deliveries.
The Sustainability Roadmap
Ready to put your environmental goals into practice? Here’s how to establish meaningful targets and make them count:
Set Goals
Words alone won’t make a difference. Matching your sustainability goals with measurable targets aligned with your company’s overall strategy and vision is essential.
Measure Performance
Monitor and measure your performance metrics to keep sustainability front of mind and alert you to anything that could be improved.
But First, the Costs
Prioritize initiatives with the highest potential for cost savings, such as reducing waste and energy emissions.
Switch to Sustainable Materials
Sustainability starts on the inside. Seek the most sustainable, eco-friendly materials available for your supply chains or operations and regularly monitor, evaluate and record the impact.
Ask for Feedback
How are you doing? Ask your customers. Solicit feedback to inform and improve sustainability initiatives.
Look at the Life Cycle
Conduct a life cycle assessment of products or services to measure their environmental impact, and then establish how you can reduce this impact.
Go Circular
Minimize waste by embracing circular economy principles. Instead of disposing of products and materials, look for opportunities to reuse and recycle them.
Profit, Meet Purpose: Mindful Mobility with Ziing
Sustainability initiatives require an investment of time and resources, but they positively impact a business's health and overall success. Not sure where to start? One area where you can make a significant impact is logistics.
At Ziing, we’re here to put your products into customers’ hands as sustainably as possible. We’re revolutionizing last-mile delivery by operating environmentally friendly delivery vehicles, analyzing data to optimize delivery routes and reduce emissions, and implementing the 4 R strategy—Reduce, Recycle, Reuse, and Recover.
Looking to join us on the journey? Get in touch with us today to start the conversation.
