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In this episode, Tad and Julianna sit down to discuss the basics of sustainability. Tad explains what sustainability really is, why sustainability is important to businesses, and why consumers should care about it. If you’re new to the sustainability topic, this episode is perfect for you!
What is sustainability?
When most people hear the term “sustainability” they instantly think about the environment, but the environment is only one component. Sustainability is a balancing act of three key categories: people, planet, and profit. This is called the triple bottom line. Everything humans do on this planet has an impact on the triple bottom line. The “planet” category involves focusing on how we can minimize our impact on the earth. The “profit” category is centered around sustaining yourself and your business economically over a lifetime. The “people” category is targeted towards enhancing people’s quality of life. In order to have a successful business that can sustain itself in the long run, all three categories must be maximized.
WHY SHOULD BUSINESSES CARE ABOUT SUSTAINABILITY?
Tad always says that “sustainability means staying in business forever.” Sustainability is essential to businesses and should be an integral part of your business strategy. When a business is truly implementing sustainability, cost savings are a guarantee. Businesses who are focused on reducing their impacts on the environment are also reducing their impacts on society and can indirectly increase people’s quality of life. For example, reducing your energy consumption can increase air quality and indirectly reduce the impacts of asthma. Corporate sustainability initiatives are also a great way to attract and retain employees and customers. According to a Shelton Group Report, “70% of Millennials said that a company’s environmental practices impacts their purchase decisions.”
WHY SHOULD CONSUMERS CARE ABOUT SUSTAINABILITY?
Consumers should care about sustainability when making purchasing decisions because businesses have the necessary capital to make real change in the world. Every consumer has power in their wallets. Consumers purchasing decisions dictate the way companies behave. If consumers purchase from businesses that are contributing heavily to pollution or are careless about climate change, then they are actually funding that behavior. By spending intentionally and supporting sustainable businesses you are forcing companies to step up and meet the needs of the earth and all species who inhabit it.
Sustainability is essential and beneficial to everyone on this planet. Both companies and consumers need to take sustainability into consideration in order to create meaningful change.
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