The Future of Sustainable Businesses

The Future of Sustainable Businesses

Ashley Uyeta 

With increasing amounts of natural disasters, extreme weather conditions, and deteriorating environmental quality, sustainability has become one of the hottest topics for businesses and consumers. Many positive trends have emerged from consumer demands that companies reflect and take action on environmental, social and economic issues. The future of sustainability and the impact that it has on businesses is becoming more prevalent than ever as consumers are demanding more from companies. Businesses are moving away from their profit oriented mindset to a more people oriented business model, understand that where there is people, there is profit. 

"As the expectations on corporate responsibility increases, and as transparency becomes more prevalent, companies are recognizing the need to act on sustainability. Professional communications and good intentions are no longer enough" (Haanaes & Olynec). 

Businesses are starting to realize that sustainability can't just be an add on to make their company image look better, it has to be at the core of their company operations. Business models have slowly been evolving and adapting over time, but not fast enough. According to a study by Accenture, 62% of consumers want companies that will take action when it comes to sustainability, transparency, and fair employment. The future of businesses rely on sustainability and their transparency in doing so to gain the trust and loyalty of consumers. 

"Discerning truly sustainable practices is going to be critical for companies, decision-makers and citizens alike. Doing so can potentially lead to the emergence of new sustainability criteria and metrics, as well as a revolution in transparency and disclosure" (Soloviy). 

We see many companies already making changes and creating goals that they want to achieve to create a sustainable company. Ranging from new innovative sustainable packaging for their products to offering more remote work to decrease the amount of cars on the road, all the way to making energy-efficient upgrades. Businesses are becoming one of the key components to the future of our planet. 

"Soon, we are likely to see consumers and companies increasingly joining forces to create sustainable economies with new models of interaction and collaboration" (Soloviy). 

Key features of more sustainable movements are moving away from: 

• New to refurbished 
• Products to services 
• Ownership to temporary use 

Many consumers are making choices based on the product's origin, ethical sourcing, responsibility of the supply chain, how employees are being treated, and the company's overall efforts in sustainability. It doesn't matter how many goals a company can create or how many green labels they put on their products, if there is no intention of following through, consumers will walk away. Actions speak louder than words, and consumers show that they will go looking somewhere else that fits their criteria for a more sustainable product. 

Sustainable businesses has a bright future ahead, but one with many challenges and obstacles that need to be overcome. With the endangerment of our living standards and lifestyles that we live, there is aspiration for companies to grow in bigger, better, more sustainable way. 

References 

Haanaes, K., & Olynec, N. (2018, August 16). Why all businesses must embrace sustainability and lead the way. IMD business school. Retrieved May 24, 2022, from https://www.imd.org/research-knowledge/articles/why-all-businesses-should-embrace-sustainability/

30, V. S. on J., Soloviy, V., Soloviy, V., Cross, D. T., Miller, A., & Marsh, J. (2019, August 27). The future of sustainable businesses is looking brighter. Sustainability Times. Retrieved May 24, 2022, from https://www.sustainability-times.com/sustainable-business/the-future-of-sustainable-businesses-is-looking-brighter/