India is a rapidly growing economy, with a fast-expanding business landscape. In the past few years, India has been one of the top performers in terms of economic growth.
In today's world, as consumers are getting more conscious, businesses are expected to operate sustainability, be socially responsible, and reduce their environmental impact.
Building a sustainable business is not only beneficial for the environment but also for the business itself, allowing the business to reduce cost, improve its reputation, and attract consumers who prioritize sustainability and are eco-friendly.
However, it should be kept in mind that building a sustainable business in India is not easy, as it requires a comprehensive approach that balances economic, environmental, and social factors.
In this article, we will discuss a few strategies that can help businesses build a sustainable future in India.
Before you can actually start working on building a sustainable business, you need to assess the current environmental impact of your business.
Conducting a sustainability audit will allow you to identify areas for improvement & set goals for the future and will help create a strong sense of purpose and direction for the business.
Develop a system for tracking and reporting on social, environmental, and economic impacts. Without tracking your energy consumption, waste production, and carbon footprint, you cannot set achievable sustainable goals.
After the sustainability audit, define the purpose of building a sustainable business. The purpose of a sustainable business should be more than just making profits.
A sustainable business has a clear purpose and aims to create a positive impact on society and the environment. Identify the social and environmental issues that matter to your business and how your business can contribute to addressing them by going sustainable.
To be able to build a sustainable business, you will have to prioritize sustainable practices. Even though sustainable practices might cost a bit more than traditional practices, in the long run, you will be able to save quite a lot with sustainable practices.
Sustainable practices involve sourcing sustainable materials, reducing waste, conserving energy, and reducing carbon footprint.
Sustainable practices can be prioritized by setting achievable goals and creating a plan for their implementation, which should include strategies for reducing waste, conserving energy, and adopting sustainable production practices.
D-Link, the popular router manufacturer, has integrated sustainable practices into operations and processes, which has led to the development of products that will help preserve the environment through waste reduction and energy savings.
You cannot build a sustainable business without engaging stakeholders, especially in India. Stakeholder engagement is critical for building a sustainable business and you should engage customers, suppliers, employees, and other stakeholders to understand their needs and concerns.
This will allow you to understand their needs, identify opportunities for improvement and ensure that the business meets the needs of all stakeholders.
Embracing innovation is essential to building a sustainable business, especially in countries such as India. Modern-day technologies are eco-friendly and consume less power & energy, therefore, you should embrace new technologies and processes that can reduce waste, conserve resources, reduce environmental impact & carbon footprint, and create a positive impact.
For instance, instead of using your old wireless routers, you can replace them with TP-Link's Green Technology routers that consume less power and energy.
Similarly, you can also replace ordinary light bulbs with LED lights that can reduce up to 90% energy consumption compared to a traditional bulb with the same light output.
To run a sustainable business, a sustainable supply chain is very important. Without a sustainable supplier, you cannot advertise or claim that your products are eco-friendly.
Being sustainable means that every process from beginning to end must be sustainable. Therefore, suppliers should be chosen who prioritize sustainable practices and work with them to reduce waste and improve efficiency
Instead of ordering your raw materials and supplies from elsewhere, consider using locally sourced materials and products to reduce the carbon footprint. You should make sure that your supply chain aligns with your sustainable business practices.
You might not know it, but your employees play a crucial role in making your business sustainable.
It is your job to educate your employees on sustainable practices, create a culture of sustainability within the workplace, and encourage everyone to recycle & reduce their carbon footprint.
Moreover, encourage them to share their ideas and provide feedback on sustainability initiatives.
Last but not least, stay up-to-date with the latest sustainability trends because sustainability is an ever-evolving field.
It is important to stay up-to-date with the latest trends and best practices, attend sustainability conferences, read industry publications, and stay in touch with other sustainability professionals & businesses to stay informed and make your business sustainable with the changing industry needs & behaviors.