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Business / Economics

Why sustainability is important for business

todayJanuary 22, 2024 3

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By Mignon du Preez, Group Marketing, Public Affairs and Sustainability Executive, Old Mutual Namibia

 

The concept of business sustainability is no longer merely fashionable in today’s environment; rather, it represents a fundamental change in the way we think about and conduct business. Businesses now view success through a broader prism that goes beyond market supremacy and profit margins to include a profound duty – a commitment to the earth we inhabit. The need for sustainable business practices is a story that connects ecological care and economic success, not just a call to action.

Think about the companies that have integrated sustainability into every aspect of their business. There is a strategic acumen at work here, despite the humanitarian appeal. Sustainability stimulates growth rather than acting as a barrier to it. One needs to understand how incorporating sustainable practices—from energy efficiency to supply chain transparency—may reduce environmental effect while also streamlining processes, lowering expenses, and boosting a company’s reputation.

Another key concept to consider is how technology helps to make sustainable business practices possible. Innovations in renewable energy and data analytics for optimal resource allocation are only two examples of how technology is not only a foundation of sustainability but also a driver of efficiency. It serves as a link between environmental stewardship and maintaining an advantage in a cutthroat industry.

A new generation of customers is closely examining not only the price and quality of products, but also the companies they support and their environmental impact. Thus, in order to be relevant in a changing market, sustainable business practices become more than just a moral duty.

One thing to realise is that businesses that adopt sustainability as an ethos rather than a choice are not only safeguarding the planet’s future but also fostering long-term growth and relevance in the business sector.

Written by: Staff Writer

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