To many, sustainable business is synonymous with green business. In fact, the environment is only one aspect of sustainability. It takes much more than environmentally-friendly practices for a business to be truly sustainable.
In order to figure out what makes a business sustainable, perhaps we should first define “sustainable.” Webster’s defines sustainable as: “of, relating to, or being a method of harvesting or using a resource so that the resource is not depleted or permanently damaged.” Fair enough. Now we know that a sustainable business is one that does not deplete or permanently damage its resources. So what are some things that, when “depleted or permanently damaged,” a business cannot do without?
The most obvious thing is money. With no money, a company cannot survive for long. Demand for the company’s product is also necessary. If there’s no demand, the company will quickly flounder, so economic sustainability is important. If the resources needed to make the product disappear, the company will either have no ability to make the product or will have to change resources. Continually depleting and changing resources is decidedly not a sustainable tactic. Your labor force must also be sustainable, so sustaining the local community and society is important.
The list of “resources” that a business cannot survive without goes on and on. In order for a business to continue in the long term, all of these factors must remain. For this reason, it is important for a business to be sustainable not just environmentally, but in all areas.