Embracing Business Innovation: Pioneering Sustainability in Your Own Company
In today’s rapidly evolving business landscape, adopting a sustainable approach is not only crucial for our planet’s well-being but also a strategic move towards long-term success. By becoming business innovators and incorporating sustainability into our core strategies, we have the power to drive positive change and contribute to a more environmentally conscious future.
Drawing inspiration from the commendable initiative of M&S in their partnership with eBay and Oxfam, let’s explore how we can follow suit and establish our own sustainable business practices.
Before we go into detail about the practices we can obtain for our own businesses, we must commend companies like the above adopting a practice that should have been brought in even sooner than it was. We all know that choosing to buy clothes secondhand, giving items a new lease of life by up cycling them or choosing to support your local businesses over large chains who are not prioritising sustainability has become a much preferred choice.
TV shows like BBC’s Sort Your Life Out (with Stacey Solomon) bring the reality of the world in which we live in right before us. A lot of people (ourselves included) buy items which we don’t actually NEED, spontaneous purchases from Amazon after a glass of wine or when we should actually be asleep. Those items more likely than not end up collecting dust in the back of cupboards before then ending up in landfill.
As the BBC show Sort Your Life Out shows, by introducing systems into your own home we can be more conscious of what we are buying, when, why and how. Let’s put those principles into practice with our own businesses and we will definitely see lots of positive changes!
Now let’s explore a bit more about business sustainable practices we could and should be adopting for ourselves as Innovators:
Rethinking Product Lifecycles:
To pave the way for a sustainable business model, we can start by reevaluating our products’ lifecycles. This entails incorporating circular economy principles and considering the entire life span of our offerings. By implementing strategies like the one embraced by M&S, where pre-loved children’s clothes are given a second life through partnerships with eBay and Oxfam, we can reduce waste and extend the useful lifespan of our products.
Making long-term Vs short-term decisions:
Let’s be honest when something breaks it makes sense to get it fixed, right? Well sometimes that money spent fixing it, especially if it ends up happening multiple times, would have worked better investing in a new, more economical piece of equipment. Things like changing the lighting from old to new LED options might be a better long-term decision to make and we must weigh the costings up financially as well as sustainably.
Collaborative Partnerships:
Creating synergistic partnerships is another vital aspect of being a sustainable business innovator. By teaming up with like-minded organisations, we can amplify our impact and drive change on a larger scale. Following the example of M&S, we can explore collaborations with non-profit organisations, social enterprises, or even other businesses within our industry, to tackle sustainability challenges collectively. By combining resources, expertise, and networks, we can revolutionise our approach to sustainability.
Embracing Technology and Digital Solutions:
Innovation often goes hand in hand with technology. By leveraging digital solutions, we can optimise our operations, reduce resource consumption, and improve efficiency. Embracing online platforms, as M&S did through their partnership with eBay, can enable us to extend the lifespan of products and reach a wider customer base. Exploring advanced technologies such as artificial intelligence, blockchain, or Internet of Things (IoT) can further enhance our sustainability efforts and open up new avenues for growth.
Empowering Consumers:
As business innovators, we have the power to influence consumer behaviour positively. By raising awareness about sustainability issues and providing transparent information about our products’ environmental impact, we can empower consumers to make informed choices. Taking cues from M&S, we can implement initiatives like promoting sustainable consumption habits, offering recycling programs, or incentivising customers to donate or resell their used products. This not only fosters a sense of responsibility but also strengthens our brand’s reputation and customer loyalty.
Measuring and Reporting Progress:
To ensure the effectiveness of our sustainability initiatives and maintain accountability, it is crucial to establish robust measurement and reporting mechanisms. By tracking key performance indicators (KPIs) related to sustainability, we can monitor our progress, identify areas for improvement, and communicate our achievements transparently to stakeholders. Following M&S’s lead, we can embrace frameworks like the Global Reporting Initiative (GRI) or the Sustainability Accounting Standards Board (SASB) to ensure consistent and credible reporting.
As business innovators, the opportunity to lead the way towards a sustainable future lies within our grasp. By adopting the examples set by pioneers like M&S, we can transform our own companies into beacons of sustainability.
Rethinking product lifecycles, forging collaborative partnerships, embracing technology, empowering consumers, and measuring progress are key steps towards embedding sustainability into the core of our business strategies.
Together, let’s shape a brighter and more sustainable future for generations to come!
Words by Harriet Fuller
