Quiz: What's Your Corporate Sustainability Score?
Sustainability can help businesses succeed in addition to addressing environmental issues. More companies are realizing that sustainable initiatives can have tremendous impact. Companies that incorporate green practices and renewable products and materials into their business plans are seeing their investments pay off in more than one area.
A 2017 study on corporate social responsibility disclosed customers' responses to when a company supports environmental or social causes. The study revealed that 87% of customers will purchase a product because it supports a cause they care about, while 76% will refuse to purchase a product or service if it supports a cause that goes against their values. Additionally, out of the 1,000 consumers surveyed, 93% will be more likely to trust a company that supports social or environmental issues.
It's not enough to declare oneself eco-friendly; you need to back it up with action and results. Many companies include the following in their sustainable business model:
- Using wind or solar energy
- Using recyclable packaging
- Waste reduction policies
- Going paperless
- Energy conservation policies