Introduction
Sustainability is just one word and yet there exists over 300 definitions. The best-known definition of sustainability or sustainable development comes from the World Commission on Environment and Development and is outlined as: “forms of progress that meet the needs of the present without compromising the ability of future generations to meet their needs.”
It is important to consider that sustainability is about more than just looking after our natural environment. It is also about considering the social and economic impact of what we do and how we do it.
What are the benefits of being sustainable?
Adopting sustainable business practices and policies has many tangible benefits that do more than just ‘doing the right thing’. By making sustainability a focus, businesses can:
- Increase tourists by promoting your sustainability credentials to ‘green-savvy’ consumers who make purchase decisions based on minimising their own footprint.
- Reduce operating costs by undertaking initiatives that reduce waste, water and energy consumption.
- Develop a competitive advantage by establishing and promoting sustainable business practices as a point of difference.
- Attract and retain valuable staff by adopting policies that meet with employee values and concerns.
- Encourage investors interested in companies with long-term sustainability plans that minimise operating risks in the future.
- Increase long-term profitability by putting plans in place now that will create savings in the future such as minimising transport costs that will continue to rise as fuel becomes more expensive.
