Sustainable Business Practices: Prioritizing People and Planet for Profit
thesisposted on 14.05.2020, 00:00 by Taryn Bradley
Historically, the sole purpose of business was to make money and thereby contribute to society by generating economic growth. Due to shifting consumer demands and a wider view on the role of business in society, this purpose is simply not enough anymore. Consumer mindsets have drastically changed within the past few decades as more and more consumers are aware of the negative effects resulting from the traditional role of business. This heightened awareness has led to a demand for Corporate Social Responsibility (CSR) at the forefront of consumer priorities. Businesses must adapt in order to stay afloat in the competitive sea of countless competitors, and a key element of CSR that they can adopt into their practices to increase brand equity and competitive advantage is sustainability. Sustainability and adopting the Triple Bottom Line into business practices is one of the most effective ways companies can increase profits. By undergoing a sustainability audit and assessing the company’s opportunities to engage in sustainable efforts that support people, planet, and profit, businesses can stay competitive and alive in this new age of consumer priorities. Through a sustainability audit for a local Laramie business, this audit works to exemplify how practices that benefit environmental and social sustainability can lead to profit. Businesses that successfully adopt practices surrounding reducing waste, energy usage, and emission outputs, as well as work toward benefitting its communities, can see higher profits as well as a heightened competitive advantage.