Sustainability is dead, long live sustainability!

With the news seemingly filled with the latest transatlantic messaging one could be forgiven for thinking that the age of sustainability was over and that we are moving to a new world order, where self-interest and presentdayism are king.

That is not the case as despite the attitude of the United States’ president a large part of the rest of the world is still looking to try and reduce the impact that our activities are having on the rest of the planet.

Looking at the UK and taking just one measure as an example, it has been reported there are now more than 2,400 Certified B Corporations, up 40% on the previous year and positioning the UK as having the largest collection of B Corps globally.

Sustainability is not simply about climate change and our use of natural resources but also about how we build our businesses (and lives) for the future. It’s about strategic direction and decision making; how we recruit, develop and retain our staff; and how we interact with other businesses and our wider communities.

Of course, there are some running businesses today who are in it just for the money that they can make in the short term.

However, my experience is that most running profitable and successful businesses do so with the future in mind, looking to build an entity that reflects their own values and that they will either be able to pass on to a future generation or one which they can sell on to someone else when the time comes to retire or move on to a fresh venture.

If that is the aim, then a business needs to be sustainable … and sustainability needs to be built into the business plan.

Some businesses will begin life with a clear business plan but many businesses grow organically from an original idea and it is only later that a plan is developed. The plan should, as a minimum, include details of products or services offered, ideas as to how the business is financed, how skills are developed and retained and how the business will interact with and retain and grow its customers.

Before a business can be called sustainable, it first needs to be able to stand on its own without the support of its founder, both financially and operationally. Part of that will be the efficient use of resources and the minimising of any negative impacts the business creates. Once a business is at that stage, it can then start to measure and evaluate its climate and social impacts and put in place a program to reduce its carbon footprint and increase its added value to society and then be ready to tell the world about the progress that is being made.

Donald Trump may not care much (at least until one of his precious golf courses is lost to the rising ocean), but there are many potential customers, particularly from younger generations, as well local and national government frameworks, private sector supply chains and investors for whom sustainability considerations are increasingly important.

These represent a part of the market that any business cannot afford to overlook if you want your business to thrive and grow.

At Westcotts we are about advising a whole business, not just the tax and accounts parts. If you would like to discuss ways to give your business a thriving, growing and sustainable future then contact your local Westcotts office.