Key ways to build a sustainable business model: Sustainability is more than a buzzword--it's a strategic business practice.

• Author: Miller, Derek

RIGHT NOW, "sustainability" is a business buzzword. Many organizations recognize the importance of sustainability, though as with all things, it can have very different meanings to different people.

Some view sustainability through a product lens on manufactured consumer goods, while others view it as a process of reducing energy consumption in product production. Either way, we are entering a period where good business also means doing good for the environment. This business practice must permeate the organization and infuse its ethos throughout the value chain.

Consumers do not often read every product label nor consider the impact a purchase might have on the environment. Take the fashion industry, for example, as "fast fashion" has grown exponentially over the past few decades. Every year, consumers purchase almost $2 trillion worth of textiles, shoes, and related materials. Unfortunately, this also comes with the destruction of unsold products that can total billions of dollars. Thankfully, after seeing the significant amount of waste and consumer response, the value of sustainability is slowly finding its place within the industry.

This issue can be found across all sectors and provides context for the collective need for sustainable practices across all businesses. Here are a few key ways to build a sustainable business model:

SET GOALS

Goal setting should permeate thinking throughout an entire organization. From sales and marketing teams to accounting and project management, each department can begin to think of sustainability goals that foster an environmentally friendly mindset. Simple goals might include the use of recycling bins throughout the office or creating an educational element to onboarding procedures that incorporate sustainability practices.

MEASURE KEY INDICATORS

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