Becoming an eco-friendly company without breaking the bank

April 4, 2024

1054

Consumers, employees, and suppliers are increasingly drawn towards businesses that are mindful of their environmental impact and incorporate sustainable practices into their operations. That’s why your SME should integrate an ESG (Environmental, Social, and Governance) policy into its business strategy.

For many SME leaders, the prospect of adopting ESG commitments can seem like an insurmountable challenge due to a lack of resources and associated costs. But it’s a misconception; it doesn’t necessarily mean a significant investment of time or money. Instead, it often starts with small daily actions. The benefits are plentiful, including the potential to attract new customers and make hiring employees easier.

Three steps to becoming more eco-friendly

Seize opportunities
The first step to becoming a more eco-friendly company is to identify where you can make improvements. Review each of your departments with a special focus on waste management. You can also conduct an environmental assessment to identify which aspects of your activities have the most impact and prioritize them based on feasibility. There are resources available to help you with your assessment (ECO Canada, Green Communities Canada, West Coast Environmental Law, etc.).

Improve within your means
Find effective and affordable solutions. Aim to do business with local suppliers as much as possible to support the local economy and reduce transport-related gas emissions. Reduce your waste production by reusing and recycling. Optimize your energy consumption by installing timers, motion sensors, and energy-efficient light bulbs.

Engage the team
Adopting ESG practices isn’t just for the management team. Involve your employees and stakeholders. They can bring great ideas and will appreciate being part of the process, which will boost their motivation for the changes being made.

Three examples for your company’s social factor:

Promote diversity and inclusion
Adopt policies that promote diversity and inclusion within your company. This applies to recruitment, training sessions, and promotions.

Offer a wellness program
Give your employees access to wellness programs, such as yoga classes, mental health resources, or paid days off to support their well-being.

Engage in community service
Encourage your employees to join you in participating in community initiatives and devote time to volunteering to support local communities.

Three examples for your company’s governance factor:

Establish a solid structure
Since “governance” specifically refers to how your company is run, it’s crucial to establish a solid governance structure with clear compliance policies and decision-making processes.

Implement transparency and accountability policies
These are key when it comes to governance. They promote a culture of integrity, trust and responsibility within your company, which will help strengthen stakeholder trust, improve performance, and reduce risks. Whether it’s through periodic reports on your ESG performance or establishing a governance committee, you need to ensure transparency and accountability are prioritized.
Adopt business ethics
Engage in ethical business practices, such as combating corruption, respecting human rights, and ensuring data privacy. This includes implementing strict practices and policies to ensure that collected data is stored and used responsibly and securely, while respecting the privacy of those involved.

By integrating these environmental, social, and governance aspects into your operations, you’ll strengthen your commitment to your company’s sustainability. Becoming a more eco-friendly SME doesn’t necessarily mean a huge investment. Remember, every small action counts, and together, they can have a positive impact on your company, your community and our environment.

Three steps to becoming more eco-friendly

RELATED ARTICLESMORE FROM AUTHOR

Automation: the key to a more human business

The secrets to effective recruiting

7 business ideas that are probably false

RELATED ARTICLES MORE FROM AUTHOR