New research commissioned by insurer NZI, shows those who run a sustainable business (taking into account environmental, social and economic factors) are twice as likely to grow as those not engaged.
Conducted in collaboration with the Sustainable Business Network, the survey of over 400 businesses show improved productivity, lower costs, a strong image and a platform for competitive advantage are just some of the benefits of running a sustainable business.
Despite this, one third of kiwi businesses aren’t embracing sustainable practices.
Donna Williams, NZI’s General Manager of Customer Experience and Marketing and a regular judge at the annual NZI Sustainable Business Network Awards says there’s still more work to be done to help more companies get on board.
“The survey shows most businesses want to be more sustainable, but lots don’t completely understand what it means and are putting the concept in the ‘too-hard’ basket.”
Chief Executive of the Sustainable Business Network, Rachel Brown says cost is the main barrier to starting the sustainable journey, which is ironic considering reduced costs is actually one of the main benefits.
“For those less involved with being sustainable, it’s about allaying fears regarding costs and for those more proactive, the sense is it’s simply about helping them activate a vision already central to their business.”
“Sustainable businesses do well financially, and shareholders and staff are happy- it’s a positive outcome for all involved.”
There are signals from Government for stronger policies and greater investments that will see sustainability in areas like climate change, renewables, public transport and circular economy receive greater attention.
Williams says businesses already operating in this space will benefit as a result.
“It’s time businesses embrace sustainable practices otherwise they’re going to be left behind,” she says.
“The sustainability story needs to be told to unlock growth.”
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