In times of difficulty, it can be all too easy to sit back and rely on tried and tested methods of business to get you through. Innovation is commonly only invested in when a business has a surplus; when they can afford to invest in research, and in new ways to do business. Any business that does not innovate inevitably fails, yes, but innovating at the right time has been the go-to method for generations.
This is not true today. The pandemic has hit every business hard, and global recovery is going to be slow and rocky. However, the issue facing businesses around the world and especially in the UK today means that to recover, businesses cannot look to the past and what is comfortable and safe; they must look forward.
The pandemic has caused a massive global crunch, right at the time that sustainability and environmental issues have reached a fever pitch.
Innovation and Sustainability Are Driving Economic Recovery
Bristol is a leading example of how innovation and investment into the future are paving the way forward. Rather than focus on old-school methods for such a new-school issue, Bristol’s economic recovery is being powered forward by investing in infrastructure and renewable projects. The goal is to create an attractive environment for new investment opportunities while simultaneously helping local businesses keep their doors open and their employees working.
The two-pronged approach is designed to help support the businesses in Bristol while also attracting new, big projects to the city. This comes at the perfect time, with the COP26 concluding and renewed interest in sustainable development at the forefront of everyone’s mind.
Businesses and economic recovery cannot occur without also looking to shrug off those old-world, unsustainable business and economic practices. A new approach and new investment into a greener future is a must, and the best cities are positioning themselves as sustainable hubs for innovation.
Looking to a greener future is not only something that local and national economies should look to as a solution towards economic recovery; it is something that businesses need to invest in at a grassroots level.
Innovation, sustainability, and the future are the way forward, not doubling down on dying practices. This guide will help outline a few key ideas to get you started driving your business through the future:
Recoup or Reduce Cost Through Improved Waste Management
Waste is a huge issue that is plaguing every country. With countries closing their borders for waste management, our oceans full of trash and microplastics, and a shrinking number of options to simply dump and forget about our waste, it is time to take a long look at your full supply chain – including waste management.
Investing in a circular approach can help you recoup cost, help the environment, and is an excellent way to stand out amongst your competition. You do not need to create a perfect circular system yourself, either, and can partner with waste management and new tech companies that are looking to transform waste like yours into new materials to be used again and again.
Earn Subsidiaries, Tax Rebates, and More Through Improved Sustainable Initiatives
In order to reach net-zero and a more sustainable, green future governments must lead the charge. This means that businesses that are kicking into full gear now will be able to take advantage of new subsidiaries, tax rebates, and more. From grants to new programs, there will be an increasing number of options to get businesses to transition to a greener future, and by investing in that future today, you can be poised to take advantage of every new government program to help with the transition so that you, and your country, can stay on target.
Attract Passionate Talent
The new generation is incredibly environmentally conscious and wants to make a difference. That sense of fulfillment can be hard to find, yet it is often a staple of sustainably-driven businesses worldwide. Working to improve sustainability, after all, means caring for the communities along your supply chain and the environment while also operating in a way that brings in profits. This means that workers can do their part to change the world for the better while also typically working for a company that places higher value on their health and well-being.
Operating sustainability is the way forward and a great strategy to improve your business’s bottom line in light of the COP26 commitments while simultaneously improving the attainment and retention of top, passionate talent.