WHAT DOES "SUSTAINABILITY" MEAN IN BUSINESS
The Association of African Startups | TAAS AFRICA
Unlocking Potential | Building Businesses | Activating Results
Dear startups, you must have heard our spoken and unspoken?mantra "to help you build a sustainable business".
However does a sustainable business mean?
In business, sustainability refers to carrying out your business operations?without it negatively impacting the environment, community or society as a whole.
In layman terms for any investor or person to say your business is sustainable they look at:?
1. The effect your business has on the environment
2 . The effect your business?has on the society
Why is this important, after all most of us believe that in as much as our company makes profit we viable. Why then should we bother with being sustainable?
This is a valid concern and we would tell you why you should focus on being sustainable.
A business that is not concerned about its effect on the environment can run into liabilities on the long term with the government
Let's picture this scenario, a manufacturing company who does not consider the effect of its products on the environment might run into liabilities with the government when sanctioned for air pollution.?
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Another classic example, a cosmetic brand that doesn't care of its impact on the society and sells harmful products would never survive long term when the society understands the impact of such product
Trust us, they would learn in time.?
When all these problems come knocking at the door of an organisation which did not consider being sustainable in its operations, profit wouldn't matter.
?Those profits earlier made would be used to settle lawsuits, pay damages, do control damage and the list goes on.
African Entrepreneurs, we want you to know that “doing good” by caring about your society and environment can have a direct impact on your organisation’s ability to “do well.” long term.
At The Association of African Startups | TAAS AFRICA , we are focused on your long-term growth?
We hope you learnt something today.
Mandate Consultant ||Mandate Strategist || Legal Practitioner
2 年An interesting yet simplified read, thank you The Association of African Startups (TAAS AFRICA)