How You Can Triple Win In Your Business

Jan 31, 2022

What can be more tempting than a sustainable solution that benefits your business in three ways - socially, economically and environmentally? 

You can triple win in your business by doing the following: 

  1. Reducing your use of resources and CO2 footprint.
  2. Reducing operating costs and empowering members of the team to take personal responsibility in the fight to reduce emissions. 
  3. Use the approach ‘trust is built’, create a culture of transparency in communication, with customers and the community in which the business operates.

To triple win in your business it can be achieved through education of the team that this has the greatest impact: socially (training, upskilling, career progression, investing in your team and improved communication), economically (reductions and efficiency means cost savings) and environmentally (reduction in usage means less CO2 emissions): the triple win

This blog article will help your business embed a triple win strategy.

How to Triple Win Economically

 

Is becoming more sustainable based solely on large-scale capital investments in more efficient equipment and technology to reduce CO2 emissions?  

The Fifty Shades Greener team believe that it is vital that businesses concentrate their efforts on reducing their use of resources – which requires a change in behaviour by those who use the resources of the business.  

Are you based in Ireland and are you interested in large scale capital investments? There are grants available for businesses in Ireland that  wish to do this (see Home - Sustainable Energy Authority Of Ireland | SEAI and Home - Enterprise Ireland (enterprise-ireland.com)). 

In a global water report, CDP found that “the cost of inaction is over five times the cost of action. […] the potential financial impacts of water risks are far greater than the costs of addressing them.” (CPD).  Adaption is needed in the hospitality industry and the first thing is a solution-based, behavioural change and shift in the attitude of leadership.  

When looking at sustainable solutions, it is important to look at the way in which a business poses a risk with its practices: environmentally, socially and economically. For example: “an oil and gas company investing in water-efficient toilets while failing to address leaking oil distribution lines will do little to stem the risk of pollution. A food company investing in improving water efficiency in its processing plants but not promoting regenerative agricultural practices throughout its supply chain will miss opportunities to move from incremental to transformational change” (CPD)

How to Triple Win Socially

 

To triple win socially, we suggest you start to look into your human resources and the purchasing practices. A business needs to collaborate with others who promote sustainability, with suppliers, vendors, and producers who have a like-minded approach

Research by Oxford Economics has shown that the average cost of turnover of an employee can be up to £30,614.(BrightHR). Looking at the social sustainability efforts within your business can increase employee retention, thus leading to less turnover.  Rather than having to constantly train new employees in the ways of the business, retaining employees means they can be trained as green team members, improving the business’ green initiatives and building stronger business communities and industries. Employees can also progress to become green leaders of the business in the future. 

How to Triple Win Environmentally

 

Start to create CSR (Corporate Social Responsibility) projects in your business as they provide great sources of empowerment for volunteers, build trust and relationships within a community. CSR projects provide environmental wins through CO2 reduction or sequestration and conserving biodiversity.  They provide social wins by contributing to team building, job satisfaction and community support. And economically can be incentivised as carbon offsetting projects or tax-back opportunities. Check out this CSR Project below. 

 “Nature-based solutions such as treatment wetlands, natural stormwater drainage systems and forest restoration have the potential to offer affordable and scalable solutions […] as well as contributing significantly to carbon emissions reductions”  (CPD)

 

What You Can Do Next

There is no doubt that sustainability takes time and prioritization – but it can be incorporated into a business’ practices daily in smaller, incremental actions. It is shown that inaction is costing businesses money – so why not take sustainable, solution-based action today! 

A TripAdvisor survey found that “62% of travelers had opted for more environmentally friendly hotels, food and transportation, and 69% of survey respondents said they intended to make even more environmentally responsible travel choices in the future”.

To learn more about how you can Triple Win, here are Fifty Shades Greener we have a wide variety of programmes targeted to helping your business become greener, reduce carbon emissions and save you money. Visit here https://www.fiftyshadesgreener.ie/

Want to Claim your FREE Guide to measure, monitor and become a Green Manager? Click here to download NOW: https://www.fiftyshadesgreener.ie/opt-in

Thank you for reading our piece today! The FSG Team 💚 

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