In the latest episode of The 360 On Energy and Carbon, the speakers explore the topic of creating and maintaining a sustainable business for small and medium enterprises.
Guest speaker Paul Rak is the president and owner of VeriForm Inc., a metal fabrication company, and a member of the Regional Sustainability Initiative in Waterloo. He shares their experience of adopting sustainable practices in their business and how it has led to significant financial savings.
Adopting sustainability: The benefits for small and medium enterprises
Many business owners believe that sustainability is only for large organizations and that it will cost money and jobs. However, this podcast highlights that this is not the case. Adopting sustainability practices can provide numerous benefits for small and medium enterprises, including financial savings, improved reputation and increased efficiency.
According to a McKinsey report from 2011, there are at least 12 different reasons why a company would adopt sustainability, including reducing regulatory risks, improving supply chain efficiency and attracting top talent.
VeriForm Inc.’s experience
The speakers emphasize that creating a sustainable business involves a mindset shift and a long-term commitment. Rak adopted sustainable practices for his daughter's future and for financial savings. Sustainability is about reducing waste or energy consumption and building a culture of sustainability within the organization.
Rak shares that VeriForm saves around $130,000 annually on energy costs alone, which is a testament to how investing in new technology and changing the culture can save money by reducing maintenance fees.
Misconceptions about sustainability
Despite the misconceptions surrounding sustainability, the speakers have never seen any evidence of it costing money or jobs. In fact, they state that mismanaged implementation of sustainability would be required for this to happen.
Creating and maintaining a sustainable business is good for the environment and your organization's bottom line. By implementing sustainability practices, small and medium enterprises can save money, retain employees and create a better environment for everyone. This episode provides valuable insights and inspiration for business owners looking to adopt sustainable practices.