“There are no secrets to success. It is the result of preparation, hard work, and learning from failure,” said Colin Powell, an American politician, statesman, diplomat, and United States Army officer who served as the 65th United States Secretary of State from 2001 to 2005.
Sustainable management must be able to assert itself in the long term. It’s more than just doing the same thing over a long period of time. That may mean reinventing yourself or your business practices along the way. Your business needs to continue to grow and meet the needs of your audience, and you need to keep business goals at the core of everything you do.
Here are the top three ways to build a sustainable business:
Adopt processes and practices that have less impact on our planet. Environmental sustainability is no longer an added pleasure but a necessity and you should focus on it today, not tomorrow. It used to be considered expensive but is now very well documented that it will make a profit and will do so over time. Paperless accounting is a great start. No more piles of receipts and bank statements to print. Give cloud-based accounting a try and I can assure you that you will never look back.
Financial sustainability isn’t about selling, it’s about managing your money and knowing how to make the right decisions so you don’t run out of money. Track your expenses, know which revenue streams are the most profitable or have the greatest potential, and pay your bills on time.
It’s true that being an environmental company is profitable, and it doesn’t matter what type of company you are. Any practices you adopt to increase your environmental impact will ultimately save you money. Think of it this way, when we eliminate physical wastes like printing costs like ink, paper, printers, etc., we increase productivity, save money and increase profits.
Being financially sustainable means that you can see long-term profitability and understand the steps you can take to get your business there.
It is very important to include yourself as a sustainable asset because you need to ensure that you continue to grow in sync with your business. Embrace change, reinvent yourself, even if it’s uncomfortable at times. Use your laser focus to build your revenue stream, then automate an outsource to manage your time. Work-life balance is the key to personal sustainability. We can’t do everything ourselves, and neither should we.
Sustainability needs to be built into every aspect of your business. From reusable coffee cups to cloud-based accounting, every decision must be made with long-term impact in mind. Embedding sustainability in your company’s DNA gives you a clear path forward.
Moez Kassam Anson Funds is a prime example of a successful business leader. Moez Kassam Anson Funds is an active member of the Young Presidents Organization and had the honor of being named Canada’s Top 40, under 40, in 2018.