cts of doing so are substantial. Honesty in its campaigns means Patagonia gains trust from its consumers. Taking a charitable sentiment by investing in the environment builds a strong brand that people will support, and often pay more to do so.
Patagonia’s healthy environmental stance has positive social effects for the company, creating a firm foundation of brand evangelists. In addition, the company has only a 4% employee turnover due to its strong brand message and good working conditions.
The environmental and social sustainable actions of Patagonia contribute to the company’s economic success. In 2017 Patagonia obtained $209 million in revenue, and it continues to use its increasing profit to strengthen its environmental and social mission.
The short term benefits of a sustainable business
From the above case studies, it is evident that long-term success and unsustainability are mutually exclusive.
But what about the short-term benefits of sustainability?
Let’s take the business mentioned in the last case study – Patagonia – as an example.
Adopting sustainable actions heightens Patagonia’s brand value, thereby providing them with loyal customers who are willing to financially support a brand which aligns with their own ethics and values. In fact, 81% of consumers suggest they will make a personal sacrifice to address social and environmental issues. For Patagonia, this is a huge short-term economic advantage.
The short-term benefits of sustainable actions don’t end with heightened brand value and the acquisition of loyal, well-paying customers, either:
- Being a sustainable business can help you when bidding for contracts from governmental or corporate bodies who work with sustainability.
- Focusing on sustainability allows you to scrutinize your overall business functions – specifically, where you are wasting time, effort, and money. For example, by incorporating environmental accounting procedures, you can reduce your energy costs. By improving your workplace environment, you will reduce employee turnover,