Why is Collaboration Between Businesses Necessary for Sustainability?
Competition is the heart and soul of our capitalist society. And market competitiveness is healthy. It means that businesses are becoming more innovative to make their product and service the best. It means that consumers have more options. It means that we are able to find quality products for reasonable prices. It means that there is some focus on the consumers and ensuring that people are happy with their purchase decisions.
It also means businesses are becoming more focused on sustainability as research points towards changing consumer attitudes around sustainability, especially when it comes to millennials. Businesses now not only want to be the best and the most affordable but be doing the least damage to our economy, society and planet too.
However, this is not something that can be achieved alone. Sustainability requires collaboration in order to succeed.
Collaboration with regards to sustainability can be seen firstly in the supply chain. When one business requires its suppliers to adhere to certain sustainability practices and standards, the other businesses must make changes or lose the first business as a client. This is a great opportunity to begin to explore partnerships with existing suppliers. For example, for an SME, if your business is looking to organise an environmental volunteering day with your staff and you know one of your suppliers is also interested in doing this, it is worth exploring the potential of combining this day to maximise impact. Collaboration in an instance like this could also extend both business' networks.
Innovation flourishes when businesses engage in collaborative projects. If you would like to see your business collaborate with another on an innovative project geared towards sustainability but don't have an idea or don't know where to start, contact a member of our team today to discuss how we can assist you!