The last few years have been rocky for the economy and businesses, to say the least. The unprecedented effects of the COVID-19 pandemic, shifts in work, rising inflation, a looming recession, and the Great Resignation have created a lot of question marks for companies who want to ensure their future growth and pursue financial sustainability – with an eye to the future of society and our natural resources.
So what does it mean to have a financially sustainable business model? “Sustainability” is one of those hot words that’s tossed out like candy online. Consumers want to know if your company is sustainable before engaging with you. But how does that translate to business practices, particularly in terms of financial sustainability?
In the most basic terms, something that’s sustainable means something that can support itself long-term. It doesn’t require being propped up by added external forces without using up its resources and grinding to a halt.
To achieve this end goal, business leaders must think strategically. They must embrace looking at the big picture (and sometimes the huge picture). Leaders must consider the future and possibly social and economic upsets like the ones of the past few years.
