Sustainable Businesses, Sustainable Economy
Singapore is a highly globalised society but did you know that more than 99% of businesses in our country are SMEs? Being sustainable in the long run is key to the survival of these companies while ensuring that our economy maintains a healthy trajectory. Yet for some companies, a lack of understanding and/or limited resources can hinder their efforts towards being sustainable.
Speaking as a guest on MoneyFM 89.3 on their segment “Business Forward with Canon”, Mr. Melvyn Ho, Senior Vice President and Head of Operations at Canon Singapore, sheds key insights as to why sustainability is important in our modern business landscape. Listen to the podcast here.
Being sustainable is more than going green and recycling, says Melvyn. It suggests that companies are able to “flourish and grow in the long term”. Some businesses may conflate this with Corporate Social Responsibility (CSR) – while CSR is a facet of it, Melvyn asserts that sustainability should play a larger role in a company. He implores business owners to consider including it as part of their growth strategy; not only will this mindset help shape the vision of a company’s future for the better, companies will also tend to adopt good business practices that will inevitably add value to society and their stakeholders – a win-win situation for all.
Smarter Customers Making More Conscious Decisions Today
Melvyn also notes that sustainability is an increasingly important trait that customers look out for when purchasing goods and services. With information so easily accessible today, customers are making smarter and more informed decisions, as they are acutely aware of how their choices can make an impact on society and the environment. These customers would often want to work with partners or a brand they trust are doing their part to be sustainable. Hence, it is in the vested interest of companies to be transparent about their sustainability practices to demonstrate that commitment, highlights Melvyn.
Aligning with Canon’s Philosophy, Kyosei
Why is sustainability so important to Canon? Melvyn explains that this ethos is actually an extension of Canon’s corporate philosophy. Kyosei, the Japanese word for “living and working together for the common good”, lies at the heart of the Canon brand. This motto not only influences our business values but also defines how our company treats our employees and partners, as well as our attitude towards serving the larger community.
With Kyosei, Melvyn shares that this philosophy is a practical application of ensuring that our business practices are in harmony with the community and viable for the future economy, regardless of our differences. Being sustainable is ingrained in our business decisions as we aim to support the community for the long haul.
For example, it is crucial to examine whether our prospective partners share the same values when considering a partnership, such as if they source their raw materials from a sustainable source or if they have certain sustainable practices in place. These considerations ensure that our work is in harmony with society and the environment.
The Importance of Sustainable Business Partners
Working with partners who have these values in mind is an integral part of Canon’s corporate philosophy. Melvyn stresses that here at Canon, we want to ensure that their business practices fit in the sustainability journey of our partners.
A sustainability report outlining how Canon runs their business across the different parts of the world is published annually, serving as a record for the company’s commitment towards being a sustainable business provider and partner.
The synergy of sustainability and kyosei is evident in Canon’s many environmentally-friendly initiatives and technologies. For example, their recycling programme allows customers to return empty toner cartridges when placing new orders. The plastic and metal materials from these empty cartridges are then recycled into new plastic and metal products, minimising waste and the need to extract new materials to make the same product.
Besides this, Canon also recognises the importance of being sustainable in different operational stages, acknowledges Melvyn. It comes with no surprise that most of our products and solutions continually strive to improve CO2efficiencies throughout the entire value chain, from the use of raw materials to the operational activities, including the transportation and distribution of our products to their use, disposal and reuse.
Embark on a Sustainable Journey Today
Starting on a sustainable path can be quite a daunting task. How should businesses, particularly SMEs, set about doing so? Melvyn proffers a few first steps:
1. Change doesn’t happen overnight
Sustainability starts from the top and a sustainable business requires management to inculcate this mindset in their employees, eventually instilling this as part of their company’s strategy.
2. Evaluate the business practices of partners
Businesses should look at how their business partners fare in terms of sustainable business practices, also considering if their suppliers adhere to environmental standards that support the environment.
3. Stimulating the local economy through job creation
Melvyn also suggests that businesses should look at their surrounding community when thinking about sustainability, such as stimulating the local economy through job creation. One way to do so is to hire local talents when expanding overseas – this allows the company to grow together with the community, establishing better ties with them moving forward.
The hallmarks of a sustainable company stem from dedicated leaders who are genuinely interested in making a change for the better. As Melvyn has shown, sustainable businesses are the way forward. It’s time to make a change for a better future.
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