As consumers become more conscious of their environmental impact, operating a sustainable business has become a key priority for many. However, what does it mean to run a sustainable business? How could the transition impact your bottom line? And how can REALTORS® add valuable sustainability related insights along their clients’ homeownership journeys?
On the latest episode of REAL TIME, Geoffrey Macdonald, CFO of IKEA Canada, discusses the answers to these questions and more. Macdonald pulled back the curtain to share practical tactics used by IKEA, both in Canada and globally, to support their overall sustainability goals. He also told us the significance of sustainability for businesses and consumers, and the realistic steps REALTORS® can take to align with this crucial goal. Though sustainability may seem like an abstract concept, Macdonald outlined their purpose-driven approach to balancing economic growth while ensuring environmental protection, and why it’s an important target worth striving for.
While the models IKEA has created may seem like lofty ambitions, some steps they took on their sustainability journey can be accomplished by REALTORS®, brokerages, or individuals. Macdonald outlined three key pillars of the IKEA sustainability strategy, businesses should consider for their own operations: circular and climate positive practices, supporting sustainable living, and promoting fairness and equality. According to Macdonald, by integrating these pillars into their strategies, businesses can be more intentionally impactful in the actions they take.
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Additionally, Macdonald highlighted the role of education to empower consumers, when operating a sustainable business. He points out that while many Canadians identify themselves as sustainable consumers, the majority of them find it challenging to make sustainable choices. For Macdonald, this presents a huge opportunity to stand out, not just for IKEA, but for all industries and businesses, including real estate.
Macdonald highlights how IKEA goes the extra mile by curating content and product recommendations that empower customers to live more sustainably. By adopting a similar approach, REALTORS® can position themselves as trusted advisors for clients wanting to make eco-friendly choices, during their home buying and selling journeys.
To hear Macdonald’s tips and advice for adopting sustainability practices in your life and your business, listen to REAL TIME anywhere you get your podcasts or at CREA.ca/podcast.
