Scaling Profit through Rescue, Transform and Donate
Waste is a big issue facing the world today. With only so little space to store waste generated daily, businesses are looking for ways to reduce waste and, at the same time, utilize them to create sustainable products.
Upcycling is the act of repurposing waste materials and turning them into higher quality products. It is gaining popularity today as people are becoming more aware about sustainability. Upcycling pioneers and business owners profit from it while helping save the planet.
Kresse Wesling of Elvis and Kresse made it her life’s mission to create a business that upcycled industrial waste. She recognizes the importance of workforce development, and how investing in employees can help businesses achieve sustainable practices.
Business Without External Funding
You've probably heard the saying that it takes money to make money. And in the world of business, this is often true. But what if you don't have any money to invest in your business? Is it possible to build a successful company without any external funding?
The answer is yes! There are many ways to get started in business without spending a lot of money. In fact, you can even start a business with no money at all. For Kresse, you must be creative in order to fund your startup without the assistance of others.
One option is to bootstrap your business. This means that you fund your business with your own personal savings. This is a more risky option, but it can also be extremely rewarding. Another source of funding for your startup is family and friends. People who believe in you and your business concept may be willing to invest in your company.
No To Venture Capital
It's no secret that the world of venture capital can be a bit of a minefield. From the high-stakes games of fundraising to the ever-changing landscape of dealmaking, it can be tough to keep up. But for some companies, there comes a time when they no longer need venture capital. They have other sources of funding, or they've reached a point where they're self-sufficient.
So, what happens when you don't need venture capital anymore?
For starters, you'll have more control over your company. You won't have to answer to anyone but yourself, and you'll be able to make decisions without having to worry about what investors will think.
Of course, there are some risks that come with going it alone. Without the deep pockets of venture capital companies, you'll have to be more careful with your spending. And if you're not careful, you could find yourself in a situation where you're in over your head and struggling to keep up.
But if you're prepared for the challenges, leaving the VC world behind can be an immensely liberating experience. You'll no longer be beholden to anyone but yourself, and you'll be able to steer your company in whatever direction you choose. So if you're ready to fly solo, don't be afraid to spread your wings and see what happens.
As Kresse puts it, “VC operates without a conscience. There is no way you can manufacture clothes at those prices, unless the people making them are being exploited. And everyone in the supply chain that creates the raw materials is also being exploited. And the environment is suffering. They might be cheap to the end consumer, but they cost the rest of us the Earth.”
Developing the Best Workforce
In order to build the best workforce for your business, you need to focus on developing three key areas: communication, collaboration, and leadership.
Communication: Good communication is essential for any workplace. Employees need to be able to communicate with each other, as well as with management. When communication is effective, it can help improve productivity and morale.
Collaboration: Working together towards a common goal is known as collaboration. When employees are able to collaborate effectively, it can lead to better workflows and increased productivity. There are a few things you can do to encourage better collaboration in your workplace:
Leadership: Good leaders are essential for any successful business. Leaders provide direction and guidance, motivate employees, and help create a positive work environment. If you want to encourage leadership in your workplace, there are a few things you can do:
Kresse believes it all comes down to attracting the best people and then creating an environment in which they can thrive. She recognizes that many times in business, people focus on what the business needs and do not always consider what their employees need.
However, if they create an environment in which their employees feel valued and capable of doing their best work, they will see the best results from them.
For Kresse, it's all about creating that environment and making sure that her team knows they are valued and they are appreciated. She shares, “We make decisions with the team. We don't we don't impose decisions on people. We discuss things. What's the best way to do this? What's the best way to do that? Does anybody have any ideas? We work very collaboratively.”
Upcycling and the Environment
The process of upcycling is not only beneficial for your wallet, but also for the environment. Every year, millions of tons of waste are sent to landfill sites around the world, where they release harmful greenhouse gases and pollute the soil and water.
Upcycling helps to reduce this waste by giving old products a new lease of life. And, because upcycled products are often made from recycled materials, they have a lower environmental impact than new products made from virgin materials.
So, not only can upcycling save you money, it can also help to protect the environment. And that’s something everyone can feel good about!
Kresse advises, “I can only demand my rights if I'm also prepared to live up to my responsibilities. I don't understand why the vast majority of the business world doesn't see things that way. So, I think that companies need to change. I think the legal underpinnings of what a business is and what the business is allowed to do needs to change. And I don't think you should be able to make money if it's at the expense of the environment or its people.”
How To Sustain a People-Driven Business
There are many businesses out there which only exist because of their workforce. They provide an essential service or product, and without their employees, they would be nothing. This is why it’s so important to keep your workforce happy and motivated; if they’re not, then your business will suffer. So, how can you sustain a workforce-driven business?
Let’s take a look.
Keep them engaged
Promote from within
Offer competitive salaries and benefits
Invest in their development
Create a positive culture
By following these tips, you can sustain a workforce-driven business and keep your employees happy and motivated.
Taking Your Business to the Next Level
If you want to take your business to the next level, a virtual CFO could help you figure out your next best move. Understand how to price fairly yet competitively and maximize your profits with the help of a financial team. Schedule a discovery call with Profit Reimagined™ to help you cover your foundations and deepen your understanding of these concepts.