Whether you appeal to those who are conscious about the benefits of going green, or inspire and educate those less involved, adding this to your business’s mission is a great way to strengthen ties. Meanwhile, in Australia, non-profit organization Planet Ark has launched a free toolkit for small to medium businesses, connecting them to recycling collection and support services to reduce waste. Green businesses lower their expenses by going paperless, recycling old electronics, and reducing energy consumption. Employee morale is one of the cornerstones of business. To help you decide if going green is right for your company, we have put together a list of reasons and the ways in which it could benefit your business. According to Entrepreneur, approximately 90 percent of all U.S. businesses are considered “small to medium” and account for up to 50 percent of the energy used in the country.Surprisingly, 10 percent of small business owners state that the cost of energy consumption is the single highest cost within the company — above salaries, health care benefits … A healthier workplace By going green, your workplace can become a far healthier environment. Recycling reduces your costs Avoiding, reducing, reusing and recycling can lower your costs. • Online Presence and Reputation As we’ve mentioned before, going green saves you money. IBM Joins Alliance, Developing Platform To Track Plastic Waste Globally, Can Money Buy Happiness? The main realization that makes even smaller companies go green is that small... Save Money By Going Digital. #1 Reduce Waste and Decrease Costs By reducing your energy usage, … Shoppers want to do their part for … And the sleeves themselves are made from 100% recycled material. I am a freelance science writer based in Adelaide, Australia and an adjunct senior research fellow with the University of South Australia. EnergyStar appliances and technology will keep your business running on an energy-lean diet. ThriveHive combines easy-to-use tools and expert guidance to help businesses stand out and get found online. • Google My Business Read on to learn about six key benefits of going green as a business owner. Due to fast-evolving public opinion and changes in government … As the owner of a small business, you have to do whatever possible to ensure overhead is low and profit margins are high, and one of ways to go about this is by implementing an eco-friendly business plan. 3. Consumers are more conscious of the environment, and making improvements will strengthen your reputation. This can have a significant impact on man hours and result in a decrease in sick leave taken by staff. Psychologists Offer A New Take On An Old Question, Why An ‘Operation Warp Speed’ Approach Is Needed For Climate Change, An Underwater Art Park Near Miami Beach Will Reintroduce Coral Reefs. Going green also benefits the American economy as a whole, and supports a national cause to become an energy-independent country in more ways than one. To begin with, he advises, “Check with your local recycling companies. The sneakers sold out instantly, and Adidas is set to make a billion dollars from another production run of five million pairs. But while more than half boycott companies with unsustainable practices or products, eco-friendly concerns do not always translate to shopping behaviour. By making it easier for consumers, businesses can profit. After more than 10 years of. But it’s an important start. • Social Media, Your email address will not be published. Becoming known as a green firm can be attractive to potential employees. Shoppers want to do their part for the environment by exchanging their money with businesses that they trust will make a difference. The survey revealed that a third of consumers want recycling and composting information to be clear on product packaging, and more information on sustainability to help them make eco-friendly purchases. A tax credit is a dollar-for-dollar reduction in your business tax bill because the credit is applied against your gross … “We’re not throwing anything in landfill – that’s what I love about it,” says plant manager, Chris Gibson. © 2020 Forbes Media LLC. Going green also brings with it increased PR benefits. In an effort to cut costs, many businesses don’t build particularly sustainable business models. 3 (of many) benefits of going green Using your resources more efficiently reduces waste and saves money (An example would be unplugging devices when not in use). Decrease Business Overheads. From a marketing point of view, your business’s commitment to becoming environmentally friendly is a great way to achieve positive press coverage. … You may opt-out by. In addition to standing out to new customers, going green can also help you to strengthen your relationship with your existing customers. Long-lasting, efficient light bulbs like CFLs and LEDs are decreasing the amount of electricity businesses use, lowering their utility bills. … Going paperless can save lots of money on the printing out of documents.Cons: 1. By promoting your company’s green … If you decide to invest in alternative zero-carbon energy sources, such as solar panels, then going green … Not only does this help businesses responsibly use energy; it also leaves money in the budget to invest elsewhere, improving the bottom line. Legal and Regulatory Compliance. Ask Ethan: Why Doesn’t Gravity Happen Instantly? From growing your green customer base to growing your bottom line, the benefits of going green make it a great strategy for any retail store. Cost Benefits Going “green” will also save you money, if not in the short term, then in the long term. The 5 Benefits of Going Green for Businesses Are: Going green generates positive brand sentiment that helps attract new customers and keep them loyal. Buying local can be cheaper than importing, plus you are helping the environment by reducing the fuel needed to bring something from far away to your company. According to a recent survey by Office Depot, 51 percent of small businesses plan on going green … Every business can benefit from minimising its environmental impact. Reducing waste has an immediate effect on your bottom line. Eco-conscious shoppers show extraordinary brand loyalty when they know they aren’t just getting good quality products, but also an environmental commitment and a follow through. Most prominently, this expectation comes from millennials, who are eco-conscious consumers. Going green also benefits the American economy as a whole, and supports a national cause to become an energy-independent country in more ways than one. Going green means you’re taking action to help the planet and the people who live on it—not just yourself and your customers. • Local Business Going green can be a great way to improve your bottom line. Maintain the natural ecological balance on earth so that all living things can survive and thrive in their natural habitat. While household trash is separated into recyclables and compost, this service is not yet available for day-to-day collection from local businesses. There’s a health benefit wrapped up in a green venture! He is trying to recruit local companies to help them recycle the remaining 1% of their materials and cafeteria food waste. This next section goes over the benefits of going green that are more directly related to your business operations. All Rights Reserved, This is a BETA experience. Not only does this help businesses responsibly use energy; it also leaves. Moreover, going green will not only positively impact your customers but also your employees. For example, printing on both sides of paper doesn’t cost a business anything and can cut paper supply costs in half. Going green … EnergyStar appliances and technology will keep your business running on an energy-lean diet. Share via: Sustainability isn’t merely a matter of preference or good PR anymore. Whether it happens to be just you or an amazing, hardworking group of individuals, the people are the most important aspects of every business. In the U.S., non-profit organisation Recycle Across America is tackling confusing labelling on bins to standardize them and make recycling easier. Businesses need to make it easier for consumers to support the environment - it's a win-win. Going green has several other benefits for companies. Your employees will feel safer working for green businesses as there will be a healthier work environment. • Marketing Strategies For example, you can install fluorescent lighting and notice an almost immediate difference in your … In addition to standing out to new customers, going green can also help you to strengthen your relationship with your existing customers. 6 Ways Going Green Benefits Your Business. Required fields are marked *. Going green helps the planet and your business. Complying with environmental laws and doing your bit to help the planet also delivers direct business benefits. These include tax credits and incentives, improved efficiency, healthier workplaces, and cost savings – for instance by printing less, turning lights off in unused rooms and refilling ink cartridges. Conserve natural resources and forests. The coffee sleeve plant, run by Mesmerize in Nevada, produces more than 300 million customized coffee cup sleeves annually and recycles up to 1000 tons of paper, cardboard and plastic every year. 2. The financial benefits to going green can extend well beyond the dollars saved through energy efficiency or the additional dollars earned by appealing to environmentally conscious customers. “Recycling is the new wave of the future. Customers and other business … Going green means you’re taking action to help the planet and the people who live on it—not just yourself and your customers. Green technology does more for the business dynamic than merely helping the environment. EY & Citi On The Importance Of Resilience And Innovation, How Digital Workflows Helped Save Basketball During The Pandemic, Impact 50: Investors Seeking Profit — And Pushing For Change, Michigan Economic Development Corporation With Forbes Insights, How, When And Where You Can See ‘Christmas Star’ Planets Then Shooting Stars On The Solstice This Week, How To Safely See Monday’s Christmas Star, The Great Conjunction Of Jupiter & Saturn. Reusing items also reduces waste from plastic packaging. Going green has several other benefits for companies. Opinions expressed by Forbes Contributors are their own. What Are the Benefits of Going Green for a Business? This group has been reported as very willing to pay more for brands that they believe in, such as health/wellness, sustainability, organics, eco-friendliness, and other social values. Everybody should be going green to save the Earth.”, I am a freelance science writer based in Adelaide, Australia and an adjunct senior research fellow with the University of South Australia. But it’s becoming more economically viable for even small and medium-sized businesses to go green—and doing so helps them realize larger profits in the form of more effective marketing strategies and increased brand loyalty. Your business can … “For brands, this is an opportunity.”. Going green might sound too much of a hassle at first, but if you read and hear testimonies from people that are already in the “green” business, you’ll know that it is quite rewarding. Show that you care not only for the well-being of your customers and yourself but also that of your employees and the community as a whole. Green business performs well among the modern consumer. Start taking steps to go green and see the positive impact you can make. 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