As environmental stakes raise, consumers increasingly vote with their wallets. Here are 7 reasons you need to join the companies that help the environment!
The recent coronavirus pandemic has highlighted just how quickly the planet starts to heal itself in the absence of excessive carbon emissions.
This is great news for business owners who are keen to implement more sustainable practices, but not sure if these will really fix the problem.
Besides being vital for the ongoing survival of our species, there are several other reasons why your company should embrace environmentally sound practices.
Find out more about the benefits enjoyed by companies that help the environment.
Sustainability Just Makes Sense
Why go green when your business is doing fine just the way it is? You may be profiting now, but the future is uncertain for companies that haven’t adopted environmentally-sound practices.
Over time, non-renewable energy sources are bound to dry up, so it makes sense to plan for the shortfall well in advance.
Scarce resources are more expensive and when they’re gone, you can carry on regardless if you have sustainable policies in effect.
Starting your sustainable initiatives now will ensure the future of your livelihood but they’ll also benefit you straight away.
Ultimately, ESG is about managing risk in this way, so how can your company benefit more directly from it?
Companies That Help the Environment Get Benefits
Across the country, states are implementing increasingly strict environmental standards. They’re cracking down on emissions allowances and promoting benefits for those who comply.
For example, companies that produce and sell electricity from renewable sources like solar, are eligible for a corporate income tax credit. In some states, you’ll get a sales tax exemption if you use solar power and many states now offer rebates on solar equipment.
The IRS is also onboard, allowing alternative motor vehicle credits on federal taxes for those businesses that use hybrid cars. Using solar and wind power will also get you a federal tax credit of up to 30 percent.
Customers too are becoming increasingly judgemental when it comes to companies who haven’t embraced sustainable practices.
People don’t want to spend money with companies who don’t care about the future impact of their unsustainable systems.
Sustainable products and business practices are an especially big deal for Gen Z and Millennial shoppers, who are dominating spend this decade.
It’s important to inform and educate potential clients about any sustainable measures you’ve implemented. If they know your business already has green technologies and practices in place, they’ll support you first.
Better Sales Outcomes
More customers automatically mean more sales regardless of what you’re offering.
However, you can boost your bottom line even more if all the goods and services you stock have sustainability at their core. Not only will consumers support your business better when you go green, but they’ll also pay a premium for sustainable goods.
Thanks to easily accessible information on the internet, customers don’t buy things blindly anymore, they research the implications of their purchases first. At the very least, they’re bound to check your labels for evidence of sustainable manufacturing processes.
What’s more, they don’t want to go to all the trouble of researching every single purchase every time. If you can win their trust thanks to your sustainable ways, you’ll have a customer for life.
Savings for Your Business
Going green isn’t all about increasing profits, it’s about saving on costs too. Conserving our natural resources automatically reduces your operational costs.
Here are some of the ways you can save with green initiatives:
- A paperless office means reduced costs on replacing ink cartridges
- Refilling the cartridges you do use, is much cheaper than buying new ones
- Less packaging on your products mean cheaper printing costs
- Hybrid company cars reduce your fuel spend
Even small things like using reusable water bottles instead of plastic ones as promotional items can make the world of difference if everybody’s doing it.
Similarly, conserving energy results in huge savings for your business. Simply switching off the lights in unused rooms, means you’ll pay significantly less on your electricity bill.
Solar and wind power will shave thousands of dollars off your utility bill over the lifetime of your business. Even a small act like installing LED lightbulbs can reduce your electricity expenses by up to 30%.
When your business is solar-powered, you have no need for expensive electrical generators to keep you going during a power outage either.
Similarly, low-flow faucets and toilets help decrease your water usage, and thus your water bill. Leaky faucets and toilets can really add to your water expenses, get them fixed as soon as you notice them.
If your business uses appliances like dishwashers and washers, you’ll experience considerable savings if you opt for appliances with a high Energy Star rating.
Some companies have taken their energy-saving initiatives even further by converting leftover cafeteria food into methane to power their building.
Better Working Conditions
A green work environment is a healthy work environment.
Using green cleaning materials helps your employees avoid respiratory issues. This can help reduce lost productivity due to sick days.
Your employees spend most of their waking hours at work. The least you can do is ensure their environment is a safe and healthy one. Happy employees work harder and are much less likely to leave for greener pastures.
Most up-and-coming new employees seek out companies with sustainable policies. If you want to hire top talent, you’re going to have to up your green game.
Start Implementing Green Initiatives Today
So, what does it mean to go green?
The bottom line is that companies that help the environment have a better chance of survival in today’s tough economic climate. You’ll save yourself money, win more customers, retain your employees, and sell more of whatever it is you’re offering.
Keep reading our blog for more insights into the complexities of environmental issues.