Going green has become increasingly popular in recent years. In fact, there is growing consumer demand for green initiatives among businesses around the world. Consumers prefer big companies as well as small and medium-sized enterprises (SMEs) that have eco-friendly practices in place. These practices include recycling wastes, repurposing materials, investing in energy-efficient appliances, and utilizing renewable energy sources.
Keep in mind, however, that going green is more than just a business trend. While the ultimate goal is to help save the environment, it can significantly boost a business and ensure its sustainability for the long term. Yes, there are a handful of benefits to going green in business.
That said, here is why it pays to set green initiatives in place for your business:
1. For a boost in employee morale
Going green starts with setting eco-friendly practices for your employees to follow. This can go as simple as turning off the switch to as complex as handling harmful substances. With these green initiatives in place, employees will feel confident working for your company. They will always feel safe and protected knowing that you are taking care of the environment and the people working for your business. All these will translate into a boost in your employee morale.
2. For consumer trust and confidence
Apart from the employees themselves, going green can resonate well with the consumers. In fact, 80 percent of people look up to companies that have green initiatives in place. As such, they will prefer to patronize businesses that have a social responsibility. If you are looking to win the consumers’ hearts, be a socially responsible company. Ultimately, take of the environment so that consumers will take care of your products or services through their loyal support.
3. For cost efficiency and money-saving
Going green can be a bit costly at first. You have to invest in energy-efficient systems, green technologies, and renewable energy sources. But you will be surprised at how these green investments can pay off in the long run. Not only will they boost your energy efficiency and reduce your energy consumption, but they will help you save up on your monthly utility bills. Ultimately, going green is a wise route for your company to take.
4. For business profitability
While the business objectives include serving consumer needs and preserving the environment, the ultimate goal is to earn profits. First off, going green helps you increase your consumers’ trust in your business. It means that they will all the more buy your products or hire your services. Secondly, investing in energy-efficient tools and technologies will help you save on your monthly utility bills. Ultimately, you will be amazed at how both can significantly increase your bottom line.
5. For legal and regulatory compliance
In the United States, more and more laws are being passed on the local, state, and federal levels for environmental protection. As a business, you must strictly comply with these laws and regulations. The best course of action is to earn an environmental management system certification to ensure 100 percent compliance. Keep in mind that non-compliance to laws and regulations can lead to penalties, legal ramifications, and even business shutdown.
6. For tax incentives
Did you know that you can earn tax incentives by going green? Yes, governments have taken the initiative to incentivize environmental-friendly businesses. For instance, you can get some tax incentives by investing in and using solar panels in your commercial property. Other steps include buying hybrid vehicles; updating outdated heating, ventilation, and air conditioning (HVAC) systems; utilizing sustainable materials; and partnering with green agencies.
7. For longevity and sustainability
The advent of modernization has led companies to destroy the planet gradually. Think of the global carbon emissions polluting the air and the Great Pacific Garbage Patch polluting the water. That is why, in recent years, the world has become more and more conscious of how companies treat the planet Earth. As a business, you must be aware of how you can help save the environment while making your business sustainable in the long run. If you want your business to last for as long as possible, think and go green.
At this point, you now know why it pays to set green initiatives for your business. Doing so comes with some practical benefits — from boosting your employee morale to ensuring your business’ longevity and sustainability. That said, sit down with your team, plan for your green initiatives, and have a robust implementation. With all these in place, you will grow your business for the long term while helping save planet Earth.
