5 Benefits of Going Green for Any Business
Research from Nielsen shows a whopping 81 percent of customers around the world think it is extremely important for businesses to enact environmentally sustainable policies and not leave their carbon footprint. Business owners are severely limiting their business if they aren’t cashing in on the benefits of going green. Below are five direct advantages of going green in your business that you can start using immediately.
The 5 Benefits of Going Green for Businesses Are:
- Going green generates positive brand sentiment that helps attract new customers and keep them loyal.
- Green business performs well among the modern consumer.
- Green businesses lower their expenses by going paperless, recycling old electronics, and reducing energy consumption.
- Going green can qualify your business for a variety of tax breaks.
- Green businesses have lower turnover and higher employee productivity.
1 – Green Initiatives Generate Positive PRA
Brand’s reputation has never been more important as well as the social responsibility. Each niche offers enough options for the consumer to make their choice based on factors besides just price and availability. This means brands now have to align with the values of their target customers to get and keep their business. Research shows that environmental consciousness and social responsibility is no longer just a prioritized value for certain niches. It is something every business in every niche needs to focus on or you risk losing customers to a more environmentally conscious competitor.
2 – Going Green Improves Marketing ROI
73 percent of consumers say they would change their purchasing habits to reduce their impact on the environment. Capitalize on that data by incorporating environmental sustainability in your marketing. Regardless of your niche, differentiating yourself from your competition in your marketing materials is the key to capturing more mindshare among your audience. Branding yourself as the most environmentally conscious green business in your niche (with the policies and initiatives to prove it) is a surefire way to attract new customers.
3 – Environmental Sustainability Lowers Your Total Expenses
If you change the way your company uses electricity, water, office supplies, food, and even real estate, you could save billions – just like General Motors did just from digitizing all manuals and processes that were once printed on paper! Remote work policies are another way to go green while cutting expenses. Reduce your consumption! Research by Global Workplace Analytics shows savings to be roughly $10,000 year per employee for each position converted to a full-time remote role. Simply put – a remote workforce cuts down on the need for office space, which naturally reduces your company’s carbon footprint.
4 – Going Green Guards Against Regulations While Qualifying Your Business for Tax Breaks
Depending on your industry, you may have already felt the rising costs associated with complying with government regulations. One of the advantages of going green for your business is it future-proofs you against environmental regulations as climate change becomes a more pressing policy issue.
Another benefit of going green is it qualifies you for current and future tax breaks that are designed to incentivize businesses to go green, such as:
- A 30 percent tax credit on investing in solar or wind energy for your business.
- A 10 percent credit for geothermal energy investments.
- A deduction of up to $1.80 per square foot if you remodel your building with green lighting and HVAC systems.
Consult with your accountant to see what you have to do to put your business in a position to take advantage of green tax breaks.
5 – Going Green Lowers Turnover and Improves Employee Morale
A study by UCLA found that employees who work at companies that make environmental sustainability a priority are 16 percent more productive than companies within the same industry who don’t.That’s because these initiatives have given them a reason to buy into the overall mission of their employer. They feel like they are serving a purpose beyond just earning a paycheck.
What Are The Costs of Green Business? Less Than You Think…
Cost is the main factor holding most businesses back from cashing in on the benefits of going green. This fear is actually misguided. All these types of business owners look at is the upfront cost of installing an energy-efficient system. The reality is that you will save much more money in the long-term due to the cost savings of energy-efficient installations that influence your energy bill and overall energy consumption. But before you commit to change, realize that there are several indirect costs of going green for businesses, such as:
- Buying energy efficient equipment for your supply chain.
- Hiring business consultants to come up with a strategy and help your business to go green.Developing green initiatives and corresponding materials needed to roll them out.
- Retraining employees to comply with new standard operating procedures.
- Investing in software to achieve a paperless initiative.
The plus side is you don’t have to address everything at once. You can roll out your commitment to going green in stages. Start with something that will allow you to see a direct benefit of going green immediately.
Why Not Start by Improving Your E-Waste Management!
Recycling your old office electronics is a great place to start the process of going green. And you can even gain some money back using a service like ITAD. 50 billion tons of e-waste is produced each year and only 20 percent of it is properly recycled. Things like:
At All Green, we make sure your old electronics is never up in a landfill. We follow a reduce, reuse, recycle policy and comply with all EPA regulations to dramatically reduce your company’s carbon footprint. Get in contact with one of our representatives nationwide to discuss an e-waste recycling package customized to the needs of your green business.