As more and more businesses are looking for ways to become environmentally friendly, there are many benefits to businesses that will help them improve their bottom line. In the recent years, a global shift towards environmental and sustainable ways of business had increased.
While not all countries require companies to disclose their greenhouse gas emissions and other metrics, this will soon be likely to change. The United States has announced their plans to reduce carbon dioxide emissions for businesses to become sustainable, while China has recently issued a draft environmental tax law.
Here are 10 Benefits of going green and eco-friendly for businesses.
Improves PR of the brand
Most companies that embrace environmentally friendly options can gain more customers. The efforts of your company to go eco-friendly can be used as a part of your campaign in marketing. You can mention all the eco-friendly changes you made that includes installing solar panels, using recyclable products, changing manufacturing process to better and safer products for the community and our environment.
Businesses that aim their focus on reducing the use of energy consumption will not only help our environment but reduce the costs of energy use and reduction as well. Small businesses can benefit from going green and using solar technology by taking the required steps like switching to solar panels, turning off lights and electronics when not in use.
One of the biggest benefits to going green is the increase in energy efficiency and the reduction of waste. Energy efficiency will lower your bills and save as much as $10,000 a year just by going digital.
Businesses that encourage a healthy workplace have reported a 20% reduction in the average number of ill leave days used by employees. Making your place of work, eco-friendly can increase the productivity of workers and even save on costs for medical benefits and coverage. Having healthy place of work means using environmentally friendly products, feature organic products, reduce the demand for printing, various solar power and more.
Increases Employee Recruitment and Retention
Employees want to work for companies that are proactive with corporate environmental programs. A survey in 2007 claims that over 52% of employees feel that their employers should do more about helping the environment.
Did you know that the economic stimulus plan in 2009 provides incentives for businesses that choose to go eco-friendly in the form of tax credits? Not only does clean energy help save money on your tax return, but tax credits are available to those who take advantage of environmental practices. Going the green route can enhance their bottom lines as tax credits are available to businesses that get the most out of solar energy practices such as using renewable energies like using solar panels and hybrid or electric automobiles.
Meets Consumer Demands
The more businesses are growing to embrace on environmental consciousness; consumers are on the search for choosing services and products that are safer for the environment. Environmentally-friendly consumers always look out for labels of product packaging that is made with recyclable materials. With the major demand for green and eco-friendly products, companies can take advantage of the market by providing a sustainable workplace and offer green services and products.
Enhanced Brand and Competitive Advantage
Market research tells us that knowing a company’s impact on the environment makes consumers nearly 60% more likely to choose their services and products despite the high prices. Studies show that consumers are willing to spend as much as 20% more on goods and services that are environmentally friendly.
Boost Company Morale
When individuals are on the search for a new job, the reputation of a company is among the top priorities. Businesses with a focus on sustainability are shown to recruit employees that are motivated and committed. The right type of employees will also lead to improvement and save in human resources.
As “going green” is widely encouraged, transforming your business into a business that cares about the environment will attract new customers. This kind of attention will bring value and help you develop a reputation as well as naturally gain status with more potential clients.
Not all benefits becoming sustainable are easy to quantify. Generally, employees have much happier with their jobs and feel motivated to work as a team member toward a common goal. Establishing your business as an eco-friendly company will increase your recognition in these efforts and extend your business’s notoriety.
Is your business becoming for energy efficient? In what ways have you improved sustainability in your business? Comment below and tell us what you think!