Now more than ever, businesses need to consider the state that the world will be in soon. Starting a green business might pose some unique challenges, but it will be worth it as you create processes and practices that won’t disrupt the environment.
Plus, did you know that being a sustainable business not only benefits the planet? Going green is good business, whether you’re new to all of this or already trying to grow within your industry. From cost savings to a significant competitive advantage, here are some reasons why you should consider starting your green business today:
1. Going Green Prepares You For Present and Future Environmental Regulations
Nowadays, most states and countries have laws that require environmental compliance in various ways and forms. In addition, as we become more aware of the benefits of ecological consciousness, more local, state, and federal regulations are being created each year.
Going green means being in front of the curve; if some green legislation isn’t already in place, it soon will be, giving businesses an advantage to start as quickly as possible.
For example, the Environmental Protection Agency unveiled its 2020 Action Agenda, a detailed strategy to cut carbon emissions while encouraging sustainability. It lays out actionable steps and rewards companies ahead of the curve in going green.
Suppose you’re already in the midst of expanding your business. In that case, there’s no better time than now to invest in reporting on sustainability to track your carbon emissions and figure out the next steps to comply with an increasing number of laws and regulations.
2. Going Green Reduces Waste and Decreases Costs
By using less energy, you’ll ultimately use fewer resources and save on energy bills. This might even increase the effectiveness of your business operations as a whole. So try shutting off unnecessary workplace lights to save money each month! Better yet, invest in smart lighting control systems.
You can also turn to renewable energy sources such as solar and wind. They’ve proven time and again to be much more efficient and economical than conventional energy sources.
Aside from energy-saving techniques, actions and practices like recycling and waste reduction all contribute to cost savings.
3. Going Green Enhances Your Brand Image
Increasing your green credentials could offer you an edge over competitors and help you stand out from the crowd.
So tailor your brand to appeal to consumers who value the environment by fitting it within sustainable ideals. There are countless opportunities for creativity and authenticity in this new economy of “green” consumers. Unsurprisingly, companies that care about the environment attract more customers and foster long-term loyalty.
With eco-friendly business practices, you’re on your way to enhancing your company’s reputation and brand image. As more and more consumers become eco-conscious, they will search for and support sustainable businesses like yours.
4. Going Green Can Be A Status Symbol
Now more than ever, consumers are replacing conventional status symbols with more excellent, greener alternatives. Think Teslas in place of supercars that run on gasoline or diesel or solar-powered homes in place of mega-mansions.
Trends like these have even transcended their respective industries! Just look at the recent changes in our eating, traveling, and living habits. If your brand is trying to break into the luxury market, you should definitely look into combining sustainability with desirability.
Beyond luxury, being an environmentally friendly business is actually gaining popularity. For example, brands like Dell have created recycling programs that allow users to return difficult-to-recycle electronics for free.
Unilever has also made significant progress in implementing sustainable packaging, while Honda has optimized fuel efficiency. In a sense, going green gives a business a place at the big firms’ table because only the most established companies do it.
5. Going Green Appeals To A Rising Demographic
For millennials and Gen Z consumers, sustainability is more than just a buzzword. They’re significantly more concerned about the environment compared to earlier generations. These groups have even begun to demand transparency and hold brands accountable in this matter.
The good news is that most brands have yet to recognize this trend. As a result, retailers and corporations are under a lot of pressure because their competitors are vying for the attention of consumers who are becoming more environmentally conscious.
However, smaller companies have considerably more flexibility to use sustainability to their advantage and increase their market share. So if you’re thinking about setting up a green business, now would be the perfect time to do so!
6. Going Green Promotes Healthier and Safer Workplaces
Setting sustainable goals for your business will help your operations run more smoothly, encourage creativity and innovation in your work, enhance lives, and even enrich your local community.
Collaboration is at the very heart of green businesses. With it, you will tend to consider social and environmental challenges that will ultimately help your company be a force for good.
You could even push this further by creating a rewards system for employees with sustainable lifestyle choices, like biking to work.
Going green also has the added benefit of improving your staff’s physical health, as improved ventilation and adding greenery to your office encourage better sleep and reduce respiratory viruses.
7. Going Green Presents Better Investment Possibilities
Nowadays, investors are beginning to consider a brand’s environmental impact as a crucial factor in their evaluation.
Aside from saving resources and improving your brand image, going green also positions your company for better investment opportunities and greater market value.
8. Going Green Lets You Enjoy Tax Benefits
As more and more governments worldwide begin to place a higher value on eco-friendliness, your green business might just be eligible for tax exemptions.
With manufacturing industries and other enterprises using up the majority of our natural resources, governments are enticing firms to go green by providing incentives such as tax breaks, rebates, and financial bonuses.
Some examples of these are:
- Business deductions for installing heating, cooling, and lighting systems that consume much less energy
- Tax credits and incentives for using alternative energy
- Tax credits for the use of alternative vehicles that adhere to certain standards for fuel efficiency
- Bonus depreciation for properly recycling and reusing particular pieces of machinery or equipment
Go Green, Grow Your Business
When it comes down to it, there are so many more advantages for a business to go green than drawbacks.
Over time, the effort and money it takes to establish new environmentally friendly standards and practices pay off, not only financially but also in the satisfaction of knowing that your business is actually doing its part to care for the planet.
Ingrid Maldine is a business writer, editor and management consultant with extensive experience writing and consulting for both start-ups and long established companies. She has ten years management and leadership experience gained at BSkyB in London and Viva Travel Guides in Quito, Ecuador, giving her a depth of insight into innovation in international business. With an MBA from the University of Hull and many years of experience running her own business consultancy, Ingrid’s background allows her to connect with a diverse range of clients, including cutting edge technology and web-based start-ups but also multinationals in need of assistance. Ingrid has played a defining role in shaping organizational strategy for a wide range of different organizations, including for-profit, NGOs and charities. Ingrid has also served on the Board of Directors for the South American Explorers Club in Quito, Ecuador.
