Do you keep ignoring the call to make your business more eco-friendly?
A study carried out by researchers from the University College London in 2019 revealed that the “green economy” in the United States generates more than $1.3 trillion yearly revenue, which represents 16.5 percent of the world’s green economy.
The green economy, which is socially inclusive yet low carbon and resource-efficient, is the main source of livelihood for most US residents.
So far, the number of clean energy workers in the US has risen from 2.5 million people in 2017 to about 9.5 million people in 2019.
What’s your excuse for not heeding the call to go green?
The concept of running a more environmentally-friendly business is not something that businesses should ignore. Governments across the globe are enforcing it, consumers demand it, and the benefits are overwhelming.
If you do not want to miss out, you must join in promoting ethical practices and green products.
As a property manager or director of operations of a small business, have you considered the pros of being eco-friendly?
The rewards are numerous and go beyond the obvious benefit of helping the Earth and reducing global warming. The less obvious advantages are those that benefit the bottom line of your business.
You can start by making a few environmentally-friendly changes like using recycled materials, focusing on recycling, or enlisting the help of professional waste controllers to help you properly dispose of your materials and get the most out of recycling opportunities.
In this guide, we will discuss the following –
- 9 Significant ways that going green can benefit your business
- 5 Tips on how to encourage a green work practice
9 Significant Ways That Going Green Can Benefit Your Business
Have you tried to gain an edge over the competition by offering more unique products or services, but still see little or no profits in your business?
So many businesses are competing for the attention and dollars of the same category of customers you are targeting. Therefore, gaining a competitive edge means that you have to turn the tables in the favor of your business. To do this, market forces have to favor your company.
So, what can you do differently?
Join the Go Green movement!
You are missing out on a lot by not joining the Go Green trend. The benefits of being eco-friendly range from financial advantages to giving you a competitive edge.
Let’s consider the plethora of benefits your business will enjoy by going green:
1. There is tax relief for eco-friendly businesses
Are you looking for a tax break?
You should consider being a green business. With the government placing a lot of value on eco-friendliness, you are likely to get a break from some taxes.
With manufacturing industries and other businesses using up or processing most of our natural resources, the government is encouraging businesses to go green by offering them incentives.
Some of the ways governments all over the world encourage green businesses, include granting them tax relief, rebates, and giving financial bonuses. Tax breaks for eco-friendly businesses can vary depending on the country and government policies in place. Common tax breaks a business may receive include:
- Renewable energy investment tax credits
- Energy-efficient equipment deductions
- Green building incentives
- Research and development (R&D) tax credits
- Carbon credits and offsets
- Water and waste management incentives
- Transportation incentives
- Green jobs training credits
- Environmental conservation easements
2. An eco-friendly business will be more credible
Reinhold Messner once said, once you lose your credibility, you can never restore it.
A good reputation, in the business world, is worth billions of dollars. No one likes to do business with someone they do not trust.
The polar ice caps are melting and more people are suffering from the resultant adverse effects. Because they have had enough of this, they are looking for more earth-friendly companies to do business with.
Therefore, if you market yourself as an eco-friendly company and you actually go green, you can convince them to patronize you instead of the competition.It demonstrates a commitment to sustainability, social responsibility, innovation, and compliance with environmental regulations. As consumers and stakeholders prioritize environmental concerns, an eco-friendly approach can enhance a business’s reputation and positively impact society and the planet.
According to a study by Cone Communications/Ebiquity Global CSR, 92% of Millenials are more likely to trusty a company that supports environmental or social issues.
Hence, if you go green, you stand to gain more credibility in the business world, allowing you to automatically become an authority in your line of business and instantly gain an edge over others.
3. Attracts more investors and financial opportunities
The green movement is a general responsibility that cuts across all levels of the food chain. With increased credibility comes investors who would rather trust a sustainable business than a non-sustainable one. Getting such investors on board will be easier when you go green.
These types of investors prioritize companies that align with their values and contribute positively to society. Investing in eco-friendly businesses allows them to support initiatives that address pressing environmental challenges and contribute to a more sustainable future.
4. Retention of quality employees
In a survey by Adecco, 52% of employed adults would rather work for a company that is more environmentally aware.
Are you battling with the problem of low employee retention?
It could be that your business does not align with the green living values of your employees. Most employees will choose a business that corresponds with their core values over one that does not.
Employees feel proud to be associated with a company that actively works to reduce its environmental impact and contribute positively to society. Being part of an eco-friendly company often increases job satisfaction as employees feel their work aligns with their values and contributes to a more significant cause.
So, if you want to enjoy a higher rate of employee retention, you may want to consider going green. Since a large percentage of the population is adapting to a more sustainable environment, you stand a better chance of more people wanting to work with you.
5. Increased productivity at a lower cost
Are you spending too much on being productive?
By running an eco-friendly business, you will spend less on production. Eco-friendly practices are inexpensive and easier to perform than production via other means. Eco-friendly businesses focus on optimizing energy usage by adopting energy-efficient technologies and practices. It might include using LED lighting, energy-efficient appliances, and optimizing heating, ventilation, and air conditioning (HVAC) systems. Reducing energy consumption helps the environment and lowers utility bills, contributing to cost savings.
Hence, you will save more money and enjoy better efficiency by employing a more sustainable approach in your business.
Going green is a win-win situation and you don’t want to be left behind.
6. Healthier work environment
Eco-friendly products and services also have the advantage of being both Earth-friendly and people-friendly.
If, for instance, you manufacture eco-friendly cleaning products that are 100% biodegradable and contain no harmful chemicals, your employees will be happier and healthier since there are no chemicals that could be detrimental to their health.
7. Sales boost
Statistics have shown that an eco-friendly business can attract more customers and also increase sales volume because more people are demanding green products.
Since other businesses are more eco-friendly products and services, you have to tap into this huge opportunity by going green. When you do this, the demand for your green products will increase, thereby boosting your sales.
8. Better preparedness for future environmental regulations
Governments all over the world are already putting many regulations in place to save the Earth. Apparently, businesses have had to conform to these restrictions in terms of how they use energy, natural resources, and even how they dispose of their waste.
It is safe to assume that these laws will only get stricter in the future because resources are dwindling. In addition, relying on these dwindling sources of energy to run your business will likely cause losses.
Therefore, you must go green now so that your company will be better prepared for these regulations that are meant to protect the Earth.
Even if you are not 100% compliant by the time the regulations are enforced, at least, you would be halfway there and not experience much difficulty in making your business more sustainable.
9. Huge savings
Wells Lin, manager of the environmental safety and health department of AU Optronics in Taiwan, said, “Waste reduction can save natural resources, decrease environmental impact, and save money.”
Recently, the company succeeded in reducing its packaging material by 11%. To achieve this, they redesigned the way they packaged their 32-inch TV screens.
One of the significant benefits of going green is that you will enjoy huge savings.
How can you save money?
Instead of using disposable cups, why not go for reusable cups? Instead of using tap water all the time, you could collect rainwater, especially if you generate electricity with solar panels.
Over time, you will notice that by running an eco-friendly operation, you will save a huge chunk of money and make more profit.
How to Encourage a Green Work Practice
Now that you know the immense benefits of making your business as eco-friendly as possible, the next phase is knowing where to start.
Are you overwhelmed just thinking about how to get started on introducing and encouraging a green work practice?
Here are 5 useful tips you should try:
1. Help employees to adapt faster to the new green policy
As Nolan Ryan once said, “Enjoying success requires the ability to adapt. Only by being open to change will you have a true opportunity to get the most from your talent.”
It is expected that some people may not find it very easy to adjust their lifestyle to a green routine. They may take longer to start doing things differently.
If some of your employees are finding it difficult to make the switch to more sustainable practices in the workplace, you can offer to help them and encourage other co-workers to help each other.
This will take patience, but they will adapt over time. Allow employees to have an adjusting period by implementing changes intermittently but efficiently. Remind your employees of the myriad of benefits they will also enjoy by being eco-friendly. In addition to saving money on recycled products, they will also use less electricity.
To further encourage your employees to quickly embrace and practice eco-friendly policies, you can offer raises for employees that show initiative in helping the company to establish green work practices. Let them know that the raise they get is from the money the company saved by going green.
2. Set up recycling bins
Place recycling bins at all the workstations and employee areas in your office. By doing this, your employees will start to embrace a more eco-friendly office and also find it easier to recycle. Effective ways to set up recycling bins may include the following:
- Designate recycling areas
- Select appropriate bins
- Educate employees
- Communicate with signage
Sustainable waste management offers numerous benefits. When you set up a recycling area, clearly identify where each waste item should go. What this means is that plastics, metals, and cardboard should go into different recycling bins.
Employees tend to have reasons to go through their trash bin from time to time. To help make it easier for them to do this, you can place smaller bins at your employees’ workstations.
When employees are taught to use these recycling bins regularly, they will become used to it in a couple of weeks.
3. Ensure that all office equipment is turned off after office hours
Make it a policy that all computers, electronic devices, and other office equipment should be turned off at the close of business for that day.
How does turning off your machines after work hours help your business?
If you run your computers and office electronic devices overnight, you will drain your environment and the bottom line of your company. By setting up a policy that trains everyone to turn their machines off can save you hundreds of dollars annually.
4. Use green office supplies
Have you been using office supplies that easily accumulate as waste?
It’s time to switch to sustainable office supplies. This switch does not have to involve employees switching over to sustainable office supplies. Rather, as the property manager, you can buy environmentally friendly office supplies and simply introduce them into your workplace.
Examples of recycled office supplies are toner and copy paper.
5. Release a memo detailing all the green changes you have made in the workplace
After setting up all the necessary green practices in your workplace, it is pertinent that you release a new memo detailing all these changes and how you expect your employees to comply and support these new practices.
You can also schedule a meeting with your workers to further discuss the new green practices you are transitioning to.
So, How Can You Harness All the Benefits of Going Green?
Eco-friendly. Green. Sustainable. Regardless of the phrase, you cannot deny the benefits of running an environmentally-friendly business. From enjoying government tax incentives to attracting quality employees, the benefits of going green are numerous.
How to get started?
Take that first step by allowing Waste Control to manage and audit your waste invoices. We value transparency, honesty, and hard work. Our team is dedicated to providing the best service possible and going above and beyond to make things right and improve the efficacy of your business.