Since 73% of Americans would refuse to purchase from a company that doesn’t care about climate change, it’s important to your success that you do not fall into these ranks. Sustainability is not only essential for the planet- it also is critical in keeping your startup or organization afloat.
Here, we’re going to discuss why you should take this leap as soon as you can and become more eco-friendly while at work. Read on to learn some of the specific ways that going green benefits your company.
1. Reduces Your Carbon Footprint
The first benefit to a sustainable small business is, of course, the overall impact that you will have on the world around you. There is more CO2 in the atmosphere as of 2020 than there has ever been in the past, which means that we must all do our part to preserve the ozone layer and stop pollutants from getting into the air, ground, and water.
Because businesses use significantly more resources than individuals do, increasing sustainability throughout your entire workplace is critical to saving the planet. It’s easy to set aside waste for reuse and recycling and to have your professional cleaners take care of making sure that it reaches the recycling facility.
You can commit to eco-friendliness in many different ways, including using eco mail to ship out your products to customers. You also might like to look into sustainable sources of energy such as solar panels and wind power. Look to purchase new company cars that are fuel-efficient hybrids rather than gas-guzzlers, too.
2. Builds Your Overall Reputation
As a business, your reputation is a top priority. Going green helps you to build credibility since over 1/3 of Americans say that they would pay up to 25% more for sustainably-sold products. 7% were also found to be willing to pay up to 50% more, so there’s nothing to lose by making more environmentally-friendly choices.
These numbers prove that people will be willing to pay more for your products than they otherwise would, but they also demonstrate consumer values. It’s likely that many respondents who said that they wouldn’t pay up to a quarter more for eco-friendliness still value sustainability. They may have responded ‘no’ simply for financial reasons or because they thought 25% was too high a price rise.
In these scenarios, customers will still be likely to choose your services over similarly-priced competitors. When you consider that this is in addition to those who will pay more for your green business than they would for less eco-friendly competitors, this is a significant boost in your reputation.
3. Strengthens Customer Loyalty
Sustainability draws customers into a business, but can it retain them? Turns out that the answer is yes.
Many businesses reported a 2-5% annual increase in sales for products that had sustainability markings on the packages. These same companies only saw 1% growth or less on those products that did not have these statements attached to them. They therefore concluded that customers are more likely to frequent the business to purchase a specific product when it is eco-friendly.
Customers will feel more brand loyalty to your business when they initially associate you with sustainability. They’ll develop a mental image of you as a reputable and empathetic retailer, especially if you make sustainability a core part of your brand image (logos, marketing campaigns, etc). Once this impression is fully ingrained within the consumer, they’re likely to return to you over and over again.
4. Gives You Tax Breaks (and Prevents Fines)
Going green can also provide you with a plethora of both tax credits and deductions. Tax credits are taken from your gross income, so they’re an amazing dollar-for-dollar gain. Tax deductions, while derived only from your net income, are still pretty awesome. You should be chasing both of these benefits.
You can get credits for purchasing and using eco-conscious vehicles for your delivery services and for moving between facilities. Companies that install alternative power sources such as solar and wind energy get a lot of tax breaks, so this is definitely something to look into. Another common credit is for those who renovate and revive their office building to make it from sustainable materials.
In addition to providing you with tax benefits, going green will also work to prevent your business from being fined. There are a multitude of environmental regulations placed on businesses to ensure that they dispose of waste properly and don’t emit too much pollution. If you don’t take the necessary measures to be eco-friendly, you may find yourself with a hefty fine.
5. Spurs Innovation
Because going green requires you to think of alternative methods to old habits, it’s sure to promote innovation in your team. This critical thought gets the ball rolling for new ideas on how you can improve your business, both environmentally-related and not.
Ultimately, because eco-conscious business is the future, beginning to make the transition is the perfect way to firmly ground your business in the present. Without doing so, you won’t be able to stay ahead of the competition.
More Ways Going Green Benefits Your Business
While becoming more environmentally friendly can be a challenge, it has a huge number of advantages that you can’t pass up. Now that you know how going green benefits your business, it’s time to learn more about how you can promote sustainability in your company.
Check out the ‘green business’ and ‘tips for going green’ tabs on our home page to browse articles about how you can become more eco-friendly while at work. Remember that it isn’t only about your business profitability, but about the planet as well.