“Going green” is the new normal for businesses who want to remain competitive in today’s conscious consumer marketplace. Recent research demonstrates that younger consumers, millennials in particular, are especially willing to pay more for products produced in an environmentally friendly manner. In other words, in so many industries today, low price is no longer king […]
“Going green” is the new normal for businesses who want to remain competitive in today’s conscious consumer marketplace. Recent research demonstrates that younger consumers, millennials in particular, are especially willing to pay more for products produced in an environmentally friendly manner.
In other words, in so many industries today, low price is no longer king of the hill. It has now been largely replaced by sustainability, and early adopter businesses are already reaping the rewards of their forward-thinking business model.
But customer loyalty isn’t the only important reason for going green. In this article, we take a look at why taking the step towards eco-friendly operations is important for all businesses today who want to still be around tomorrow.
Going Green Trims Your Overhead Expenses Long-Term
It is true you are unlikely to see any major cost-cutting benefits in the short-term from going green. Every significant change to your business model tends to come with some initial up-front investment cost.
But, as Inc. reports, just wait until you see what happens on the back end as your investment begins to pay off. The first thing you can expect to see is a decrease in energy and utilities costs.
What creates this downshift? As luck would have it, energy efficient, eco-friendly operations cost less to run! Take the example of the lightbulbs in your building. The type of lightbulb you use can impact at least two line items on the expense side of your annual budget: light bulb costs and energy costs.
Changing just one traditional incandescent light bulb to its green-friendly cousin, the LED bulb, can save you upwards of $170 in energy costs for a very modest cost increase of around $5 per bulb.
This isn’t perhaps so noteworthy when we’re looking at just one light bulb, but look around your office and imagine how quickly $170 per bulb can add up. Then deduct that amount plus your long-term energy savings from your bottom line.
Going Green Ensures Our Planet Will Still Be Around to Help Us Do Business
This is no one’s favorite topic, but the truth is, we are taking from our planet much faster than we are replenishing what we take. Each person and each business bears some of the responsibility for the dwindling natural resources we all have to share.
Sometimes going green is the right choice simply because it feels better than any other operational strategy. It ensures your company has a better shot long-term at still being viable even in the sense of being cost-effective to operate!
Going green also positions your business for success in a time when, unlike now, going green may no longer be optional. When seen in this light, it almost seems like a bonus to realize your customers are likely to be more loyal and committed to shopping with you when you adopt green-friendly business practices.
Going Green Promotes Innovation As Well As Healthy Competition
Going green is still viewed as an option for businesses at the moment. But a time is coming when going green will likely be mandatory, as much to continue conservation efforts as to remain competitive.
In the meantime, the positive peer pressure that quite naturally arises as more companies within any given industry begin to embrace an eco-friendly business model leads to greater innovation for all.
Figuring out more cost-effective methods for upgrading technology and operations to endorse a green-friendly business model has already led some companies and many industries to realize increased profits, identification of new markets, expanded investment interest and more, according to the World Economic Forum.
Going Green Improves Employee Morale
According to Entrepreneur, going green is a reliable way to improve employee morale – and not just in the ways that likely immediately spring to mind.
For example, many employees grapple every day with what to do to organize and distribute reams upon reams of printed paper documents. When you upgrade to paperless, digital systems, organization improves and thus worker productivity as well.
One recent research study revealed that “green-friendly” workplaces create happier employees with the simple addition of better lighting that is easier on the eyes and more green plants to oxygenate the air and purify it of toxins. This study linked the addition of plants alone to a 15 percent productivity boost!
While perhaps less quantifiable, there is also an undeniable benefit to employers when employees see the company they rely on for their livelihood begin to adopt sustainability practices they value. In other words, it can simply feel good to tell friends and loved ones that you work for a company that is green friendly!
Involving your employees in the green friendly initiative can further boost morale by empowering each worker to make a personal impact for the planet. You may be pleasantly surprised or even delighted by some of the innovative ideas your workers dream up for how to trim business expenses and do the planet a long overdue favor.
Going Green Ensures Your Business Becomes Sustainable Too
Not so many years ago, the introduction of the world wide web quite literally overhauled how business was being conducted. The internet is here to stay and any business that failed to adapt accordingly has now passed by the wayside.
The same holds true for environmental responsibility and developing sustainable long-term business practices. Not only can going green support you to get more use out of what you already have, such as by recycling materials to create new products, but it can support your business to adapt to a possible future in which recycled materials are all that remains to do business with!
But most of all, going green sends the message to your internal workforce and out into the greater marketplace that your business cares about more than just doing business. This is pure gold for generating continued consumer loyalty into the long-term and is already working well for giant corporations and tiny mom-and-pop shops alike.