The green movement is not something new. This movement started decades ago in the last century. Throughout the years, many organizations and companies have made eco-friendly decisions that have changed the way we live our lives, such as the water pollution act of 1948 and the Earth Day Celebration in the 1970s.
Today, many companies, big or small, are still eager to join the green movement. Various industries have come to realize the value of sustainability. The shift to sustainability has not been easy, but many businesses see more benefits for their company if they go green. Here are some of the reasons why more and more businesses today are aiming to become eco-friendly.
Why More Companies Are Going Green
Many years ago, a lot of companies were hesitant in embracing green initiatives because the return on investment was often difficult to quantify. In recent years, however, as companies making environmental changes share their experiences and data, more companies are enticed to join the green movement.
One of the main reasons for more companies making sustainability a priority is increased growth. Younger generation consumers are more inclined to do business with green companies. According to Business Wire, 73 percent of Gen Z-ers are more willing to pay for sustainable products.
Another driving force behind the increase in green initiatives among companies is attracting more competent employees. Workers prefer to work for companies that put sustainability as one of their priority agenda. Furthermore, sustainable companies open doors for more partnerships and collaborations.
Advantages of Going Green for Your Business
#1 Earn Incentives and Benefits
Perhaps the number one benefit of green initiatives is the enjoyment of tax benefits and other financial incentives. The government is pushing towards the need for sustainable and renewable energy. To support these efforts, various tax advantages are given to businesses that embrace sustainability.
These tax benefits include tax breaks, rebates, and other monetary incentives. Green companies also get to enjoy government subsidy benefits, such as grants from the Environmental Protection Agency and financial assistance by the Small Business Administration.
#2 Attract More Customers
By tailoring your brand to fit into sustainable ideas, you tend to attract more customers, particularly those who are environmentally-conscious. This would further lead to opportunities for innovation as “green” consumers provide a whole lot of ideas on how to make your products or services more sustainable.
#3 Improve Brand Image
Green companies are seen by consumers as trustworthy. Most consumers all over the world are willing to pay more for sustainable products or services. Also, going green makes it easier to obtain a loan from mortgage companies in your state, as lenders are more confident to do business with sustainable companies.
#4 Avoid Unnecessary Costs
Going green for your business would naturally lead to saving more money. Sustainable practices such as recycling, energy conservation, using water-saving devices, and energy-efficient equipment significantly keep utility costs at the minimum.
You may want to consider installing a programmable thermostat to fit the unique workplace needs without driving up the energy costs. Opt for CFL or LED bulbs and switch to Energy Star rated appliances for your office panty. If budget allows, consider as well investing in solar panels to significantly reduce electrical usage.
#5 Promote Healthier and Safer Workplace
There are more than just monetary benefits for going green in your business. This move also promotes a healthier and safer workplace. Employees are less likely to get sick, resulting in reduced absenteeism, increased productivity, and more motivation.
Employees feel a whole lot safer when they are in a safe work environment. They would feel that their employers value their safety and health. This would further lead to a reduced turnover rate, as employees do not want to leave an organization that values caring for the community.
#6 Establish Community Relationships
Taking environmental responsibility and promoting ethical leadership fosters community relationships and strengthens bonds. By reaching out to the local community, your business will improve its image as it shows that it is a company that cares more than just earning profits.
#7 Regulation Compliance
Every state and country has laws mandating environmental compliance to businesses. Each year, more and more environmental laws are passed at the local, state, and federal levels. By taking a green initiative, you stay on top of the game with respect to legal and regulatory compliance.
The benefits far outweigh the cost and any negativities when your business goes green. Sustainability is more than just a trend that comes and goes. As we have seen and experienced in recent years, global warming and climate change, businesses also need to step up their game in making this world a better place.