Are you wondering what the benefits of going green in your business are?
Over the last decade, we have seen world leaders meet at numerous conventions and conferences to discuss the future of our planet. Initiatives like the Paris Agreement and the United Nation’s 2030 Sustainable Development Goals have put measures in place to promote sustainable living. What has been clear from the onset however is the need for governments to partner with businesses in order to achieve these goals. Hence the push for legislation that encourages businesses to adopt greener operations. Businesses will do well to listen carefully and start making changes to go green because there are benefits to be had. And these include:
1. Attract better talent to your company
Did you know that millennials are ready to take a salary cut just to work at firms that are deemed as eco-friendly? Yes, as many as 40% of the younger workforce are concerned about how companies do business. They would rather work for a company that is committed to taking care of the environment than simply making good profit margins. So, going green can work in your favor. You will stand out to top talent looking for a new place to call home.
2. Strengthen customer loyalty and brand image
Thanks to the global efforts to raise awareness on climate change, consumers are more aware of their responsibility to pursue a green lifestyle. 88% of consumers are looking at businesses and brands to help them live in a more sustainable manner. To this end, strengthen customer loyalty by taking the first step by making your business greener. This will go a long way in cementing your brand’s image as an environmentally-conscious one.
3. Get a competitive edge over your competition
Do you plan on working with the government? If you are, then having green operations just might work in your favor. This will give you a competitive advantage over other companies also bidding for the same contracts. You’re seen as a compliant firm and one that follows the local, state and federal regulatory compliance requirements. In order to get a comprehensive understanding of these laws, the Environmental Protection Agency’s website is the best place to start reading. On this website, you can read the laws and regulations according to the business sector.
4. Going green is a good money-saving plan
Saving money in a business is always a good thing. Going green has this as an advantage. How is this achieved you’re asking. For example, you’ll save money by replacing all the incandescent light bulbs with LED bulbs. Not only are LED bulbs significantly cheaper than the traditional incandescent options but they also last longer which means in the long-run you’re not changing lights so often. Plus, your monthly energy bill will go down too. Installing water-saving utilities around the building will over time also help you save money. Cutting back on buying plastic coffee cups and encouraging employees to bring their own reusable mugs saves you a ton too.
5. Enjoy the tax benefits afforded to green companies
There is nothing like getting tax benefits for doing something good. Well, green companies can and do enjoy tax benefits from deductions to receiving credits. The best way to find out what tax programs are available in the state you do business in and what federal programs your business qualifies for is to check online at USA.gov. Your tax attorney can also make you aware of the tax incentives that your business is eligible for.
Keen to learn more? Check out Why Sustainable Development Comes Down to Education.