Nov 24 4 min read
Why Companies Are Going Eco-Friendly
It’s no surprise that most companies are looking for ways to go eco-friendly - not just for the planet’s sake but for their sake too. There are plentiful rewards to reap from taking your business in an eco-friendly direction. Benefits such as tax breaks, saving money, government subsidies, and an increase in consumer loyalty and attention. In every business, there is a way to incorporate eco-friendly practices. According to Engine Group, more than 80% of people respect companies and brands that incorporate eco-friendly practices. With more businesses aiming to get ahead of the game on this aspect, the market for eco-conscious businesses will expand and advance exponentially. It’s still a fairly new practice, but here are some key benefits companies have already experienced from going eco-friendly.
Increased Productivity in Workplace
Consumers aren’t the only ones who care about businesses incorporating eco-friendly practices. Employees are choosing to work for businesses that are actively working to reduce their carbon footprint. They want to feel safe and comfortable knowing that their place of work shares the same mission and values as they do. In fact, more than half of all workers state that being involved in the health of the plant is an essential trait of their ideal workplace. The mere fact that their job is a part of something greater than the company drives employees to be more productive. The HuffPost stated that companies who promote environmental consciousness have 55% better morale in the workplace and 38% stronger employee loyalty.
Market Recognizes Positive Growth
With more businesses choosing to follow a greener path, the incentives and rewards are increasing. Some governments are even choosing to prioritize these green initiatives and movements. For example, the Canadian government chose to allocate 58.6 million dollars to assist 14 companies with their green developments. In addition, the U.S government recognizes the need and demand for sustainable and renewable energy. As a result, they offer various tax advantages to businesses that go green. Some of these benefits include tax breaks, rebates, and other monetary enticements. Here are a few other examples of monetary benefits you can receive:
● Business deductions for installation of HVAC, lighting, or hot water systems that reduce power consumption
● Tax credits and grants of 10 and 30 percent for use of alternative energy properties
● Bonus depreciation for recycling and reuse of certain equipment and machinery
Consumers Will Flock
Just one quick look at the top leading brands and you’ll see the emphasis being placed on eco-friendly standards. Consumers are shopping more consciously and being selective with who they choose to give their business to. They want to feel like they’re doing good while purchasing something that brings them joy. While moving in an eco-friendly direction seems to have always been an innovative idea, it’s soon to be an expectation of the future. Businesses need to start considering how they’re going to integrate these practices and factors into their workplace. The sooner businesses start practicing, the sooner they can start benefiting.
More Demand Equals More Profits
All this being said, you will attract more consumers which will equal out to more profits. The demand will only rise from this point on and your business needs to be prepared. Not only that, but consumers are actually willing to pay more for these values and demands. The amount of research available on effective practices and tools is increasing every day. Some key factors include:
● Environmentally friendly brand
● Recognizable social value
● Eco-friendly packaging
● Products made from natural, organic ingredients
● Association of environmental and social benefits with the brand
In the beginning, you may have to invest some money to change your branding, packaging, or products. However, in the grand scheme of things, you actually end up saving money. An effective method of reducing your business’s carbon footprint is by incorporating energy-efficient equipment into the workspace. It’s better for the environment and better for your wallet. Here are some other steps you can take to make your business more energy efficient.
● Replace incandescent bulbs with LEDs
● Invest in an energy-efficient HVAC system. You could save over 20% on your cooling costs!
● Plug electronics into smart power strips. No need for energy use when it’s not really in use!
It’s never too early to start making smarter decisions. There’s so much more to being eco-friendly than helping out the planet. It helps you out too. Not only because you live on the planet, but because your business can benefit in more ways than you ever thought possible. If you’re interested in finding businesses that have already started heading in the right direction, check out SCORD. You can see which businesses have chosen to go eco-friendly and how it’s working out for them.