In line with recent public clamor involving the conservation and preservation of our planet and choosing sustainable technology over non-reusable and non-recyclable ones, even businesses have started considering going green. This includes switching to LED bulbs that save more energy, going digital and cloud-based to save on paper, 3D printing, constructing green buildings, and all the like.
True enough, a business, whether big or small, reap particular benefits which create ripple effects when they decide to go green. Here are four major benefits of sustainable energy for any business:
The first, most direct and most appealing benefit of going green is the cost savings that it brings. Sure, it would require capital outlays when a business starts buying and installing green infrastructure, but it does pay off through time. Along with the lower expenses, a company will also be able to reduce waste and have an opportunity for innovation.
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For instance, United Airlines, in a partnership with AltAir Fuels, started using sustainable biojet fuel, a low-carbon, renewable fuel that is price competitive versus traditional fuel. Meanwhile, companies can also save on fixed overhead costs through the use of LED light and other appliances that run on an energy-lean diet like EnergyStar.
Healthier Working Environment
Green technology not only takes care of a company’s balance sheet but also does an excellent job in taking care of its best non-monetary assets – its people. Green technology has the effect of making the employees feel that they are working in a safer and healthier environment which would, in turn, increase employee engagement in the company and reduce turnover.
As the company continues to boost employee morale, this would also lead to higher productivity of the workers. They would feel more enthusiastic and empowered to do their jobs, especially if top management makes sure that the philosophy in going green trickles down even to the low-ranking personnel.
Better Customer Feedback
When customers start to learn that a business is making efforts to be eco-friendly, it builds a positive perception in them. Green companies are easily recalled to be socially responsible, and this is achieved through the timeless, most-effective promotion there is – word of mouth. This way, a business can also expand its market share and client base, and at the same time, build and strengthen the company’s branding and image to the entire community.
According to a study by Nielsen involving consumer attitudes in 60 countries, around 55% of customers are fine with paying a premium for products offered by eco-friendly businesses. Sales can grow by $6 for every dollar spent by a company on green initiatives.
As governments start to take action to counter the adverse effects of environmental degradation in their respective countries, they treat eco-friendly businesses as allies in these endeavors and provide incentives for them. Companies can also enjoy recognition through awards given by governments for green initiatives.
For example, some governments offer tax breaks and tax credits, both at the state and federal level, to businesses that choose to go green. On the flipside, there are also stricter laws for protecting the environment when it comes to companies that deal with hazardous substances and by-products.
Businesses are powerful influencers. So more than just the benefits that can directly be attributed to business owners, going green also has an effect of triggering a green mentality on their clients and the community that they serve. This way, we are one step towards protecting our environment from deteriorating soon, for all the generations to come to still experience and appreciate.