The ever-growing green movement continues to gain momentum, with more and more companies taking responsibility for their environmental footprint, avoiding being hit with the “bad business” label. And in a world striving for sustainability, they’re also going green to stay competitive, and save money.
You don’t have to take chunks of your profits to dedicate towards greening your company. Small policy and procedural things like having recycling bins in your office, using recycled paper, becoming as paperless as possible, installing solar panels and turning office lights and computers off after hours, can simply make a difference.
There are five “green” strategies you can follow that’ll benefit the environment, position your business as environmentally responsible and ultimately benefit the bottom line.
1. Be prudent and spend-savvy
Take a double initiative through going green and saving money by reducing power usage and energy. Switch your old-fashioned incandescent light bulbs with compact fluorescent lighting in the office or manufacturing plant, with an expected saving of 70% on your lighting bills.
Save money on paper, printing supplies and storage space by converting to a paperless office.
Keep your office equipment clean and in good condition to ensure it’s running efficiently and when updating equipment or making systematic changes, choose equipment with good energy ratings.
2. Get the ATO on your side!
Green strategies equal tax credits or deductions. The federal government offers businesses tax credits for new renewable energy systems based on wind, solar, or geothermal power and the double whammy of this, is that renewable energy delivers savings far into the future by reducing your bills. Many states and regional entities further offer their own incentives so you can benefit twice from the same action.
You’ll find any initial upfront costs will pay for themselves quickly and if capital is needed to set it up, loans and grants with competitive rates can be secured.
3. Build your brand as an environmental warrior
A genuine demonstration of concern for the environment depicted through real actions, can inspire consumer loyalty which may result in an uptick in sales and business referrals.
Spread the word of your business going green through your channels. Ask sustainably successful businesses for advice on further developing your sustainability.
When people see your business taking an initiative towards sustainability, your brand will resonate with them, and your bottom line will swell.
4. Attract and retain top talent
Top talent and good staff are essential contributors to saving costs, becoming an industry leader, and building your business. More and more employees are aspiring to be a part of workplaces that demonstrate a genuine commitment to sustainability.
With a green team on board, there will be less need for recruitment and staff training due to high turnover, benefitting your bottom line and savings – adding to your positive environmental impact.
5. Position your company as progressive
Pursuing an environmental strategy communicates that you are progressive, forward-thinking, genuinely dedicated to effecting positive change and can balance it with a healthy bottom line.
As a business, you can create an ethos of genuine concern and sustainability that permeates your business culture in a way that makes financial sense for your company. If you don’t do it, your competitors will – so go green!