What does going green mean for your business? Many companies will simply use this concept as a buzzword to drive through higher sales and will not actually act on it. However, you can turn this simple buzzword into an incredible strategy for consistent sustainability that will attract more customers to your business than you can count!
Going green can mean a plethora of things for your business, but it’s all down to you and the policies you implement to make it a success. So why should you transform your enterprise into an environmentally friendly business?
1. Enhanced branding
Taking a green approach to your business will actually help improve your brand and grow your customer base. Approximately 58% of consumers are more likely to return to utilise your services if they know that your organisation has an environmentally friendly approach.
This research comes from the Natural Marketing Institute, who also cite that consumers are willing to spend up to 20% more on products and services that are mindful about the environment, making this one of the key benefits of going green for your business.
2. Improved financial and investment chances
A Goldman Sachs study highlights that companies who can be considered leaders in environmental policies are able to easily outperform other businesses in the stock market, with their prices rising high. Further research conducted by CFO shows that more than half of 175 finance executives at these companies believe that they will receive a significant increase in revenue due to their strong, environmental policies.
3. Improved employee recruitment and retention
Research conducted by HR specialists Adecco shows that roughly 50% of all adult, full time employees believe that their employers could be doing more to protect the environment. Employees are also more likely to remain with an environmentally friendly business, allowing for higher retention rates and more dedication and hard work from staff.
4. Improved employee health
Alongside better employee recruitment and retention rates, green companies are also improving the overall health of their employees. In 1999, the UK government introduced the “Cycle to work scheme” which allows employers to loan bikes and accessories to employees as a tax-free benefit. According to the website Bike Radar, by 2020, the scheme was used by over 1.6 million commuters, working for over 40,000 different employers.
5. Reduction in running costs
There are many ways to reduce running costs in your business by going green; starting with installing LED lights, that will save up to 90% on your electric bill. Going paper-less is also a great option, as it saves your company money from purchasing paper and printing materials. A cost-efficient change might be moving the workflows in your HR, Finance, Sales or Project Management departments over from spreadsheets to cloud-based software.
These simple steps, combined with so many other alternatives, will allow your company to become an environmentally friendly business, whilst at the same time giving off numerous amounts of benefits to your brand and finances.