Regardless of the industry, you’re in, you probably know that your business is generating carbon emissions one way or another. In fact, most of the day-to-day activities that keep your business up and running have some sort of impact on the planet.
Fortunately, the world has come a long way in terms of increasing awareness and promoting sustainability. Just this past Earth Day, thousands took to social media to inspire appreciation for the planet and raise funds for environmental movements across the world.
Consumers have gone a step further and demanded businesses offer more sustainable methods. According to Nielsen, four in five (approximately 80%) surveyed customers strongly believe companies should contribute to helping the environment. Plus, a GoodCarts study states that nearly 70% of consumers say they would spend more money if it meant receiving more sustainable products.
At the same time, reducing your business’s carbon footprint offers a handful of financial advantages, like a reduction in unnecessary expenditures and improvements in investment opportunities. And if that’s not enough to convince, then here are six reasons your business should look to reduce your ecological footprint.
- There’s a Higher Demand for Eco-Friendly Goods
Countless studies, surveys, and statistics prove that the demand for sustainable goods is only growing. As of 2021, 85% of consumers have made efforts to become “greener” in their purchasing decisions. Plus, over a third of global consumers are willing to pay extra for eco-friendly items.
The push for supplies and vendors to adopt greener practices and shipping methods is also a contributor to the increase in demand for sustainability. Companies should prepare for the inevitably that sustainability is to become not just a choice, but an expectation.
- It Severely Cuts Down On Material Waste
As much as we’d like to imagine that customers would use our products forever, we know that this isn’t the case. Eventually, every product is going to wear down to the point where it is no longer usable.
At this point, consumers have two options: they can throw it away, where it adds to landfill waste. Or they can recycle it — but this is only possible if the manufacturer has designed the product in a way that makes recycling possible.
That’s why we use sustainable and biodegradable materials when we manufacture our baby shoes. Whatever customers choose to do with our product once it reaches the end of its lifespan, they can do so confidently knowing they’re helping the planet, not harming it.
- Savings From Renewable Energy and Materials Are Great
By using eco-friendly business methods, your business will naturally experience an increase in savings. Sustainable practices like recycling, energy conservation, water conservation devices, energy-efficient equipment, and solar power all contribute to significantly cutting costs.
And using simple math, a decrease in costs means an increase in savings — offering companies more opportunities for future investments.
- The Increase In Employee Retention and Recruitment
Consumers aren’t the only ones advocating for more sustainable business measures; employees are joining the movement, too. According to a study by the Society for Human Resource Management, businesses with sustainable practices experienced a 55% increase in employee morale, 43% higher efficiency in business processes, and 38% growth in employee loyalty.
What’s more, a study conducted by the Governance & Accountability Institute reports that millennials — who make up 66% of the global workforce — are willing to take a pay cut if it means working for a company that is more sustainable. So if you have a business that’s hoping to attract and retain top-talent candidates, you might want to consider improving your environmental and social sustainability methods.
- Tax Benefits and Other Financial Incentives Are Awesome
In addition to the praise and recognition you’ll receive from your employees, customers, and investors, going green also receives benefits from the government. Tax breaks, rebates, and other monetary enticements are just a few of the federal incentives for which your business could be eligible.
Depending on the state you live in, your tax advantages can carry, but the federal government grants business deductions and credits of up to 30% for using renewable energy sources. Becoming more eco-friendly also puts your business in a position of receiving additional subsidies and financing programs.
- It’ll Improve Your ‘Green’ Reputation
Over the past few years, reputable companies have solidified themselves as “green” brands, which makes them more appealing to clients and customers. According to the Natural Marketing Institute (NMI), customers who know a company is mindful of its impact on the environment and society make them more likely to buy their products.
Customers have become more interested in aligning their values with the business they purchase from. When a company adopts more sustainable procedures, it’ll likely experience an increase in sales from new customers who identify with its brand.
And you don’t have to worry about being hasty with quality or style. Especially now, there are hundreds of supplier options to develop sustainable products while maintaining fashionability.
The global consumer audience has the incredible ability to drive change in entire industries. With consumers and workers alike placing more and more value on environmentally friendly products and companies, it’s only sensible for businesses to learn how they can make their business more sustainable.