Giles Cadman 
Sustainability isn’t just for tree huggers and hippies anymore! Yes, it’s good for the planet, but going green and reducing your carbon footprint can actually increase the bottom line of your business. In fact, a recent study found that 70% of consumers are now more likely to buy a sustainable product. So not only is sustainability good for the planet, it also gives you a competitive edge in today’s market.
Clearly, the main reason to commit to sustainability is to benefit the planet. But if it can also benefit your business – then that’s just a bonus! Here are 3 ways going green can increase your bottom line.
1. Create cost efficiencies by identifying issues
Many businesses are deterred from sustainable practices because they automatically assume it will cost more money, but this is not so. Going green means you’ll need to look inside your business and make changes to create efficiencies.
Opening up your business to look at operating costs can save you money because it presents the perfect opportunity to check the books and find ways to run things more efficiently. Examples of this are reducing or eliminating waste by recycling materials, finding ways to reduce materials used, or finding biologically neutral solutions.
These may seem like ambitious initiatives, however, they will work to save your business money at the end of the day.
2. Generate revenue through branding and marketing
The way consumers make purchasing decisions has changed drastically and committing your business to sustainability will help you adapt and stay competitive.
Sharing with your consumers this commitment can help generate revenue through new, improved products, an enhanced brand image, customer loyalty, and a sustainable market reputation.
In order to generate revenue through branding and marketing, you need to look at the products or services your business currently offers and see if they can be redesigned to reduce a negative environmental impact. Also, now is the time to get creative and think outside the box! Is there an issue in your industry that could be solved with a sustainable solution? This could be your company’s next big money-maker!
Marketing your new green initiatives works to improve your company’s image, enhance customer loyalty, and ultimately increase your revenues.
3. Establishing a new culture
Committing your business to sustainability can also help to establish a new creative and productive culture. Your employees will feel proud to work at a company with sustainable initiatives and one that has a good reputation in the community, and beyond.
This is the human side of sustainability, a side that many companies overlook! Research shows that people really do prefer to work at companies that practice sustainability because they know they are making a positive contribution to the planet.
This can also help to reduce staff turnover, improve productivity, and attract top talent to your company.
Through finding cost efficiencies, creating green initiatives, and establishing a culture that supports sustainability, going green works to increase your company’s bottom line.
Have a sustainable business idea? Learn how to get it off the ground with my entrepreneurial series – How to Build a $100-Million Dollar Company.
