In today’s post, I will tell you about 4 weeks that Making Your Business More Environmentally Friendly Can Help Drive Profit. So if you want to know about it, keep reading this post today.
This website is all about helping you to make the most out of your life – and that includes making the most out of your business if you have one. Here is a quick tip: going green can actually help your business drive profits up. Environmentally conscious business policy decisions have a bizarre and downright wrong reputation for being antithetical to profit-making. This assumption could not be further from the truth. Modern businesses have plenty of opportunities to make sound, profitable decisions while also reducing their negative impact on the planet.
In 1994, the British economist John Elkington proposed that businesses should adhere to a ‘triple bottom line’. The three spears of this business triad are People, Profit, and Planet. Elkington correctly predicted that future profits would rely upon a focus on synthesizing these three elements and that no pursual of anyone’s bottom line could fully succeed without the other. Business leaders worldwide took their time but have finally come around to Elkington’s way of thinking. They have observed the increasing scarcity of resources, the power of green marketing, and the global market’s fragility in the face of natural catastrophe and acted.
With the ‘triple bottom line’ in mind, it is time to investigate 4 ways in which environmentally friendly business decisions can positively affect the profit you make.
Table of Contents
1. It Can Help You Market.
The ‘green consumer’ looms large over almost any field of consumer business. A green consumer is any person that is aware of their impact on the planet when making purchases. They often go out of their way to buy products that are less likely to damage the environment. Public-facing businesses have always gone out of their way to find consumer markets to target. The green consumer market is a ready-made market to target.
Sincerity is crucial when targeting the green market. You need to be able to back up the claims you are making regarding the environmentally friendly products or services you offer. There have been some notoriously bad ‘cause marketing’ campaigns over the years that have hindered, rather than helped the companies that have forked out the cash for them. Patronizing, surface-level claims will not go down well. With that being said, tailoring your marketing campaigns around the environmental soundness of the products or services you offer is a great idea – if you can back it up.
2. You Can see Safe Heaps of Cash on Water.
Water can be a huge cost, and any outgoing costs can, of course, lower your overall profits. Wasted water obviously costs the same amount of money as water that is actually used. Reducing water wastage can lower your outgoing utilities costs by a huge amount. Check out this guide to lowering wastewater spending by Utility Bidder for some tips on how to cut down on your business utility costs.
Wasted water also happens to be absolutely awful for the environment. Water takes a great deal of energy to process and distribute. Water has to be pumped, cleaned, and distributed – all of which takes electric or fossil fuel power and chemical distribution which can mess with environments. The chemicals used to make water safe for human consumption are not brilliant for the environment and can damage diverse ecosystems.
Not only that, but the worse our environment gets, the less water will be available to the global population. This is a death spiral: excessive water use degenerates the environment, which creates a scarcity of water. Awful! Human resource use tends to result in these unpleasant global death spirals that have scientific groups like the Union of Concerned Scientists and Greenpeace extremely worried. Do your bit to ending these spirals, and you could help your wallet and the world simultaneously.
3. Keeping Electricity Costs Down
Electricity is not a magic resource. Although there are plenty of renewable electricity production methods, the majority of electricity is produced using fossil fuels. When fossil fuels are burned, they release carbon dioxide into the atmosphere. This carbon dioxide contributes to the gradual heating up of the earth, the melting of the polar ice caps, the raising of water levels, and perhaps the eventual destruction of the human race as we know it.
Fossil fuels are finite. They are also increasingly rare. The majority of fossil fuels are made of plants and animals that were fossilized in the earth during the carboniferous period. This means that energy prices will only go up in the future unless there are drastic changes in the way our electricity is produced.
Your profits will increase the less you spend on electricity. By far, the easiest way of reducing electricity spending is to conduct an electricity audit. Auditing electricity usage in your business can often reveal many instances where electricity is being used unnecessarily. Investing in localized renewable energy harvesting technology like solar paneling can also run down costs and aid profit. Even simple measures like replacing all of the lightbulbs used by your company with energy-saving bulbs can save huge amounts of money in the long run.
4. You Can Future Proof Your Business.
Good business strategy is deep: it takes into account projections of the future. Future-proofing your business ensures that it will be more likely to remain profitable. Environmental sustainability is crucial for any business looking to defend its future profitability. The facts are clear: the environment is deteriorating. Resources are becoming scarcer. Consumers will become more viscerally aware of the changing environment as their own lives are affected by extreme weather, increasing prices, and more common shortages. Future-proofing your business for long-lasting profitability involves the implicit understanding that the world is changing.
Pursuing an environmentally responsible business strategy is an extremely shrewd and sound policy. No matter what field you are entrepreneurial in, the future for your company needs to be green if it wants to be profitable. Hopefully, this article has given you some ideas on how to go forward with a greener future in mind.
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So hope, you will like this post “4 Ways that Making Your Business More Environmentally Friendly Can Help Drive Profit”. And if you still have any questions and suggestions, then you can comment box below. And very much thank you for reading this post.