Nowadays, being green has to be a part of your business strategy. This can be seen not only in the products and services it provides, but also in the way it manages resources.
You will have to use natural resources carefully. It will have to reduce the impact of its action on the environment. You will have to work to make positive social change. And you will have to give back to communities.
And all these practices are like sustainability. Just go through the points below to find out how becoming a sustainable business is profitable.
Improves brand image and helps competitive advantage
Being a sustainable company can improve your brand image. This is because today's customers are more aware of environmental concerns. They are likely to buy from the organization that is known for practicing sustainability. In this way it also helps you gain a competitive edge.
Spreading awareness and sustainability not only builds a positive brand image, it also penetrates deeper into employees.
Increases production and minimizes costs
A way you handle energy, water and waste can help you save overhead. For example, if you replace your basic lighting with more energy efficient, it will make a big difference to your energy bills. Likewise, fixing up faucets not only reduces your water bill, but also saves a lot of water. This is because leaky faucets can waste about 10,000 liters of water a year.
Improves employee retention and recruitment rate
Employees work with associations that support and operate corporate environmental programs. They don't want to partner with companies involved in ecological disasters and community welfare scandals.
Bank of America set a great example in this context, subsidizing its employees' home installation of solar panels. In addition, the bank started to offer an incentive when its customers buy an eco-friendly vehicle.
Helps you comply with regulations
With climate change, global warming, depleting water resources and above, many state or federal agencies are enforcing regulations to save the environment.
This "rigor" is necessary, as not all associations take the declining health of the environment seriously. For example, most factories do not dispose of their hazardous waste properly. Then there are companies that can be remiss in using electricity or water. That is why such regulations are welcome.
Incorporating sustainability into your corporate practices will help you avoid heavy penalties or fines under your state's environmental legislation.
Helps you attract investments and funds
Many financial and investment financiers have found that organizations with sustainability plans tend to attract more than those without.