Sustainability has become a modern-day fundamental pillar of business structure.
Before, it had been viewed as little more than a rallying cry of dreadlocked environmental activists and nit-picking federal compliance officers.
But in the wake of emerging concerns over the state of the environment, businesses have heeded the call to become more environmentally and socially responsible in their operations and processes.
Income.com wants entrepreneurs to know that the sustainable cause can also extend to their small business. Going green can not only help you bring in more green, but also save money – a big plus in any entrepreneur’s book.
In a recent report by MIT, 37 percent of responding companies to a survey said they experienced sustainability-driven profits, a year-over-year increase of 23 percent.
Cutting energy costs, marketing green products and tweaking your business to become more environmentally conscious are all simple actions small businesses can take to get a slice of the ever-growing sustainability pie.
Conduct an Energy Audit
“Audit” is a dirty word for small business, but in this case, it’s not trying to find where you went wrong, but where you can go right. In light of skyrocketing energy costs, it behooves small-business owners to pursue an energy audit to identify areas of the business to refine in order to optimize energy consumption.
You can go through a professional auditing service, or even conduct one on your own. If you go the latter route, some standard best practices to energy auditing are: producing a comprehensive report on consumption behavior, identifying energy-inefficient aspects of the business and developing a plan of action to institute low- or no-cost solutions.
An article for PCWorld found, for instance, a business with 2,000 square feet of office space in San Francisco could save $1,360 annually by doing little things like optimizing power settings on electronic devices and installing fluorescent lighting.
Highlight Green Aspects in Marketing
One way small businesses can profit from the increased weight given to sustainability in consumer purchasing decisions is to showcase a product’s environmental friendliness of organic makeup in marketing.
Why? Because consumers are willing pay more for greener products.
A study by researchers at Missouri University found consumers would pay 15 to 20 percent morefor products that were produced through sustainable and ethical methods.
A simple way to do this is by including green colors in packaging or seeking certification from sustainable organizations, which can lend a performance bump to your products.
Income.com wants entrepreneurs to know sustainability is the name of the game nowadays, and if you’re not actively pursuing it, you’re falling behind the competition. Energy auditing will find ways for you to save money. Emphasizing sustainability in marketing will bring in more revenue. After all, the object of the game is making money, right?