The Business Benefits of Going Green

The conscientious effort to reduce your company's negative environmental impact is considered as going green. Subsequently, the ripple effect on your business manifests in reduced utility costs, a commitment to recycling, and loyalty from customers, among many others. With 72% of US companies actively publicizing their renewable energy sources, there is proof of a move to attach seriousness to eco-friendly measures. So how eco-friendly is your business? Read further to discover the many benefits your business can derive from going green.

1. It boosts employee morale (and customers’ as well)

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Apart from customers gearing more towards green-based companies, research has proven that employees feel safer working for eco-friendly companies. In other words, your commitment to safeguarding the environment is telling of your nurturing disposition to conserve life. It eliminates the 'expendable commodity' perception that workers tend to have when employers disregard the essential elements of employee health and safety.

In addition to this, going green will help reduce turnover because naturally, nobody would want to abandon a caring atmosphere. For instance, some years ago, the Bank of America initiated an innovative incentive program for its employees. The bank's workers were given discounts to install solar panels in their respective homes. At the same time, customers were offered up to $3000 reimbursements (on auto loans) if only they purchased a proven eco-friendly car. These green strategies endeared the bank to its staff and customers.

2. Helps to reduce energy costs

There is always a direct bearing on your business's energy usage when you employ efficient and sustainable technology alternatives. For example, replacing all fluorescent light bulbs with LED at the workplace for one year will result in a 10% reduction in electricity bills. Moreover, instead of regular lighting, you can install occupancy sensors that activate only when there is a human presence in the room.

Furthermore, being committed to changing your HVAC filters regularly and staying up-to-date on modern eco-friendly gadgets are effective ways to save energy. It is worth noting that the energy industry is continually researching to find alternative and sustainable ways to protect the environment. Although measures vary in different countries, the objective is to create a global market where many people will buy into energy conservation.

3. Uninhibited access to grants, loans, and other incentives

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In 2009, the US federal government introduced a stimulus package to motivate local businesses to adopt green policies. These incentives were given through tax credits, grants, and funding. Through the separate departments of Energy and Agriculture, businesses and farms could access financial assistance. The guiding rule in this package was (and still is) to commence, transform or make a total move to practicing eco-friendly business.

Indeed, these benefits are designed to entice many businesses to sustain their efforts to conserve the environment. However, a bulk of it is directed towards smaller companies. Therefore, if you fall within that category, assess your business to determine how you meet the guidelines before applying for a grant.

Going green is good for businesses and the environment as well. The expectation is that the US and many more countries will continue to adopt eco-friendly practices for the world's general good. Indeed, the green business ethic is catching on. Hopefully, it will become a mandatory component for all companies.