We strive towards being more eco-friendly in all aspects of our lives, but it can often seem futile when major companies that arguably have the largest environmental impact don’t seem to work towards the same goal. For the majority of businesses, the main focus is profit, and decreasing their environmental impact can fall by the wayside. By adopting sustainable practices and reducing their environmental impact, businesses can not only help to protect the planet, but they can also improve their bottom line.
Can eco-friendly practices save money?
One of the main benefits of being eco-friendly is that it can help to reduce costs. Many sustainable practices that are relatively easy to achieve, such as energy efficiency and waste reduction, can help businesses to save money by reducing the amount of resources they use and waste that they generate. This can lead to significant cost savings over time and ultimately increase their profitability.
A study also found that 45% of employees are willing to take a pay cut if it means working for a company that makes a positive environmental or social impact. 35% of workers were also willing to take a pay cut for companies committed to corporate social responsibility. Whilst we don’t encourage paying staff lower wages, it is nevertheless good news that workers take into account the social and environmental impact of their employer when job hunting.
How can being eco-friendly improve revenue?
Focusing on environmental and social responsibility can also help businesses to improve their reputation and attract new customers. In recent years, there has been a growing demand for sustainable products and services, and consumers are increasingly seeking out businesses that are environmentally responsible.
It has been found that over 65% of consumers think it is important to buy from environmentally friendly businesses. By demonstrating their commitment to sustainability, businesses can differentiate themselves from their competitors and appeal to environmentally conscious consumers. This can help to increase customer loyalty and drive sales.
Conversely, nearly 75% of executives stated that they would drop suppliers with a poor reputation of sustainability. Therefore having an eco-friendly approach isn’t only essential for attracting new customers but also for maintaining long-standing relationships.
Is being eco-friendly good for start up businesses?
Being eco-friendly can also help businesses to secure funding and partnerships that can be crucial for a start-up business’ success. Investors are increasingly looking for businesses that are committed to sustainability, and many are willing to provide funding and support to companies that are taking steps to reduce their environmental impact.
92% of business leaders think that green growth presents an opportunity for their company, including helping businesses to forge partnerships with other organisations that share their values. This can help to expand their reach and increase their market share, which, in turn will improve profit and the ability to survive in a frequently changing world.
Can an eco-friendly business survive in the future?
93% of the world’s top CEOs see sustainability as important for future success. A focus on environmental sustainability can help businesses to future-proof their operations and prepare for potential regulatory changes. As the world becomes increasingly focused on sustainability, it is likely that more governments will implement regulations and incentives that encourage businesses to reduce their environmental impact.
50% of executives plan to invest up to 50% more to make their businesses sustainable over the next decade. By adopting sustainable practices now, businesses can position themselves to be in compliance with these regulations, and avoid potential penalties.
By adopting sustainable practices, businesses can not only do their part to protect the planet, but they can also improve their bottom line, setting themselves up for long-term success.
One easy and low cost way for businesses to make this change is to purchase sustainable and ethical clothing. By swapping to organic or recycled clothing for staff uniforms, businesses can support the production of eco-friendly clothing and non-toxic manufacturing practices. If you would like to take a step in the right direction and purchase eco-friendly uniforms for your employees, get in touch with us and we would be happy to help.