Green and sustainable are words that you often encounter these days when it comes to businesses, and there’s no doubt that you will attract a certain demographic of customers if you embrace this approach. How can you decide whether this kind of shift is right for you? Below are a few things to consider.
Cost
Will you save money by going green? The answer isn’t a simple one. Depending on what you’re hoping to do, there may be some big initial costs. Solar panels can be expensive to install up front and only lead to savings over a period of years. Some green products also cost more. On the other hand, there are savings to be found in the short run too. If you move to more digital-only processes over paper, you’ll save a lot on supplies and printing. An overall focus on less waste usually means spending less as well. A more sustainable approach can lead to savings in other areas too. Looking at affordable alternative transportation for your fleet doesn’t just cut greenhouse gas emissions but can also mean lower operating costs for you. Keep in mind as well that there may also be some grants or tax credits available to you if you make some environmentally friendly changes.
Public Relations
As of late, consumers are willing to pay more for sustainability in process and product. Moving toward a greener model of doing business is generally a positive in the eyes of most customers, and you can use this in your marketing material. However, there are a few risks. You need to make absolutely certain that any claims you make are accurate and that you don’t engage in what is often called greenwashing, making yourself sound more sustainable than you actually are. The repercussions of such a deception could be disastrous. You should also keep in mind that you can never please everyone and that you probably will have at least a few customers who will be put off by a more environmentally friendly agenda. It’s important to think carefully about your brand and the best way to communicate your commitment to the environment to your customers and others.
Complexity
How difficult will it be for your company to make changes? Some may be relatively simple, but others might be complex and involve revamping entire processes. You might need to find new vendors to partner with. Your decision-making processes may become more complicated as well as you will now have to consider not just profit but sustainability. None of these need to be deal breakers, but they are all things you need to be fully aware of before moving forward.
Employee Morale
How to keep quality employees is a concern for many businesses. Employees often want to feel as though they are doing more than simply making more money for your company. Positioning yourself as a green company may help attract and retain employees and keep them more motivated. Depending on how integrated sustainability is into your overall business model, you might even want to consider including it in your mission statement.