Did you know you can increase your business profit when you go green? Indeed green investments for your business have a cost in the short term, but unarguably worthy in the foreseeable future. That is one of the main strategies of a successful business. Although you might realize, the task is not easy. There is a fine line between having happy customers and cutting costs because your competitors make it difficult to raise prices.
But there are ways to reduce your business expenses and maintain your bottom line – investing in your own company with environmentally friendly business practices is a great way to do so.
From getting smart about the type of supplies you purchase to decreasing your energy usage, we share some great investment ideas that will save you money company while going green.
Are Green Investments Worth It?
For certain businesses, yes. Green investments can reduce overhead costs while lessening their impact on the environment. It’s a great way to display a competitive advantage over others in your market.
Can going green help my business and give it a competitive advantage?’ According to Neilsen-back research, yes! The study reports that customers feel that every business should help improve the environment. About 66% of customers are willing to spend more money on sustainable brands. Also, 48% of US consumers are ready to change their buying habits to reduce environmental impact. So put your money to work by investing in your business.
Another benefit? You can help the planet and can gain customers for years to come.
Here are some of our best green business money-saving tips!
Action plan
Go Paperless
Perhaps one that you might have been thinking about for a while – going paperless. Scan and store all documents and paperwork digitally to reduce all hard copies of your business prints. It’s crucial to encourage employees to use documents and share them online will eliminate a good chunk of printing expenses. Print jobs can quickly add up – from paper, toners, and ink to disposing and recycling paper.
Is it worth spending all that money and time going paperless? A study by Multibriefs suggests that a business spends $80 per employee on paper every year. Storing and filing documents also takes up time, resources, and space. All these things can add up and can be expensive.
Unfortunately, these numbers are not declining. Overall, the amount of paper used in businesses is still increasing each year by 19%.
Going paperless will not just save some trees and money. Paper is the third-largest user of fossil fuels in the entire world.
Telecommuting
While telecommuting is not a perfect solution for every employee and every business, many positions can work from home. Telecommuting offers so many benefits environmental and money-saving.
According to Global Workplace Analytics, US business saves $700 billion each year, allowing employees to work half of the week from home. That comes out to $11,000 per telecommuter.
Research suggests that employees telecommunicating are more productive while working from home.
Taking cars off the road can save many greenhouse gasses. If the whole United States drove 2-3 days to work, it’s equivalent to taking the entire New York State personnel off the road.
Reduce How Much Electricity Your Business Uses
A business is spending on average $654.71 each month on energy bills in 2017. Just like everything, energy bills continue to increase, meaning the number has gone up yearly.
While the number of energy spending differs in every region and industry you are in, it’s a big chunk of your business overhead.
Even though most businesses depend on electricity daily, is there anything you can reduce that number? In recent years, high energy rates and the need for more sustainable business practices have created many energy-efficient substitutions.
LED and CFL Lights
One example is switching to CFL or LED lights. Making the switch to these energy-efficient bulbs may cost more up-front, but the reduction you will see on your energy bills, and the longer lifespan of the light bulbs will give you a big payback over the years. A 12-watt LED bulb will last 25 times longer than an incandescent light bulb and uses 25% less energy. CFL bulbs are a great alternative to incandescent but have a shorter lifespan than LEDs.
Thermostat Control
Turn your thermostat during work hours, but make sure to turn it off during the evenings and weekends. Programming your thermostat to turn off during the evenings and weekends will guarantee you are using your thermostat smartly.
While saving money can depend on your electricity rates and how large the building is, it’s a fantastic method to reduce costs without spending a lot of money or making adjustments. You can cut your energy bill by 1% for every degree higher or lower in an eight-hour day.
Generate Your Energy For Free
One of the most significant green investments you can make for your business is renewable energy, like solar panels. By taking control of your electricity bill, making this investment can substantial payoff in the long run environmentally and financially.
How does purchasing a solar energy system compare to other types of investments? When going solar, it’s not unusual for a commercial customer to see ROIs in the double digits. Solar energy is a profitable investment.
Making Green Investments for Business to Save Money
While making environmental changes for your business can seem like a big undertaking, it starts with small steps. Whether that’s taking control of office supplies, controlling the amount of energy your business uses, or adding solar panels for your business, making these types of investments can significantly cut overhead costs and save you money.
Reducing your impact on the environment can get your customers excited about your company.
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