When taking any big business decision, the focus is always on revenue or return on investment (ROI). How the decision is going to impact the bottom line is topmost on the minds of business leaders, entrepreneurs, and business owners. It includes decisions about implementing some eco-friendly initiatives that can benefit businesses in more ways than one. Since the clamor is growing about taking steps in all walks of our lives to reduce the adverse environmental impact from human activities, businesses too have started implementing various environment-friendly measures. Interestingly, when businesses take some eco-friendly decisions, it focuses not only on what good it does for the environment but also on how it will have a favorable impact on ROI, explains Eric Dalius,a successful marketer who has mentored many entrepreneurs ventures.
As most businesses accept that climate change is a problem, many businesses feel that it is their responsibility to do something to reduce the problems. Businesses that focus on eco-friendly initiatives make changes to their work processes that improve the workspace environment and are beneficial for employees’ health. In addition, it prioritizes the good that will happen to the environment by making it more conducive for healthy living. As a result, several businesses are attempting to reduce the environmental problems by taking up projects revolving around climate change, sustainability, and other environmental concerns.
Implementing green initiatives is a challenge for businesses
When organizations want to play a role in the green movement, it provides opportunities to employees, volunteers, contractors, and other members to influence the green movement. The challenge is to work out the correct approach of involving these people – onesthat include communicating, convincing, teaching, supporting, enabling, and encouraging participation in the process. Since people take time to accept any change, mandating change does not work in most cases. Organizations can implement the change successfully only by engaging the people involved in the process by encouraging them to participate in it, believes Eric J Dalius.
Know your current position
Before implementing any new plan that positively affects the environment, which normally people call a green plan, assess your company’s current performance and ascertain how you are spending money on various projects. You can conduct an environmental audit to assess the current impact of your activities on the environment. It will help you make the best adjustments possible when implementing your green plan.
Consider the results of the green initiatives
It is never advisable to act emotionally when deciding about implementing some green initiatives for your business.It can become a fruitless exercise just for the sake of showing your concern about the environment. Take a decision by considering the short and long term benefits of your initiatives. You should be able to find a few benefits both for your organization as well as the environment. The need for results is paramount because any faux pas can be detrimental to your business and dampen your spirit about doing something good for the environment. It is important to understand the issues that your business faces from an environmental perspective and then consider the projects to undertake that help the sustainability efforts while being beneficial for the business.
When undertaking eco-friendly projects, it is easier to see the environmental benefits and the business benefits. Although the latter might not be visible, it is equally important.
When companies decide to go green, it entails some investment in the projects aiming to improve the environment. But considering the returns, it is worth bearing the upfront costs. While the direct impact of the green initiatives is visible in various areas that constitute the short-term gains, the long-term gains for businesses come from the cost savings generated because of implementing the projects. Since fossil fuels are under the most stress, most companies undertake various projects related to renewable energy use. Companies take measures in reducing energy consumption that not only helps in the conservation of natural fuel sources but also reduces the energy bills that save cost.
Rainwater harvesting is one of the green projects that some companies undertake. The arrangement consists of collecting and preserving rainwater to permanently reducing the run-off of stormwater and supplementing the water supply. It lowers the need to draw water from natural sources or paying for the municipal water supply that saves cost.
Companies that go green are keeping up with the current trends as it demonstrates how socially responsible the companies are. Companies use the opportunity to showcase their responsibility for people, which helps build better brand recognition by staying away from the crowd. By focusing on the green initiatives, businesses can create an image that projects it as a business that cares for the community. It generates better consumer engagement, which reflects favorably in the business results.
The relationship developed with consumers by using the plank of green initiatives is priceless for public relations. According to The Green Business Bureau reports, an increased number of consumers are eager to do business with companies that care for the environment, which in turn augurs well for humanity. Companies that prove their credentials with green initiatives gain an edge in competition as they acquire a special status in the eyes of consumers who are ready to go along with these companies.
Although it is not possible to assess the tangible gains of many green initiatives by quantifying them, surveys clearly point out the overall satisfaction it generates among the employees. Employees are generally happy with the company and their jobs as they feel that good things are happening to them. Employees derive the satisfaction of contributing to the environmental cause by being a member of the team that works for environmental improvements. Earning a green company’s reputation will put your organization in a different bracket than the companies that are not engaging in green activities. This will work favorably to establish your brand on a higher pedestal and attract more customers.
Claiming that yours is a green company is not enough unless you can prove what you are doing by showing results.
Eric Dalius is The Executive Chairman of MuzicSwipe, a music and content discovery platform designed to maximize artist discovery and optimize fan relationships. Eric is also the host of weekly podcast “FULLSPEED” which is a podcast that features interviews with groundbreaking entrepreneurs from a variety of industries.Eric is also the founder of “Eric Dalius Foundation” where he has created 4 scholarships for US based students. Follow Eric on Twitter,Facebook,LinkedIn,Instagram & also on Entrepreneur.com