You can’t miss the proliferation of green businesses on every level, from small operators like Wanderer Bracelets that avoids outsourcing in favor of local artisans, to big brands like Nike that promise to reduce their carbon footprint and improve working conditions for their employees. At the same time, sustainability encourages businesses to stay adaptable and agile -- two key qualities for growing your business.
Going green is a great initiative: it helps to save the environment, and it makes customers feel good about their purchases while ensuring the local community is rewarded for their work.
As a business owner, you can take advantage of the growing trend in favor of sustainable development. In fact, businesses can turn green market trends into a unique selling proposition that sets them apart from their competition. All it takes for a business to succeed at going green is agility and adaptability.
SMBs may find it easier to stay agile and adaptable, as most of the founders maintain primary control of the shareholding structure. By staying independent, they do not have to deal with external shareholders being involved in the decision making process, enabling them to act faster.
It may be more expensive to develop and produce green products and services when you start committing your business to supporting sustainability, yet the green market is gaining momentum as customers become more aware of the environmental impact of their purchases.
In “The Big Green Opportunity for small business in the U.S.”, 76% of survey respondents strongly agreed that their green products and services are profitable. In fact, 31% of these companies even reported that their green products and services were more profitable than their non-green ones.
So if you’re interested to grow your profits by incorporating sustainability values into your business, here are two green goals to get you started:
The green market will only continue growing, especially since millennials (age 21-34) are responsive to sustainability actions -- up to twelve times more so than baby boomers. Currently, 55% of global online consumers are willing to pay more for products and services from companies that are committed to positive social and environmental impact.
Finally, as millennials become the largest share of the labor force, the demand for green products and services are slated to rise, and businesses will need to commit themselves to positive social and environmental impacts in order to remain competitive.