It’s hard to look at the whole environmentalist concept and not agree that it’s the right thing to do. However, in the area of waste disposal and recycling, it can seem like extra work and extra cost for a business. Especially when the only return is to feel good about doing the right thing. At Edge Insights, our experience has clearly defined that there is real bottom line financial benefit to businesses that do “the right thing” environmentally. The benefits of going green extend far beyond politics and make it a proposition for any business to consider.
What Are the Benefits of Going Green?
Going green isn’t just an empty slogan. When it’s done correctly, it can offer an array of financial benefits beyond just feeling good about the effort.
Cost savings. This is the least understood aspect of going green in the area of waste disposal and recycling. The right approach can yield some of the following benefits: general reduction in waste volume and associated disposal costs, eliminating the use of landfills, and the identification of potentially high-value recycling streams. Keep in mind that one business’ waste stream can be the raw material for another business. Additionally, there are many ways to get creative; the Carden Park Golf Resort and Spa, found in Cheshire, England, actually makes its own sand out of old glass bottles and jars. It cost 10,000 pounds sterling to start up, and now, the resort saves a little over that amount annually by no longer having to buy new sand.
Good press. Environmentally friendly policies that are well-defined and executed can lead to very positive local and industry press. Your employees, neighbors, suppliers, and customers will know your business cares about our environment and that will surely make an impression. A recent Nielsen study actually noted that 55% of consumers would pay a premium for products that come from “eco-friendly and socially responsible companies.” That’s worth a little extra recycling, isn’t it?
Competitive advantage. This actually dovetails into positive press; if customers are willing to pay extra, and sometimes substantially extra, for a product that comes from an eco-friendly company, then that speaks directly to a competitive advantage. If your competition is beating you on pricing, don’t just automatically lower your prices. That’s a race to the bottom that no one really wins. Instead, ramp up your eco-friendly status and take advantage of the propensity to pay more.
Expand your customer base. While there are some customers that will pay more for the privilege of shopping with an eco-friendly company, there are some that will only shop with an eco-friendly company. Some might consider this stand too principled to make sense, but it is what it is. Eco-friendliness is the cost of entry into this market and it can be a substantial market indeed. More and more companies are expecting their suppliers to have eco-friendly policies in place. A little market research will help demonstrate how substantial it is for your business.
Improve hiring. Most don’t consider the impact of environmentalism on hiring, but these days, it’s a lot more important than you’d think. Certain Gen Xers, millennials, and certain Gen Z members tend to take a company’s environmental policies into account when it comes to looking for work. While boomers and older Gen Xers weren’t particularly concerned about pumping sludge into the air, as long as they didn’t have to handle the pumps, the younger generation is more intimately connected to the concept. So, by improving your environmental image, you improve your chances of hiring in that younger talent pool.
What to Do to Get Help Realizing the Benefits of Going Green
When you’re ready to reap the benefits of going green, you’ll need to find ways to take advantage of current technology that will put less demand on the environment. Reach out to us at Edge Insights and discover some of those ways first hand. Our waste removal and recycling offerings can cut costs by up to 60 percent over your current providers. And we’ll go through all your systems to run benchmark testing and find other ways to save the planet while saving costs. Just drop us a line and we’ll start the process of making you a leaner, greener firm that realizes cash savings as well.