Waste cost management isn’t something that business executives often think of as a practice to save money. Even CFOs and CEOs who suspect that investing in waste management is the right thing to do get waylaid by many higher priority tasks. These tasks often leave an executive with little time left over. As a result, waste cost management concerns fall to the bottom of the list because they seem to have relatively little impact on your ability to run a profitable business.
You might be surprised to learn that there are several benefits to responsible waste cost management that can have a direct impact on your bottom line. Here are four of the key areas where you’ll see benefits:
Operational efficiency: Every expense counts in business, so recycling efforts can help reduce the amount of paper, glass, packing materials, pallets, and other items that need to be hauled away. Many waste disposal companies charge less to carry away your recyclables than trash. You may also need fewer pickups, and with the right documentation, you may be able to negotiate a lower fee from your hauler. Additionally, there may even be state or local tax credits for green business initiatives. These benefits add up.
Keep in mind that even recycling comes with a cost so if you’re looking to save, your best option is to encourage employees to reduce and reuse items when possible. This is particularly applicable to regulated items because the removal of hazardous or toxic waste can be expensive.
Reputation: It never hurts to be known as an eco-friendly company. Your clients and business partners will appreciate your efforts and it may help you attract new business and build loyalty. Some companies will seek out business partners that take an eco-friendly approach, so if you introduce measures to improve waste disposal, it may be a good idea to work on some public relations initiatives. If you’re implementing major changes, consider contacting a local news outlet to see if they would be interested in running a story on your new recycling program.
Attracting talent: Good candidates are in high demand in today’s market, and responsible waste disposal is a surprising element that may set you apart from your competitors. For instance, an employee may be disheartened by a workplace where they are forced to choose between throwing away recyclable materials into the trash or taking them home to their own recycling bin. A few simple measures to introduce better waste disposal can boost employee morale.
Investment in preserving local resources: The decisions you make as a business owner have an impact on the community around you. Small choices like double-siding your printing or offering water coolers with reusable bottles help keep trash out of local landfills.
Take the Next Step With Waste Cost Consulting
Working with a waste cost consulting specialist can help you identify the most impactful areas where you can make changes to your waste disposal. A waste audit can identify categories of cost savings and efficiencies, determine whether it’s more beneficial for you to lease equipment or purchase it, and identify additional recycling opportunities.
If you’re a business executive interested in identifying better waste disposal practices, contact us at Edge Insights. We offer waste cost consulting to help you identify new areas of efficiency and improve your bottom line.