Sustainable solutions for cost reduction
From Scandinavia to mainland Europe, to Japan, to North America, vast portions of the globe are experiencing increased temperatures this summer. The heatwave has reignited discussions about climate change and our own attempts to limit its impact.
Businesses have an important role to play in emissions reduction, as many people look towards companies to lead the way in implementing meaningful strategies towards building a greener environment and economy.
Entrepreneurs view this as an opportunity rather than a challenge. Adapting your mindset to renewable business practices builds positive consumer sentiment, and can also offer long-term savings. Here’s a closer look at the positives of green innovation, and some of the strategies that are employed in progressive businesses.
Nowadays, many consumers are more likely to choose one item over another if they are confident that it’s being more sustainably produced. A Nielsen study even found that 55% of online shoppers are willing to pay more for products and services which are offered by businesses with a stronger social and environmental purpose. Consumers want to feel they’re making choices that are for the greater good, and are more likely to reward businesses for doing so as well.
Green innovation strategies are also becoming increasingly important for governments around the world as they attempt to meet targets set out in the Paris Agreement on climate change. As a result, businesses can take advantage of many different grants and tax rebates if they make the effort to introduce more sustainable practices in the workplace. A professional MBA program helps graduates learn how to identify these opportunities for organizations.
There are lots of potential environmental efficiencies which are not maximized in a normal office. For instance, paper is a common source of waste, so assess whether documents can be sent and viewed electronically instead. Project management and cloud storage software allow for instant communication, calendar reminders, scheduling, and document sharing and storage. A reduction in paper waste reduces expenditure while creating a clutter-free office environment.
Likewise, business trips are an excellent forum for meeting existing and potential clients, but they can involve significant expenditure and fossil fuel consuming plane trips. Internet speeds and computer technology offer excellent alternatives these days, so consider reducing CO2 emissions by carrying out important conference calls via Skype or Apple FaceTime.
Office design can also be about so much more than creating a pleasant working environment. Those holding an MBA in Entrepreneurship recognize that innovative designs increase natural sunlight and heat, thereby reducing a company’s fuel bill.
The obvious way for a business to become more environmentally conscious is to reduce its dependence on fossil fuels, such as oil or gas. The world’s biggest businesses are becoming more conscious of the need to turn green, and a Bloomberg report, published in April, has forecast that companies will break the record this year for buying renewable power.
Entrepreneurs with smaller businesses can also reduce their energy costs by assessing their own energy usage and analyzing whether solar or wind energy is a viable alternative. This strategy often involves large set-up costs initially, but long-term savings follow. In a world where fossil fuel reserves are dwindling, the people with the most foresight will overcome the challenge and help their business to prosper.
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