Green is the future - No, it's not the money
Taking steps toward sustainability and greener manufacturing is a financially sound decision. From tax benefits and access to exclusive grants and loans to higher stock prices, the shift toward green operations is undoubtedly a wise decision . However, financial gain isn’t the only incentive to go green. Greener business practices are an integral component of future growth for many more reasons.
Going green is definitely not a monolithic concept or an instant change. It’s a gradual process of integrating several greener practices. Greater sustainability can be achieved through practices like recycling, using renewable energy, reducing energy consumption through optimized supply chains, and reducing waste by repairing when possible to name a few. Each one of these processes comes with costs and benefits. Going green not only benefits the bottom line by reducing costs in the long run, but also promotes a firm’s growth in ways that far outweighs the short run negative effects and associated costs. Because of this long term promise businesses are doing their best to incorporate green practices into their organizations.
Here are a few reasons why companies should and do go green:
Future Focus: Climate change resulting from prolonged abuse of natural resources has made sustainability a necessity. Organizations that promote sustainability in terms of resources and help enrich the community that supports their organizations, have historically proven to be healthier and sustain longer. The organizations with the direct and indirect community, that they help to grow, then become an ecosystem that is capable of withstanding the uncertain future and thriving in it.
Employee Advantage: Green operations often reduce pollution by reducing waste and using alternative products. As a result, workplaces become cleaner and healthier. A healthier workplace, improves the health and morale of employees. Healthier are less likely to get sick and/or take medical leaves and accrue lower medical costs. Happier employees have a higher productivity level and a lower attrition rate.
Reputation Reform: By adopting greener business practices, a company conveys that they care about the health of their employees and the planet at large. When environmentally conscientious companies embody their culture of empathy, their overall reputation in the market improves through good PR coverage and word of mouth.
Customer Response: Many consumers actively seek green products and services, even at higher prices. This gives a firm competitive advantage over the competitors that don’t follow green practices. Going green can also provide an opportunity to access niche markets through eco-positioning and reaching new customers.
There are many more arguments for companies to go green. As green becomes the new normal, this list will keep growing. Taking steps toward sustainability now can provide an irrefutable edge and endless opportunities for growth in the future. The future is green and the most important strategic decision for any business today is whether they want to be a part of it.