But sustainable businesses don’t just save the world — they also save money in the long run. Here are five sustainable practice that can help increase profitability.
- Using renewable energy: Solar, wind, and geothermal energy are just some of the viable options known as “green power,” which are referred to as such because of their sustainability. Businesses can enjoy lower energy costs because of the increased efficiency of these alternative energy sources.
- Administering regular maintenance: Buildings with no proper insulation lose a lot of heat in the winter and cool air in the summer. Resources go to waste and electricity bills reach sky-high when maintenance is neglected. But with proper care, heating/cooling systems become more energy-efficient regardless of the season.
- Going paperless: Paper is consumable, so a company that relies on it most the time needs to have constant supply. But with so many apps now that bring office activities (such as managing meetings and sending out memos) to mobile devices, businesses that go digital save on paper costs.
- Reducing waste: Businesses can reduce expenses with improved waste reduction. It’s good practice to invest in durable equipment, purchase products made from recycled materials, donate old electronics, etc. The goal is to waste as little as possible, both to save money and to decrease carbon footprint. Training employees to use resources wisely also goes a long way.
- Giving back: It may sound contradictory at first, but businesses actually save money when they give back to the community they’re in. This is because people are more inclined to support businesses that exhibit corporate social responsibility. That kind of customer loyalty is something no amount of advertising can buy.
Sustainability is more than a buzzword. For many businesses, it’s a mission statement. Why shouldn’t it be? Sustainability is all about taking care of Mother Earth and cutting down costs at the same time. Everyone wins.
Nevertheless, business needs are not the same. A sustainable practice that works for a one business may not work for another. The best approach is trial-and-error. Start with small steps, and if they work, take the big leap.