Owning a business in the modern age is no easy feat and making that business successful is a whole ordeal all on its own. While the socially-conscious thing to do today is be concerned about our environment, the fact is many businesses have yet to fully understand why “going green” is so important. When it comes to growing a business and staying competitive with today’s consumers, it’s more important than ever before to have a plan for “going green” in place.
Millennials Expect It
The newest group of consumers, today’s generation is very environmentally-aware of what’s going on around them and which businesses are making real strides to be good to the environment as this becomes a more important issue. Businesses who fail to recognize this put themselves at risk of turning off this lucrative group of consumers. According to most research, behavioral buying patterns of millennials tend to shift toward companies that provide environmentally-safe products and services. Take this into account when considering which parts of your business need revamping.
Laws and Regulations
As sustainability has become a hot topic for many businesses, it’s also becoming the law. Federal guidelines regarding construction and environmental regulation have been enacted in recent years, forcing businesses to conform too much stricter building codes and regulations. Many times these construction costs are much higher than previous types of construction, so the added cost has to be factored into a company’s budget. As time goes on we can be sure to see new regulations for companies that will force them to take a more green initiative. Making the proper changes, earlier will keep you in the clear for years to come.
Limited Natural Resources
Many businesses are located in areas where natural resources, such as water, are becoming more limited. One glaring example of this is the many casinos and other businesses located in Las Vegas. Due to the extreme drought in Nevada, the state is forced to pump in water from neighboring California. As a result, more businesses are taking steps to help conserve water, such as doing away with grass and replacing areas with decorative rocks and plants that require very little water.
For businesses that live in states where dwindling natural resources are a concern, “going green” is a fact of life that needs to be faced with a serious mindset.
Many European and other nations have very strict environmental rules when it comes to products or services, so to do business on a global scale today it’s important to know the rules and adapt your business and products accordingly. Products must be made to be environmentally-friendly in order to be sold to many companies around the globe, and businesses who fail to do so will be left behind with few profits to show for their lack of effort.
By taking time to become familiar with today’s consumers and the new regulations and expectations in place, “going green” can produce a bright future for your business. Meet the green problem head-on by hiring someone who has a Masters in Sustainable Development as they will be more able to help your company prepare for the future. You will have a much easier time with future regulations and changes to the market with consumers asking for a more green product.
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