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3 ways going green could make your business more profitable

On Behalf of | Oct 8, 2021 | Business & Commercial Law

With rising concern over climate issues and the potential scarcity of natural resources, business owners find themselves having serious discussions over going green. Often, assumptions are made that making a business more sustainable will somehow make it less profitable. 

However, this is not necessarily the case. There are numerous potential benefits of businesses taking a stance that is more climate positive. Outlined below are three reasons why going green could make your business more profitable. 

Brand awareness

As factors like climate change become more topical, businesses contributing to tackling the problem become more recognizable. As well as making the world a better place, having an eco-friendly business policy could improve your brand. Research suggests that a large portion of the American population weighs environmental concerns when purchasing goods or products, with significant numbers willing to pay more for eco-friendly products. 

Your costs could be reduced 

Business owners may be discouraged from going green due to the belief that it will negatively impact profits. However, going green could actually save money. Methods such as using energy-efficient lighting and recycling can be extremely cost-efficient. 

Going green could mean having the brightest talent 

Various studies indicate that millennials give weight to climate change issues when seeking employment. A significant portion of this age bracket suggests that they would be willing to take a pay cut for a business owner with strong ethics and climate preservation principles. 

Taking a more environmentally friendly approach could benefit your business. As a business owner, it is important to understand your legal rights and obligations concerning the environment.