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Going green is good for the bottom line in more ways than one. These days, businesses that use green practices, sell green products, and offer green services are more likely to rack up business, especially among the younger, eco-conscious generation that has more expendable cash than ever before. However, besides just bringing in more business, going green can actively save you money in several ways. Here are just a few.
Saving on energy costs
Something as simple as putting in energy efficient appliances and light bulbs and attaching office computers and appliances to power strips that can be turned off at night and on the weekends can save you hundreds or thousands over a year of energy bills.
Going green in these cases usually takes a bit of a front-end investment, but it can really add up over the long run. In a home situation, these changes might make a small difference in the price of the electric bill each month, but when it comes to businesses, especially those with already-large energy operating costs, these small steps can add up to huge energy savings over time.
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If your business uses vehicles, consider going green in this area, too. This might include encouraging more carpooling in company cars, or investing in more fuel-efficient vehicles. Again, if you’re footing the fuel bill for several company vehicles, small changes – even as simple as keeping all company cars well maintained to get better gas mileage – can add up to big savings.
Saving on trash disposal
In many areas, businesses have to pay for trash disposal by volume – so obviously the less you throw away, the better. Start a recycling program at your business, and you can save on trash disposal. If you have a large company that goes through tons of paper in a year, you might even be able to get incentives from recycling companies for bringing in a certain volume of recyclable materials a month! At the very least, recycling keeps you from paying the trash company as much and helps you make a big environmental impact in a very simple way.
Possible tax breaks
Depending on the type of business you run, you might be able to get federal or state tax breaks for certain green practices in your business. For instance, you can get a tax deduction on commercial buildings that meet a certain energy efficiency level, and you can also get tax credits for producing certain energy-efficient products. Homebuilders can get tax breaks, as well, for creating energy-efficient homes! These credits are all at the federal level; it’s a good idea to check with your state to see if you may be eligible for additional tax breaks at the state level.
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Reputation gains
While going green can actively save you money whether you advertise it or not, advertising your business’ “greenness” can help you gain in reputation with consumers and with other businesses in your field. When consumers are choosing between two companies who offer similarly priced and similarly valued products or services, they’re much more likely to lean towards the one that has greener business practices – which means going green can not only help you save money, but may bring in more money, too.
Business credit cards for green improvements
Just like most other business decisions that save you money, going green can come with a few up front costs. A business credit card with good business related rewards can be a great way to afford these payments up front. Just take the money you’re saving on your bills and apply it to your credit card payments, and you won’t have to be in debt for your green improvements for long!
Going green is the in thing right now, but it’s more than just a passing fad. While consumers still want to be consumers, they increasingly prefer to consume products and services that are better for the environment. By catering to this desire, you can both save on your business’s expenses and boost your bottom line. What’s not to love about going green?
Jamie Scott is a social media advocate with CreditDonkey. When she’s not busy helping entrepreneurs evaluate business credit card applications, she’s spreading the news about healthy grocery shopping — remember, eating well doesn’t have to cost a fortune.
