5 Benefits of Running a Sustainable Small Business - and How to Get Started
Maya Rector • Apr 22, 2020
This Earth Day, themes around community and protecting one another and the planet could not be more relevant. While “going green” used to be an afterthought for many businesses, events in recent years have shaped consumers to lead with their values and opt for businesses that follow green practices. Find out how implementing simple sustainable business practices can build trust among your customers and community - while also allowing your small business to reap the benefits throughout the process.
1. Drive Business and Sales
A recent Unilever study found that 33%
of consumers want to buy from brands “doing social or environmental good,” opening up a huge opportunity in the market for sustainable goods and sustainable-oriented businesses. To get started, considering both internal and external factors to aid your business’ sustainability mission is essential. For example, an improved internal process to increase energy efficiency can lead to external savings and higher profits, reduced waste, and even increased productivity.
Staying up to date with the latest digital technology is another great way to increase efficiency and drive sales of your products or services. According to research from IBM, respondents answered that they most desired the ability to use technology that would help them find what they need easily and quickly. Of participants included, awareness of new shopping technologies was at 90%.
Consumers are becoming increasingly aware of new technologies, and increasingly eager to see them implemented to provide a more seamless user experience. 71% percent of respondents answered that they were already using or wanted to try searching by visual means, and 69% said they would like the ability to use voice search. As a small business, implementing in-demand online technology can not only give you the desired business results you’re looking for, but it can reduce waste (of both resources and time) as a result. With the pandemic confining the public to their homes, many businesses have already begun to implement new technology they may not have considered before - there’s no better time to get started.
Another great way to both help the community and drive business is to consider partnering with a local organization
that has similar values. Community partnership can have plenty of benefits, from inspiring progress to increasing your business’ credibility among consumers and potential customers.
2. Save Money
Aside from the good a sustainable business can do for the planet and community, it can also do plenty of good for your wallet. From small daily practices for conserving energy to meeting investor and stakeholder criteria, going green can make a major impact. Start small by asking questions about how your business operates on a consistent basis. For instance, are heat or electricity left on overnight, even when no one is around?
Thanks to the EPA's online measurement tool, your business can measure its building performance in a secure environment to track how your energy is being used and where it could be improved. Using these results can help your business better understand where your spending is going toward, while also finding areas to cut back and save.
Other simple cost-saving swaps
include using paper clips instead of staples, recycling paper, and reusing paper or boxes whenever possible. If there are any unused or outdated electronics that you’d like to get rid of, find out how you can donate or recycle them in your area instead of simply throwing them away.
On a larger scale, studies have shown that going green can pay off big in terms of company favorability. Many investors today use Environmental, Social, and Governance (ESG) metrics to consider an organization’s ethical impact and sustainability practices. A company’s carbon footprint, water usage, community development efforts, and diversity are all factors that are kept in mind. Research shows that companies with higher ESG ratings have a lower cost of debt and equity, and that sustainability practices can help financial performance while also gaining support from the public. According to a survey by McKinsey, nearly 3,000 employees said the strongest motivating factors to adopting a sustainable mindset are aligning with a company’s goals, missions, or values; building, maintaining, or improving reputation; meeting customer’s expectations; and developing new growth opportunities.
3. Build Trust by Limiting Safety Concerns
As a small business, you may already have a leg up when it comes to building and maintaining consumer trust and limiting safety concerns. With today’s consumers focused on ensuring that products and services are locally sourced, reliable, and value-driven, adding sustainable components to your business strategy can provide yet another way to win them over.
According to Nielsen research, many consumers are becoming less picky about the name behind the products and services that have the sustainable attributes they’re looking for - which could potentially open the door for lesser known, non-name brands and small businesses. Almost half (46%)
of surveyed global consumers said they would be willing to forgo a brand name in order to buy from environmentally friendly companies.
While safety and function were among the most important factors for those surveyed, respondents said they were more willing to pay more for products that are organic (41%), made with sustainable materials (38%) or deliver on socially responsible claims (30%).
4. Deepen your Mission and Increase Value
In a recent global online survey by Nielsen, 81%
of respondents feel strongly that companies should help improve the environment. While this sentiment is shared across gender lines and generations, younger audiences are leading the pack, with older audiences not too far behind. Why is it important to know that younger generations are adamant about sustainability? Since today’s younger audiences (like Gen Z and Millennials) are approaching their peak earning years, ensuring their trust today can help ensure tomorrow’s profit.
IBM’s recent research on consumer behavior found that nearly 8 in 10
respondents indicated that sustainability is important for them, and 81% of respondents worldwide belonged to one of two shopper segments: Value-driven consumers (41%) who want good value, and Purpose-driven consumers (40%) who seek products and services aligned with their values.
Evidently, a company’s values and the overall value it provides are non-negotiable for today’s consumers. While your business doesn’t necessarily need to be on the cutting edge of environmental activism, implementing sustainable practices, policies, and community values at a basic level is becoming a “must have” instead of just a “nice to have. ”
5. Anticipate Current and Future Trends
Did you know that the global population is expected to grow to 8.5 billion
by 2030? Given this growth, it will continue to be critical for companies to keep their green business practices in check for both the planet’s health and to meet consumer expectations. Across generations, the general public is feeling anxious about the state of the planet and its impact on their health. These growing audiences are increasingly focused on choosing to put their money towards businesses whose values are in line with their own.
Projected trends
predict that in the near future, more businesses will proactively seek large-scale behavior change to make their business more sustainable, since consumers play one of the largest roles in driving sustainable consumption. Why wait to get started?
Takeaway
As the population continues to grow and consumer concerns are fueled by recent events, a business’ safety, sustainability, and values are crucial to building trust and gaining loyal customers within their community.
You don’t need to take drastic steps - by making simple green swaps and finding creative ways to show you care, your business can ensure it remains sustainable environmentally and from a long-term business perspective.
Interested in how you can improve your business messaging and build trust among consumers in your community? Feel free to contact us or find a location
near you
to find out more.
One noteworthy insight gleaned from recent data is the remarkable tendency of US Hispanics to kickstart product searches on TikTok, more than double compared to their non-Hispanic counterparts. This shows the growing influence of social media platforms, particularly TikTok, in shaping the preferences and purchasing decisions of the Hispanic community.
With contested races, growing voter unpredictability, and the possibility of a presidential rematch looming large, every demographic group will wield significant influence. Among them, Latinos stand out as the fastest-growing and youngest electorate, poised to play a pivotal role in shaping the outcome of key battleground states.
Ever since the tail end of last year, my inbox has been flooded with emails prophesying the imminent trends in digital marketing, advertising, SEO, AI, and the like for 2024. I'm talking about more than 50 emails, and it got me thinking – why not save you some precious time and put it all into an easily digestible summary, highlighting the most important insights?
As the person responsible for the success of your business, you're not just moving toward objectives; you're navigating within a broader context. Recognizing and embracing the influence of Hispanic culture isn't just a choice; it's strategically important.
Hispanics in the US have embraced podcasts with enthusiasm, contributing to the medium's growth and diversification. Recent data reveals fascinating insights into their podcast listening habits.
Get 2024 Branded Content Ideas for your Hispanic Marketing Strategy:
1. Resolutions for Good: A Fresh Start for 2024
2. Valentine’s Day: Celebrate Love the Hispanic Way
3. President’s Day: Driving Deals and Family Time
4. Lent Traditions: Faith, Food, and Family
As the largest minority market in the country, reaching the Hispanic market is key to unlocking business opportunities no matter which industry you’re in. Keep reading to learn how to reach the Hispanic market in 2024 and discover best practices for tapping into this influential audience!
Find some significant facts and figures to help you broaden your understanding of this important segment of the market that your brand needs to take into consideration if you want to expand your reach.
Social media is not just a platform for connection; it's a thriving cultural hub that bridges gaps, influences opinions, and empowers communities.
When it comes to the United States’ Hispanic community, the numbers and trends in social media use are fascinating. In this post we'll explore the data that sheds light on how Hispanics are making their mark in the digital realm.
In the rich tapestry of American dining, one market segment stands out with its unique flavors, deep-rooted traditions, and a youthful enthusiasm for exploring culinary experiences. We're talking about the US Hispanic dining consumer – a dynamic and influential group that holds the key to a thriving restaurant industry. With youth, repeat visits, and cultural ties as its defining characteristics, engaging this demographic is a strategic move that can take your restaurant to new heights.
