In our last post we examined the concept of sustainability by offering an explanation of its many different types of definitions. This post provides a list of reasons why American companies should care about sustainability. Implementing sustainable practices is about more than an environmental gesture — these practices make long-term economic sense.
Below is a list of 8 reasons why companies should care about sustainability.
1. Cost savings – The first benefit of sustainability is to improve the bottom line, which helps with building up your business operations.
2. Consumer demand – these practices can attract customers who care about a company’s environmental foot print. Consumers are becoming more and more passionate about supporting the causes they believe in, and they will go to great lengths to support companies who share their values.
3. Risk mitigation – Energy costs are going to continue to increase. It is important for businesses and corporations to begin analyzing how they obtain and use their energy sources.
4. Leadership – Before, companies were implementing green practices to company with government regulations. Now they are looking to be a port of the conversation on environmental policies. Taking action now not only positions a company as a leader in their industry, but is also ties back in with #2, lining up with environmentally-conscious consumers.
5. Tax incentives – State, federal, and local governments have tax incentives for green projects which include: investment, product, or consumption based on income tax credit, accelerated appreciation and exemptions from state or local sales taxes, and cash grants.
6. Employee retention – Working for a bigger cause can excite and motivate employees. Talking about how sustainable practices are used at a company can helot to attract and retain workers.
7. Brand reputation – A green company can use their environmental awareness to help build their brand image. It shows the customs that they care about the environment and makes them feel as if they are contributing by buying products or using services provided by a green company.
8. Resource limitations – The costs of natural resources like fossil fuels and water are going to increase as their supply begins to decrease. IT is important for companies to begin using different sources of energy to save on overall energy costs. Companies who are ahead of the game now ill be the ones who survive when the energy costs begin to spike in the future.