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5 Myths About Greening Your Business

5 Myths About Greening Your Business

Is green business truly an internationally growing trend that is here to stay? A poll from the Clinton Global Initiative and Microsoft shows that 76% of Millennials say they are more focused on environment than their parents. And, according to a 2015 study by Nielsen, 72% of youth between the ages of 15-20 (Generation Z) are willing to spend more on green products and services.

So how, as a business owner/manager, are you going to take advantage of this? Adjusting your business operations and business model to meet the demands of this growing demographic can seem intimidating and impossible. But what if you believe in myths, rather than facts about greening your business?

Here are 5 common myths about greening your business

MYTH #1: It costs too much

The costs with going green may seem expensive at first; the return on investment can come quicker than you thought, and provide great savings after that. Improving the energy efficiency of your workspace is the best place to start. Something as simple as changing all light bulbs to LED light bulbs has the ability to save your business thousands of dollars. One study shows the amount of money for 25 bulbs over a 15 year period, a company would save over $3,000 in savings from LED bulbs in comparison to incandescent. A car dealership replaced their 1000 Watt metal halide parking lot lights with LED, saving $12,000 each year in energy reductions!

MYTH #2: Cutting carbon doesn’t really matter

The planet is in a crisis and the majority of the scientific community agrees that climate change is real and is caused by human activity. With rise of sea levels, increasing desertification and extreme weather conditions, lots can be done to fight climate change. 34% of greenhouse gases in the economic sector are from residential and commercial alone. This can range from a large number of inefficient equipment in your business’s workplace that can quickly be changed for immediate cuts in your CO2 emissions.

MYTH #3: Customers don’t really care how green you are

Environmentally friendly products and businesses is an increasingly popular trend and continue to see growth. 71% of Americans think green when purchasing, and 35% are willing to pay more. Here is a list of companies that has actually created over a billion dollars in revenue from products, or services, with sustainability at the core.

MYTH #4: It’s risky

On the contrary. The price of oil and gas has fluctuated throughout its existence and although technological advances have increased for means of extracting fossil fuels, oil prices have continued to increase in the long term. With accounts for inflation, the prices of oil have seen steady increases since the 90s. In comparison, renewable energy options have seen a drop in prices over the last 5 years. Solar PV module costs have dropped 75% from 2009 to 2015.

MYTH #5: Only big companies do it

It’s true, large corporations are leading the way. Walmart has a goal to be supplied by 100% renewable energy, and Ikea has invested €1.5 billion since 2009 in wind turbines and solar panels on IKEA buildings. Although most large corporations have made efforts to go green (either because it makes financial sense or because of consumer pressure), it’s not just limited to big businesses. Small and medium sized businesses can reap the rewards from improved energy efficiency, attracting new customers, and gaining recognition for their commitment to environmental and social responsibility. Here is just one example of the endless lists for small businesses being recognized by going green.

Green business practices are becoming common place, and the sooner small to medium sized businesses embrace this growing trend, the sooner they will be able to appeal to the younger generations that want to support companies who are “doing the right thing” for the planet and for the community.

Matt Hussey Ecobase Certified

Written by Matt Hussey

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