When politicians discuss climate change for environmental destruction, such as pollution, they almost always frame the conversation in terms of the negative economic impact any actions may have on businesses.
As a result, quite a few people who run their own companies are averse to environmental regulations and view any efforts to make their company greener as an unnecessary or frivolous expense. However, business owners, executives and managers who overlook the practical economic benefits of going green may do their company a great disservice.
In reality, proactively identifying and addressing environmental issues your company could cause could actually lead to greater overall profits and reduce the risk of unexpected costs related to environmental issues in the future.
Consumers increasingly prefer responsible and ecological brands
While consumers a decade ago didn’t care very much about whether a company offset its carbon footprint or engaged in sustainable packaging practices, modern consumers care more. Roughly 4 out of 5 American consumers may prefer companies that offer environmentally friendly and responsible products or services. In other words, being good to the planet can be great for your brand.
Reducing environmental impacts reduces unexpected future costs
When companies choose to bypass the careful exploration of the potential environmental impact of their goods or services, they could wind up facing substantial cleanup and remediation costs in the future.
More than a few companies have wound up bankrupted by unexpected expenses they faced due to water pollution, air pollution and improper handling of dangerous chemicals. By factoring these concerns and their mitigation into your production costs, you ensure the price you charge reflects what your company’s work actually costs and helps you avoid unexpected future expenses.
In other words, going green and carefully considering your company’s environmental impact could have more beneficial financial consequences than negative ones.