Reducing your business’s carbon footprint is not only good for the environment, but it can also be good for your bottom line. Environmentally-conscious consumers are a growing market all around the world — so it makes sense for businesses to get on board!
In Australia, a recent survey found that:
- 90% of Australian consumers are more likely to buy sustainable products.
- 85% of consumers want businesses to be more transparent about how sustainable their products are.
Here are our top tips for running a greener business. Many of them will save you money as well as increasing your green credentials and marketability to eco-consumers.
Tip 1: Go Digital
There are a range of ways you can ‘go digital’, including:
- Sending emails rather than snail mail.
- Using digital advertising and marketing techniques rather than print.
- Going paperless with your office files.
- Taking advantage of cloud computing technology to store your business information.
- Allowing your staff to work from home and conducting virtual meetings to cut down on travel. Many businesses have had no choice but to embrace remote working practices for their staff during the COVID-19 restrictions. Many forecasters are now tipping remote working to be the ‘new normal’ in many industries even when the restrictions end.
Check out our blog post to learn more tips on digitising your business.
Tip 2: Recycle your materials
Recycling initiatives can include:
- Refilling rather than replacing printer cartridges if you can’t go completely paperless.
- Buying recycled stationery products.
- Using materials in your products and services that can be recycled as much as possible, including sustainable packaging.
Tip 3: Reduce waste
You can reduce waste in plenty of ways. For example:
- educating your staff to turn the electricity off at the power point when business technology, equipment and appliances aren’t in use.
- Installing motion or temperature sensors to cut down on lighting and air conditioning costs.
- Only printing documents if absolutely necessary and printing on both sides of the paper to reduce use.
- Encouraging your staff to bring their own coffee mugs rather than using disposable ones.
- Setting up recycling bins around your business premises and encouraging their use by your staff.
- Using natural lighting in your business premises where possible.
Tip 4: Implement Sustainable Purchasing Policies
As much as possible, try to purchase products and services from suppliers who also have sustainable practices themselves. Look to buy energy-saving devices and appliances for your office equipment.
In addition, if your business has a fleet of vehicles, look to buy energy-efficient models such as hybrid cars.
Tip 5: Set a SMART Goal to Reduce Your Carbon Footprint
The best way to reduce your carbon footprint is to calculate what it is and then use some of the tips we’ve outlined to minimise it. And you should also set yourself a SMART goal.
SMART is an acronym for ‘specific, measurable, achievable, relevant and time-bound’. An example of a SMART goal to reduce your business carbon footprint would be:
- to reduce your CO2 emissions by 10% by the end of the next financial year.
To do that, you would need to measure what it is now and what it is at the end of the financial year after you’ve put your sustainability measures in place.
You can use the free calculator here to work out your business carbon footprint.
How Earlypay Can Help Your Business Become More Environmentally Friendly
Asset finance
Going green doesn't have to result in a complete overhaul of your business. An eco-friendly transformation can be done gradually in steps. A good place to start is by upgrading your equipment.
Equipment Financing provides you with the funds necessary to purchase the equipment without having to dip into your working capital.
Pending invoices can interrupt your company's cash flow. Through invoice financing, you are able to free up the money tied to those unpaid invoices by selling them to a finance provider such as Earlypay.
This will provide immediate access to capital that can then be put towards green-related investments such as renewable energy sources or software needed to reduce paper consumption.
Benefits of Reducing Your Business’s Carbon Footprint
Consumers are becoming increasingly cautious about who they do business with and are more likely to shop with a business whose values align with theirs.
Turning your business green comes with two main benefits; you will attract consciously-minded consumers who you can build into loyal customers, and you get to save the planet! Going green is a win-win situation that benefits everyone!
If you'd like to learn more about debtor financing or equipment financing with Earlypay, please call our friendly team on 1300 760 205 or contact your broker or BDM.
If you'd like to learn how Earlypay's Invoice Finance & Equipment Finance can help you boost your working capital to fund growth or keep on top of day-to-day operations of your business, contact Earlypay's helpful team today on 1300 760 205, visit our sign-up form or contact [email protected].