{"id":3377,"date":"2023-02-16T16:43:10","date_gmt":"2023-02-16T20:43:10","guid":{"rendered":"https:\/\/www.skypointfcu.com\/wph\/workarea\/?p=3377"},"modified":"2023-02-16T16:43:12","modified_gmt":"2023-02-16T20:43:12","slug":"3-ways-to-make-your-small-business-more-sustainable","status":"publish","type":"post","link":"https:\/\/www.skypointfcu.com\/wph\/workarea\/blog\/3-ways-to-make-your-small-business-more-sustainable\/","title":{"rendered":"3 Ways to Make Your Small Business More Sustainable"},"content":{"rendered":"\n

Focusing on your small business\u2019s sustainability isn\u2019t just good for the environment \u2014 it can also benefit your bottom line. Thirty-two percent of consumers are willing to pay more for sustainable goods and 66% rank sustainability as one of their top five drivers behind a purchasing decision, according to the 2022 Sustainability Study from Simon-Kucher & Partners, a global consultancy firm.<\/p>\n\n\n\n

While investing in sustainability may seem out of reach for some business owners, it doesn\u2019t have to be. Learn how to decrease your ecological footprint \u2014 and even save money \u2014 with these three tips.<\/p>\n\n\n\n

1. Reduce your energy consumption<\/strong><\/p>\n\n\n\n

One of the easiest ways to improve your business\u2019s sustainability is to reduce your energy consumption, says Casey Donahue, founder of Optiwatt, a tech company that helps electric-vehicle owners lower electricity costs.<\/p>\n\n\n\n

You can make simple changes such as opening windows for light and ventilation or changing the time the power goes on and off. You can also remind employees to be mindful of their energy usage and encourage remote work<\/a>, if possible.<\/p>\n\n\n\n

Investing in smart, energy-efficient technology such as thermostats, heaters, refrigerators or lightbulbs is a fantastic way to reduce your energy consumption, Donahue says. Some utility companies offer rebates for businesses that use or upgrade to these types of equipment, he adds.<\/p>\n\n\n\n

Salt River Project, for example, a not-for-profit company that provides power and water in Arizona, offers rebates up to $300,000 for business customers that use energy-efficient lighting, heating, ventilation and air-conditioning systems, and data centers.<\/p>\n\n\n\n

Some companies will analyze your energy usage and identify areas for improvement. Energy Hippo, for instance, offers software that collects billing and meter data to track utility usage and costs over time and location. With this data, you can determine the operational changes that will have the greatest impact on your energy consumption.<\/p>\n\n\n\n

2. Check your supply chain<\/strong><\/p>\n\n\n\n

It\u2019s important to think about the life cycle of your products, says Ryan Lynch, practice director of sustainability for the British Standards Institution, or BSI.<\/p>\n\n\n\n

Start with your inventory: Where do you source your products<\/a> from? Look to source your materials from environmentally friendly companies. Third-party certifications, such as B Corporation or Fairtrade, can help you determine whether a sourcing partner is sustainable.<\/p>\n\n\n\n

Consider how you package your products and what materials you use. You may be able to switch to sustainable packaging, use less packaging or avoid materials, like plastic or Styrofoam, that aren\u2019t eco-friendly.<\/p>\n\n\n\n

You should also think about the manufacturing process and end of life for your products, Lynch says. Are there ways you can improve a product\u2019s design to make it more usable for the consumer? What happens when the consumer is done with the product \u2014 is it going to end up in a landfill, or are there options for recycling or remanufacturing?<\/p>\n\n\n\n

And if you\u2019re able to make sustainable changes to your supply chain<\/a>, that\u2019s something you can advertise and market to customers. You\u2019ll be able to unlock a user segment that will come back time after time, Donahue says, because the value proposition will resonate with the consumer \u2014 more than just the cost of the item itself.<\/p>\n\n\n\n

3. Work with your city<\/strong><\/p>\n\n\n\n

The best way to improve sustainability will differ for every business, but turning to your city can be a great step. <\/p>\n\n\n\n

Many cities have environmental programs and resources for small-business owners through their economic development department or similar government office. These programs can help you modernize your building, become more water-efficient or recycle waste. In Houston, for example, the Office of Sustainability oversees the city\u2019s initiatives to reduce greenhouse gas emissions and improve energy efficiency. Through this office, you can learn about electric vehicles, composting and solar power programs, among other initiatives.<\/p>\n\n\n\n

Some cities offer grants<\/a> or other rebates for small businesses to invest in sustainability projects, says Luis Ramos, director of business advising at Accion Opportunity Fund, a nonprofit business lender. New York state, for instance, offers incentives, tax credits and financing options for businesses that want to install solar panels.<\/p>\n\n\n\n

If you\u2019re in a smaller geography that doesn\u2019t have its own resources, you can also turn to the U.S. Small Business Administration, U.S. Food and Drug Administration or an environmental nonprofit. These organizations may be able to provide guidelines for you to follow, help you get a green certification for your business or keep you informed about sustainability best practices, Ramos says.<\/p>\n\n\n\n

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