Top business concepts for environmentally conscious entrepreneurs

Over the last couple of decades, we’ve seen a vast number of trends conquering the world of business just to fall into obscurity a couple of years later. Therefore, it’s is easy to look at the recent surge of environmental awareness dominating the headlines, and assume it will, at some point, follow the same pattern. This assumption would be pretty valid if the green industry was grounded only in good will and wishful thinking. However, it turned out that business landscape and environmental consciousness have a lot to offer to each other for mutual benefit. Let’s take a look at some of the most interesting concepts you can use to advance your enterprise.

Powerful branding tool

According to a recent survey conducted by Cone Communications, 87% of consumers said they would purchase a product simply because a company advocates for the issue they care about (both social and environmental). It’s easy to see that, by simply painting your business foundations green, you get a very powerful branding tool that instantly connects with a vast majority of the population. And businesses with strong branding traditionally feature very devoted stakeholder support.

Improved efficiency

To illustrate this, we’ll take a quick look at the oil industry which is not typically placed at the forefront of environmental sustainability. However, a recent wave of digitalization has drastically reduced the consumption made by the gas and oil sector. Another great example would be the implementation of efficient oilfield equipment, which you can now easily acquire online, that does a great job at cutting the energy costs down. So, it’s safe to say that digitalization, and the incremental green upgrades are able to improve efficiency and reduce operational costs, regardless of the industry.

Rising demand for energy-efficient products

In 2017, solar energy installations topped the combined number of gas, coal and nuclear ones. The same can be said about other similar products like solar screens and green vehicles. This steady rise does not only benefit businesses implementing the mentioned products, but also opens up a slew of opportunities for entrepreneurs to tap into distribution and maintenance. As a result, we get new jobs, cross-marketing opportunities, shared infrastructure and other benefits that can produce nation-wide effects.

Employee welfare

It’s a long known fact that happy employees are more productive. To make things even better, improvements you need to make in your business to harvest these benefits are as sensible as they are affordable. Plants are capable of improving mood and maximizing the amount of fresh air, and natural sunlight has a similar effect on employee welfare while reducing the need for artificial light sources. You can also resort to measures that have a scope much wider than your workplace like usage of Fairtrade and locally produced organic products.

Competitive advantage

Innovations have always been a certified way to outrun the competition. In smaller and niche markets, they can disrupt an entire industry. We’ve already seen how the green agenda can help your business through strong branding potential. Well, according to a 2014 Nielsen study, modern customers are not only willing to purchase from eco-friendly businesses but as much as 55% of them will pay more for those companies’ products. These numbers give entrepreneurs a very strong competitive advantage they can use to outmaneuver the competition from the get-go.

Opportunities for new ventures

As we’ve already mentioned, the rise of global environmental awareness is giving way to new opportunities aspiring entrepreneurs have yet to fully explore. So, if you are just starting from scratch or you are ready to branch out, it is worth noting that industries like ink-refilling, sustainable construction and digital publishing have gained quite a momentum over the last couple of years. Also, the real estate market has seen a significant surge in the value of green rentals.

Looking at things from this perspective, it’s obvious why green trends will continue to dominate the business landscape until they finally become the standard. Any other development simply doesn’t make financial sense, and therefore can’t survive the test of the market. What you should do to make your business one of those who will eventually get to the other side is to use some of the concepts we talked above, and harness all the benefits green economy has to offer.

Related posts

Eight Tools to Make Quick Work of Split Testing Experiments

Mariana

The Four Phases in Sales Management Evolution

Apoorv Bhatnagar

Why Storytelling Works in Business

Mariana