PROTECTING SMALL BUSINESS, PROMOTING ENTREPRENEURSHIP

Rieva’s TRENDCAST: Entrepreneurs Get Greener

By at 22 April, 2021, 11:40 am

by RIEVA LESONSKY-

How green is your business? It’s Earth Month, which is an excellent time to take stock of your business operations and up your green business practices. Why is that important? A survey taken a few years ago shows most Americans would pay more for eco-friendly products, including 58% of Gen Z, 61% of millennials, and 46% of baby boomers.

These stats from Bank of America enable you to compare your business’s green practices with those of other small businesses.

Current & future operations: 58% of SBOs say they are currently operating an overall business model that is green and sustainable, and 57% plan to go greener over the next five years.

Benefits: Small business owners say the top benefits of going green are: saving money (77%), attracting customers (69%), positively impacting their bottom line (67%), boosting employee morale and retention (64%), and differentiating their company from competitors (64%).

Customer demand: 46% of SBOs say their customers are more likely to shop at eco-friendly businesses, and 32% believe their customers are willing to pay more for products and services from an eco-friendly company.

Personal commitment: 96% of SBOs prioritize eco-friendly habits in their personal lives, and of those, 83% say they operate their businesses sustainably because of their personal commitment to the environment.

Challenges: Top obstacles for SBOs who have implemented sustainable business practices include costs (41%), variable quality of green products and services (24%), limited supplier options (23%), and lack of education about what is good for the environment (20%).

Decade Ahead: 91% of SBOs say sustainability will be beneficial (50%) or a core business practice (41%) over the next 10 years.

As someone who sold “Environment Now!” buttons in front of the New York City public library as a teen, I’m encouraged by these greener small businesses.

Green entrepreneur stock photo by 12_Tribes/Shutterstock

Rieva Lesonsky “co-powers” Small Biz Daily, and is CEO of GrowBiz Media, a content and consulting company specializing in small businesses and entrepreneurship. Rieva has been meeting with, consulting to and speaking to America’s SMBs for nearly 30 years. Prior to co-founding GrowBiz Media in 2008, she was SVP/Editorial Director of Entrepreneur Magazine.  This article originally appeared on Small Biz Daily, and has been re-posted with permission.

 

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