August 15, 2017
Five Benefits of Being a Sustainable Business
Sustainability isn’t just a trend, and the global community has moved beyond the “going green” mantra. Sustainability is a holistic, long-term approach in managing not only environmental risks, but also social and financial ones. A sustainable business has three bottom lines: people, planet, and profit.
As a consulting firm that helps private-sector and government clients manage their projects’ environmental impacts, it’s important to us at GPA that our own business model is mindful of the three Ps. Some of our efforts include work-life balance initiatives and eco-friendly offices that include lots of natural light that reduces our energy consumption (and makes our employees happier!). Our Employee Sustainability Committee continues to develop both short-term and long-term approaches to reducing our carbon footprint.
More companies are beginning to see the benefits of being sustainable. “Becoming a ‘green’ organization can enhance a company’s image and create strong brand loyalty among customers and other stakeholders,” says Eco-Officiency, a consulting firm that helps companies customize and implement sustainability plans. “But, it can also lower operation costs and produce higher revenues.”
Eco-Officiency put together a list of five big benefits of being a sustainable business. We’ve added that list below:
1) Enhanced Brand and Increased Competitive Advantage
According to the National Marketing Institute, 58% of American consumers are likely to buy their goods and services from companies that are mindful of their impact on the environment and on society. The NMI found that these consumers are willing to spend up to 20% more on environmentally sound products and services.
2) Increased Productivity and Reduced Costs
Developing sustainable business practices will streamline operations, making a company more efficient, and conserve resources, decreasing a company’s operational costs.
3) Improve Financial and Investment Opportunity
According to Goldman Sachs study, companies in six industries that are considered leaders in environmental sustainability have outperformed the general stock market by 25%.
4) Minimize Carbon Risk and Improve Energy Efficiency
Companies are expected to cut 25% of their carbon emissions by 2020 and 50% to 80% by 2050, which will be mandated by both state and federal regulations. This will affect the availability and costs of energy. Even as environmental laws are threatened, companies and corporations vow to continue their sustainability efforts. WEC Energy Group announced in May that it has already reduced its carbon dioxide emissions by 26% since 2000, according to BizJournals.com, and that the company plans to reduce emissions even further. The Wall Street Journal reported in July that several U.S. companies, including Apple Inc., Google Inc., Microsoft Corp., and Bank of America Corp. will spend at least $140 billion in new investments to lower their carbon emissions and increase funding for clean energy.
5) Increase Employee Retention and Recruitment
Employees want to work with companies who are proactive with corporate environmental and social programs. By offering sustainable practices, companies can recruit and retain a greater talent pool. (Also see our blog on Work Place Positivity http://www.gpaconsulting-us.com/blog/company-nurtures-positive-work-envi...)
About GPA
GPA Consulting is a multi-disciplinary firm offering a range of services in environmental planning, biology studies, and historic preservation to a variety of municipalities, private-sector clients, and state and federal agencies. GPA’s expertise includes managing the environmental process and completing CEQA and NEPA documentation, technical analysis, peer-reviewing environmental documents, regulatory permitting, agency coordination, and construction and mitigation monitoring. GPA, founded in 2003, is a certified woman-owned, disadvantaged, and small business enterprise registered as a California Corporation.