Contrary to popular perception that environmental corporate social responsibility is costly and time consuming for businesses, recent research has shown that there are significant tangible and intangible benefits to embracing small business sustainability. In fact, small businesses have an added incentive to adopt sustainable business practices. Doing so allows them to differentiate greatly from their competitors and grow more rapidly than they otherwise could.
1. Small Business Sustainability Creates Niche Market Positioning
A point of differentiation that centers on sustainable action positions businesses in the growing market niche that caters to conscious consumers and drives up sales. Notably, 84% of small businesses which offer “green” products and services see an increase in revenue.
With consumers worldwide becoming increasingly eco-conscious, there is unmistakable potential for small businesses to benefit monetarily from going green. Millennials, for example, identify as “eco chic” and pride themselves on consumption choices reflecting a sustainable lifestyle. This is only one growing market segment that eco-conscious small businesses can readily attract.
2. Sustainable Business Practices Are A Competitive Necessity
Given the hyperlocal nature of small businesses, environmental initiatives are a necessary means of differentiation in a crowded market. Environmental stewardship credentials, such as rePurposes’s Plastic Neutral Certification, are becoming increasingly expected by well-informed consumers. If they’re to keep up with competition and penetrate their target customer segment, small businesses can’t afford not to invest in environmental action. Moreover, potential collaborators, such as giant retailers like Wal-Mart, often insist that suppliers adopt the sustainable models that they practice, further pressuring small businesses to go green.
3. Sustainability Is The Best PR for Your Small Business
Small businesses can grow faster by practicing environmental sustainability. This is especially beneficial as operating in a new and crowded region entails a significant increase in marketing and setting up expenses. Expanding store count, across industries, creates significant marketing expenses for small businesses. These costs can be compensated through inexpensive environmental action that creates unique market positioning and brand image. The costs of implementing sustainable initiatives are essentially marketing and brand building expenses for any small business. The thousands of dollars spent on a PR agency would be well complemented, or in some cases replaced, by effective environmental action.
4. Sustainable Small Business Values Ensure You Hire The Best
Another key benefit of business sustainability is its impact on talent acquisition and retention. Finding the right employees is easier when businesses take bold environmental action, because the workplace values and culture fostered by such businesses are especially attractive to top-talent. In fact, 40% of millennials claim they’ve chosen jobs based on company sustainability, some even at the cost of a lower salary.
rePurpose Global Makes It Easy
The case is clear for small businesses to take environmental action. But oftentimes it can be difficult to create sustainable initiatives with real impact from scratch, especially for small businesses who face operational limits. That’s where rePurpose Global comes in. We’ve developed a solution to turn your small business’s waste practices sustainable through our Plastic Neutral platform. For every kg of plastic you use in operations and packaging, we recover and recycle an equivalent amount with our verified impact partners. We also help you market your Plastic Neutral Certification so that you realize all the benefits of investing in sustainability as soon as you join us.