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3 Things for Businesses to Consider When Embracing a Greener Economy

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There are a whole host of different things for businesses to think about these days, but one element which has rightly risen up the agenda in the last decade or so is the environment.

Now, a new survey has put a spotlight on how small and medium-sized companies in the UK feel about going green, with the results suggesting that many are generally positive about taking the step.

Fresh opportunities

Edie reported on the poll undertaken by Opinium for the Entrepreneurs Network and the Enterprise Trust at the start of this month. It found that two-thirds of SMEs in Britain think a green economy would create positive opportunities.

It also revealed that 54 per cent of the 500 businesses surveyed, which included organisations from areas including retail and manufacturing, had taken steps to become more eco-friendly in the past year and a half.

But, if you are part of a business that is looking to go greener at the moment, what might be some of the key issues that you have to consider? Here, we provide just three suggestions as to what you should do.

1. Funding boost

The Opinium survey found that 61 percent of firms were optimistic that a green economy would be positive for their business in respect of financials. However, making eco-friendly changes to an organisation may require funding, so firms will have to investigate approaches to that matter.

There are a range of possibilities available at present, but one which could provide a timely boost is the Coronavirus Business Interruption Loan Scheme. As Funding Options explains, the initiative was launched by the UK Government to support those who have faced disruption due to COVID-19. Now extended until the end of January next year, CBILS could be a way for businesses to both manage the impact of the pandemic, arguably another huge impending issue facing businesses today, and also take steps towards becoming greener.

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2. Get staff engaged

Examining the reasons why businesses choose to go green, the Opinium research revealed that many said there were increased expectations from people including those applying for jobs.

With that in mind, it will be important to ensure new recruits are fully engaged in your company’s efforts related to the environment and other areas – and that requires quality onboarding. Doing this right could be massive, as statistics compiled by O C Tanner revealed that 69 per cent of employees are more likely to remain at a company for three years after a strong onboarding experience.

3. Highlight your efforts

Increased expectations among consumers were also regarded by some participants in the Opinium survey as a driver behind them going green. So, if you’ve taken steps to become more eco-friendly, why not tell the public about it?

Consider how you can work green messaging or case studies on your efforts into marketing campaigns, as this may boost your reputation in the eyes of existing and new customers.

Making changes

It is a fascinating time for many businesses at the moment and environmental issues are arguably more important than ever before.

The Opinium poll has put an intriguing spotlight on how many businesses feel about the topic and it will be interesting to see how the matter develops in the months and years ahead.

 

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