As an incurable optimist, I cannot even imagine the place where many small business owners are: the panic mode. The stunning data clearly provides evidence for a larger than usual number of small businesses who have seen their profits decline and a smaller percentage who are enjoying growing profits. Improving sales strategies and expanding the customer base are two of a plethora of ways to meet the challenge of these turbulent times. The new and sexy way to increase the profits is “Going Green”.
The latest (March 2013) data produced by the Home Depot‘s Small Business Index, provides us with clarity the movement of “Small Business Go Green For Profits”. Of all small businesses surveyed, 20% went Green last year and another 34% are going to make the leap this year. Small businesses are motivated to go Green by concerns for the environment (76%), saving money (49%) and ever-increasing employee encouragement and participation mode (20%). Digging deeper, among the small businesses that are looking to go Greener, the products they’re willing to invest in is paper (70%), lighting (48%), ink or toner (58%) and cleaning supplies (54%).
The top Green initiatives include: recycling (72%), reduce waste (59%), buying energy efficient products (58%) and buying recycled products (57%). When it comes to dollar and sense, more than a third (36%) of small business owners testified that they would pay a higher initial cost for Green office products if they would save money in the end. Going the extra step, they would purchase a green office product over a comparable regular office product, if the two were equally priced.
Small business owners are also considering going Green into core business functions because it makes them more nimble in a fast-changing world. It also makes them and their brand more attractive to consumers, clients, customers and other retailers. Not only is having a green business a great way to set yourself apart from your competition, but it also makes you more memorable in the minds of your potential customers. In short, the combined results will also create more transactions, which in return will bring more profits. Have you considered going Green for Profits?
You can boost your profitability.
Until next time,
Yours truly,
Thomas Antonopoulos, blogger for OfficeTime