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.