2016 has come to a close, inspiring the obligatory New Year’s introspection. Last year may have brought you success, but as a business owner or entrepreneur ever in the pursuit of perfection, you're probably wondering how you can further grow your business. If you're a company that generates waste, whether a large distribution center or production company with recyclable by-products, adopting environmental technologies may allow you to cut operational costs and capture a larger portion of an expanding green market.
Back in 2011, researchers at MIT partnered with the Boston Consulting Group to determine the profitability of incorporating sustainability practices into existing business models, gathering their data in the "Sustainability and Innovation Global Executive Study". Essentially, they were trying to see if environmentalism and economic growth could coexist. One finding promoted a proactive model, stating "the longer companies wait, the higher the risk that they will be forced into adopting sustainable practices by changes in their regulatory environment." Basically, when your primary action is a reaction, you're hardly ever in control and that cuts into your bottom line.
The coming federal administration isn't necessarily a reprieve from environmental obligations. Despite the possibility of a deregulatory Wild West in Washington, there are other outside influences a business will want to consider. Millennials exemplify a growing concern for the origins of the products they purchase. They want to know how your business practices affect the environment. Catering to the customer's preference for sustainable goods could provide you the greatly coveted competitive advantage and add value to your goods and services.
If you need added assurance that embracing green technologies is the right course of action, think on this: in 2015, the global market for environmental technologies (energy efficient appliances, transportation, and industrial processes, waste management, recycling, etc...) reached $1.05 trillion, according to the International Trade Association's 2016 Top Markets Report on Environmental Technologies. Business strategy consultants expect this volume to rise, surpassing $1.2 trillion by 2020. While larger companies, like General Motors, have an abundance of internal resources to facilitate a transition to a green business model, smaller businesses can form partnerships with experienced companies to protect their profits.
If you'd like secure your share of the flourishing green market, recycling is a great way to start. Whether you're interested in using recycled raw materials for manufacturing or earning on your reusable by-products, Berg Mill Supply Co. can get you started.