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How To Green Up Your Small Business
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Article 2: Eco-Friendly Business Benefits
Being good stewards of the environment has advantages. Here are five big ones.
- Some of the most evident benefits of going green come via energy efficiency, which generally translates into cost savings.
Compact fluorescent light bulbs (CFLs) initially cost more than conventional incandescent bulbs but last about 10 times longer. And, a fluorescent using 13 watts of electricity can produce light comparable to an incandescent using 60 watts. You could save $30 or more in energy costs over each CFL’s lifetime.
- You could bring in more customers – particularly those who belong to an emerging market segment referred to as LOHAS, which stands for Lifestyles of Health and Sustainability.
It’s a group of people who “are more inclined or have a bent to purchase brands that are socially conscious or more environmentally involved,” says Anna Clark, president of EarthPeople, a Dallas-based sustainability consultancy.
The segment crosses all demographics and is huge, too; it’s comprised of an estimated 35 million adults, or about 16 percent of adults in the country, according to LOHAS Forum, which organizes LOHAS business conferences. The Natural Marketing Institute estimates consumer spending within the U.S. LOHAS market was $209 billion in 2005.
- You could boost your employees’ loyalty and attract jobseekers. An April survey from staffing firm Adecco USA found one-third of respondents would be more inclined to work for a green company, and 52 percent think their company should do more to be environmentally friendly.
“What can be helpful for companies in recruiting and retaining green-minded employees are to communicate its environmental policies and create an environmentally-conscious culture by instituting some simple and basic programs,” Bernadette Kenny, chief career officer of Adecco USA, says in a statement.
- You could gain attention in the press for your efforts.
“The media really likes to speak about people who are doing different things,” says Clark. “A lot of community magazines like to feature local businesses and talk about things they’re doing that are special.”
- There may be tax benefits.
For instance, purchasers of certain hybrid vehicles can claim the Alternative Motor Vehicle Credit. Only 60,000 vehicles per automaker are eligible for a full credit, and after that, the credits are reduced and then phase out. Check with your dealer to see if the hybrid you’re considering qualifies, and find more information at www.irs.gov/newsroom/article/0,,id=157557,00.html.
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How To Green Up Your Small Business
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