There is no doubt that there are any number of benefits to businesses for going green, which can range from financial to good PR to just feeling better about your business. That being said, going green can sometimes involve a pretty hefty outlay of cash upfront, even if it pays off in the long run. While you may want to make your business as sustainable as possible, that doesn’t necessarily mean you are in the right place financially to do so. Here are three tips to figuring out if your company is financially ready to become more sustainable.
Are you ready to reorder or upgrade anyway?
If you are already getting ready to reorder supplies or upgrade equipment, machinery, or appliances, that can be a really great time to explore more eco-friendly or green options. Making your business more sustainable can start with small changes like using recycled paper or going paperless, using bamboo toilet paper in your bathrooms, or even just using eco-friendly and sustainable cleaning products. When you are ready to upgrade electronics or appliances, looking for energy-star-rated options can also help you save on energy bills.
Are there any government subsidies available?
The Federal government is becoming more and more invested in reducing carbon emissions through green and clean energy initiatives and is also interested in helping businesses reduce their carbon footprints. While individual small businesses may not make significant contributions to global warming, collectively, they do in fact, make a fairly significant impact. There are a number of government grant and subsidy programs available that may be able to help you afford to make changes or upgrades that help you reduce your business’ carbon footprint.
Are there any tax credits or incentives?
In addition to sometimes providing grants and funding upfront to help businesses go green and reduce emissions, the Federal government also offers a number of tax credits and incentives to help businesses become more environmentally friendly. While this means you will have to shell out the cash upfront to make any upgrades or changes, the tax incentives and rebates down the road can sometimes more than make up for your up-front expenditures.