Money Saving Tips for Small Business

Apr 21, 2020

Green Tips for Small Business

Tomorrow is Earth Day! We’ve been talking all week about how going green and carrying green merchandise can benefit your small business. (Including the fact that 72% of millennial consumers are willing to pay more for products and services that come from companies dedicated to positive social and environmental impact!) But while driving revenue and increasing your customer base is great, what are some ways that your small business can do both and save money? We found some great resources letting you know how your small business can go green and save green.

Tax Breaks

Tax Day just passed, and everyone knows how hard we all look for a tax break! If your business is committed to going green, that search just got a little easier. One of the main examples from The Boss Magazine’s list of great environmental tax incentives is “the energy tax credit of Section 48. This is a major credit in the amount of 30 percent of your qualified expenditures.” If your business has the option of switching to clean energy, you could qualify!

Your state may also make some tax breaks available for certain environmentally friendly practices – make sure to check your local laws and see if you can qualify.

More productive employees

Here’s a great (and surprising) fact: a UCLA study on employee productivity revealed that employees of companies that went voluntarily green were 16 percent more productive than the average! In their own words, “Adopting green practices isn’t just good for the environment… it’s good for your employees and it’s good for your bottom line.” Employees in green companies tended to be more motivated, and being labeled as a green company is a great way to demonstrate that you foster a healthy work environment. What could 16% more productivity do for your business?

Reduced business costs

There are plenty of ways that we all know to make our lives more energy efficient – turning off the lights when we leave a room, not leaving the water running while we brush our teeth, etc. But most of those tips can also be applied to your business! The Small Business Administration collected a list of great ways to make sure that your business is running at its most efficient with their list of easy efficiency improvements.

Access to Grants

Finally, for the daring small business owner, the SBA also connects small business owners to grants for green business! If you think you’re treading new territory in making your small business green, then check out the SBA’s list of environmental grants and loans.

 

What are some other ways that your business has saved green by going green?

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