6 Ways To Make Your Business More Sustainable While Saving Money

By Author: NewFrontiers
Total Articles: 3
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Sustainable business is a rapidly growing market, and companies are becoming increasingly aware of their role in combatting climate change.

As many as 75% of UK businesses have identified their responsibilities under the United Nations Sustainability Development Goals (UNSDGs) and are currently working towards the national target of meeting Net Zero by 2050.

This move towards a more sustainable model of business has been supported by a wide range of large global corporations, and from Nike to IKEA and even Coca-Cola, many businesses have expressed commitment towards meeting this goal, due to the range of benefits it brings.

But despite 88% of people agreeing that it is essential for the UK to meet its sustainability goals, the UN Global Company Network UK's Measuring Up report found that the UK is only meeting 17% of the domestic targets set out in the Sustainable Development Goals (SDGs).

Worryingly, the UK’s progress has even regressed in 18 areas, which seems surprising given the significant increase in eco-marketing in the past ten years.

Why Are UK Businesses Falling Behind ...
... On Their Sustainable Development Goals?

First of all, according to data released by the Government’s Voluntary National Review (2019), the majority of small and medium enterprises in the UK have not engaged with the SDGs at all. This makes up 99% of all UK businesses.

In fact, according to a survey by YouGov, 40% of all small businesses have no sustainability plan in place, and 30% have no intention at all of ever becoming sustainable.

Data from the Business In The Community Responsible Business Tracker released in 2020 also found several issues with the implementation of Sustainable Development Goals in large and medium enterprises.

For example:
• Just 43% of large and medium enterprises mapped their business strategies against the SDGs
• 33% stated that they had limited knowledge of the SDGs
• 50% had not reduced their greenhouse gas emissions
• Just 21% had committed to meeting Net Zero by 2050
• While 77% recognised the importance of maintaining a healthy ecosystem for their business, just 18% had developed practical strategies to help them achieve their targets

Despite the lack of action from UK companies of all sizes, sustainable business presents a significant opportunity to connect with eco-conscious customers. 36% of UK customers always consider sustainability factors when choosing between brands, and 1 in 3 would pay up to 25% more for sustainable alternatives. Sustainable business is therefore a niche market with a lot of potential.

So what is holding us back?

The COVID-19 Pandemic And The UK Economy

The UK appeared to be making some progress on the SDGs up until the beginning of the Coronavirus pandemic in 2020.

Unfortunately, the pandemic and the following recession hit businesses and the public hard, forcing many businesses to accrue debt and limiting public spending.

This was a significant setback for sustainability initiatives in the UK, as many businesses began to cut corners to recoup their costs wherever they could, while their customers were forced to make less sustainable spending choices just to get by, with a surge of customers migrating to online shopping from ecologically unsound companies such as Amazon, and sourcing food from cheap fast-food chains such as McDonalds.

This movement only served to further limit the income of UK companies, leaving them with little room to expand on their sustainable development goals.

With both sides just trying to get by in the current economic crisis, it may seem expensive to invest in eco-initiatives. Thankfully, there are many small ways that your business can become more eco-friendly and save money at the same time.

Let’s look at a few of them.

1. Save Energy

Electricity prices have almost doubled over the past year, even with the government’s latest emergency cap on energy prices, from just £117 per megawatt hour in October 2021 to £211 in October 2022. The price of gas has also increased significantly, rising by 141% since 2021/2022.

As such, lowering the amount of energy your business consumes is a simple and easy way to save money and reduce the impact on the environment.

Opting for low-energy bulbs, increasing the amount of natural light in your space, and installing motion-sensitive lights are all great ways to keep your office well-lit while reducing the energy spent on lighting.

Using a Smart Meter, limiting hot water use and keeping your building well-insulated are also all efficient ways to cut down on your gas use and associated expenses.

2. Conserve Water

If your building has leaking taps and pipes, you could be spending excessive amounts of money on wasted water. Having your taps regularly tightened and pipes checked could save you money in the long run. Why not learn some simple plumbing techniques and save your cash instead of getting a plumber in? You can even look into using eco-friendly water systems to prevent water waste, or getting a water butt.

3. Ride A Bike To Work, Or Lift Share

Just as electric and gas are becoming ever-more expensive, so is the fuel for your car. By April 2023, fuel duty is expected to rise by 23%, making it the largest rise in the cost of fuel duty in history, according to the OBR.

In July, fuel prices reached a record high, with the average price of petrol rocketing up to 191.53p per litre, and diesel reaching an enormous 199.05p. While the cost has fallen slightly in recent months, the price of fuel is due to escalate once more in the early months of 2023. So before it gets expensive again, why not get fit and get on your bike, or organise a lift share with a coworker?

4. Power Management Systems

Activating your power management system on your PC or laptop is a quick and efficient way to save energy. This function puts your computer into reduced-power mode, and springs back to life immediately when you simply touch a key. Data released by Energy Star suggests that this could save you £12 per computer per year, which could be a significant saving in a large office.

5. Ditch The Paper

Whether it’s supplies, billing or documents, there are now few good reasons to use paper in the office. Paper documents require constant management and organisation, and you will soon find that your expenses are mounting.

In fact, research from leading field service management software provider mpro5 indicates that SMEs can save businesses up to £32,763 per year on just paper, administration, and printing costs. Shockingly, 50% of business waste is paper, and just one employee can use an entire tree per year, which equates to 50 trees per year for the average SME. And it costs 500kWh of electricity to manufacture just 200kg of paper.

If your business must use paper, keep it to the minimum, and opt for sustainably sourced or recycled paper where possible.

6. Swap The Company Car For An Electric Vehicle

Changing your old petrol or diesel company car to an electric vehicle can save your business hundreds of pounds in petrol, road tax and even maintenance costs, with the annual cost of driving a petrol car averaging at £1,834 in comparison with just £1,264 for an electric vehicle.

Not only that, but electric vehicles are low or zero emissions, thereby reducing your business' carbon footprint while helping you to meet environmental compliance regulations – which is another factor that can help your business grow and secure more lucrative contracts.

By following these easily actionable tips, you can ensure your business is better for the environment while also boosting your budget!

I am the editor of QUAY Magazine, a B2B publication based in the South West of the UK. I am also the Founder of a digital marketing agency named New Frontiers Marketing. Some of my favourite topics to write about include business, entrepreneurship, marketing, politics, economics, and more.