Industry Week recently ran a great article on why going green can mean less red for your bottom line. The article quoted some great statistics from a recent Economist Intelligence Unit study that found that companies undertaking green initiatives as part of a strategy to cut costs and increase profits are
- much stronger than their closest competitors in their ability to find and exploit new opportunities (20% compared to 11%),
- much more profitable (24% compared to 13%), and
- ahead in revenue growth (23% compared 11%).
In other words, green-based initiatives are twice as likely to increase your revenue, increase your profit, and increase the new opportunities available to you. In other words, going green yields more green in your pocket.
The article also pointed out a recent WSJ article that detailed an academic group’s independent confirmation that a Subaru auto plant in Indiana not only decreased solid waste by 99% but saved millions in the process by undertaking appropriately chosen green initiatives.
And the article pointed out that you don’t need to undertake massive efforts to get massive results. You can start with a series of small efforts and the collective results will yield big savings, which you can then put towards bigger efforts down the road. For example, regular maintenance on the right equipment will cut energy costs 20% to 30%. Compressed air systems are a prime example. Small part failures and minor leaks alone can increase energy utilization requirements up to 30%.
For more great ideas, see previous green category posts.