Should Your Business Go Green? 3 Reasons Why The Answer Is Yes
More small businesses are beginning to see the benefits of going green and are beginning to push eco-friendly operations. With the various advances in energy-efficiency, sustainable sourcing and even recycling/reuse, it is easier than ever for small business owners to make the change. Plus, it can probably help improve your bottom line, which is always a good thing. From tax breaks, grants and even goodwill among customers, a nominal investment in eco-friendly business practices can result in larger returns in the long run.
1. Grants from the Government
Before you begin, it is important to check into government entities – federal, state and local – who may be able to help you cover the cost for your upgrades. Some areas have renewable energy grants or eco-friendly loan programs that will help your small business fund your investment. You can find an online listing of nationwide grant programs and incentives in the Database of State Incentives for Renewables & Efficiency. These listings provides federal, state and local programs, some of which are loan and grant programs, while others are actually financing.
2. Tax Breaks
Once you have completed your investment in becoming an eco-friendly small business, you will be able to get some tax breaks from the Internal Revenue Service (IRS). The IRS has tax credits for green initiatives in terms of your company vehicle. In addition, the U.S. Small Business Association (SBA) has a list of commercial-based tax deductions specifically for vamping your business building into something more sustainable. If you want to see if there are any other rebates, incentives or financing options that apply to your small business, take the time to check out the Department of Energy.
3. Customer Goodwill
By going green, you'll be doing the environment a major favor and gaining some decent publicity. In addition to some positive publicity for your business, going green will also foster some goodwill among your customers. In fact, it may even help garner you more customers, which could result in more revenue. Research shows that more and more consumers prefer eco-friendly businesses, which means that you're hurting if you aren't green yet. So, if you don't have a corporate social responsibility campaign in the works, it is time to get your company's marketing team together and get one started.
If you need help with any of the legal implications of going green, make sure you consult with an attorney experienced in commercial litigation and issues. Visit a website like http://wfactorlaw.com to learn more.