A 2021 survey by Accenture found that 60% of respondents indicated they were more likely to buy products and services from companies that were committed to reducing environmental impact. 66% said they would pay more for sustainable products.
A 2023 survey by the National Restaurant Association reports that 72% of all adults, and 81% of Gen Z adults, indicate they are more likely to visit establishments that use sustainable and environmentally friendly business practices.
It’s clear, consumers – especially younger ones – are increasingly prioritizing sustainability in their purchasing decisions. Businesses that can effectively communicate an authentic commitment to sustainability by offering eco-friendly options are likely to have a competitive advantage in the marketplace.
Moving to eco-friendly products can have both short- and long-term impacts on your bottom line. In the short-term, it is true that eco-friendly products may be more expensive than traditional single-use plastics and Styrofoam. This can be challenging for small businesses with tight margins. Longer-term, though, switching can result in increased revenue by marketing to consumers who are making purchasing decisions on these values.
Is the switch worth it for your business?
When considering the switch, at both what your business might save through sustainability practices in waste management, energy and water use and purchasing as well as the possibility of increased revenue by integrating sustainability into your branding. Project cost savings and revenue increases across a couple of years to get a real sense of the impact on your bottom line.
So, where do you start?
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- Sign up for our upcoming Operating Now webinar, or review the recording from previous session (you can find those by logging into the member portal on our website).
- Look to Hospitality Minnesota Allied members eco-friendly products. Allied member vendors include Boelter, HPC Group, Sysco, Performance Foods, Upper Lakes Foods and US Foods.
- The Minnesota Chamber of Commerce’s Waste Wise program helps businesses reduce waste and save money through operational shifts, employee training and grants. Services are free to Minnesota Chamber members and businesses in Anoka, Ramsey, Scott and Washington counties. A small fee may apply for businesses in other counties in Minnesota.
- In addition, look for programs through your county or municipality. Many offer technical assistance or grant programs that can help you get started.
If you have a story to share about implementing eco-friendly practices in your business, we’d love to hear about it. Send us an email and tell us about your experience.
Photo credit: Ece Filik on Pexels
