Are sustainability initiatives part of your business planning for 2023?
Going green isn’t just good for the planet, it’s good for business! The sustainability mindset recognizes that people, planet, and profit are interconnected issues comprising a triple bottom line for businesses. When businesses integrate sustainable business practices, they reduce demand of natural resources and limit contribution to greenhouse gas emissions driving climate change. This has positive impacts on human health and wellbeing and appeals to customers who are increasingly making purchasing decisions that align with their values.
But what about the bottom line?
While there may be a perception that sustainability initiatives can be costly, evidence from many case studies demonstrate that these initiatives drive long term savings. Equipment upgrades improve energy efficiency and contribute to savings on utility bills, implementation of organics recycling services for food waste reduces trash volume and taxes on hauling bills, and reusables reduce procurement costs as well as costs for disposal.
In addition to long-term cost savings, there are many funding mechanisms that businesses can leverage to buy down any upfront expenses. In Minnesota, this includes county-sponsored business recycling grant programs like BizRecycling as well as energy conservation programs administered by utility companies including Xcel and Centerpoint.
Minnesota Waste Wise Foundation, a nonprofit affiliate of the Minnesota Chamber of Commerce, provides a one-stop shop for businesses seeking technical and financial assistance to implement sustainability initiatives. Their programs, Waste Wise, MNimize and Energy Smart, help businesses connect with service providers and funding mechanisms to help businesses achieve their sustainability goals and enjoy the benefits of going green. Minnesota Waste Wise Foundation is well versed in some of the opportunities that can make the greatest impact for hospitality businesses.
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