Business Benefits of Sustainability
Acting sustainably makes business sense. It can lower the price point for your customers, create higher profit margins and is better for the environment. But how can this benefit the Birmingham tourism sector?
Decreases operational costs
Have energy prices and inflation been a point of concern for your business?
Did you know that cost reduction is the main benefit of improved energy efficiency according to 71% of SMEs. By operating as a sustainable business, you will use less to produce the same product or service. This could prevent you from losing money through your day-to-day operations. Does your business use more water than it needs?
Increases your businesses resilience
If your business uses less to produce the same product or service, changes in inflation will be less painful and easier to manage. This will also improve your profit margins. For example, if you order your supplies using larger reusable packaging you could save money. Is your business resilient? What was the impact of the 40-degree heat during the summer of 2022?
Reduces impact on the planet
How we live and operate has an impact on the environment, both locally and internationally.
By using less and operating sustainably, your business can demonstrate that you are taking the climate crisis seriously. Not only will you be doing your bit to support the climate crisis, but you will also be doing your bit for Birmingham. You can therefore market your business as being part of the solution and not the problem. Did you know that if you lower the heating by just 1 degree, it can cut fuel consumption by 8%? This will reduce costs and reduce your impact towards climate change.
Improves customer perceptions
Does working towards the solution of the climate crisis really matter to consumers? Did you know that 73% of global consumers stated they would or probably change their consumption habits to reduce their environmental impact. Sustainable travel and tourism are a rapidly growing market in the UK and worldwide. According to Booking.com 86% of travellers are willing to spend some time on activities that offset the environmental impact of their stay, with over a third willing to clear plastic and litter from a beach or attraction. By operating sustainably, you can provide a product or service that more global consumers want. Therefore, by doing your bit, your customers will too.
Improves staff retention
Not only do your customers care, but so do your employees. Research has highlighted that 53% of the UK’s workforce say sustainability is an important factor in choosing who to work for. The hospitality sector loses employees two to three times faster than other industries. By operating sustainably your workforce will also be doing their bit for the planet, which may help retain talent.
