Continued from Part Two.
The second step to our 4 simple green strategies is to find opportunities to reduce unnecessary wastage and inefficient practices in your business.
Here, we present our third step:
3. Increase Revenue
More consumers are increasing aware of environmental issues, and some of them would even choose eco-friendly products over the normal ones, even though it costs more. The demand for green products and services present new opportunities for SMEs who are willing to explore this new green market.
SMEs can survey the needs of their existing customers (or even potential new customers) and find out whether there is a need for greener products and services. Next, look at your own products and services, and explore whether it is possible to make them more sustainable or even design new greener products.
Find ways to reduce the environmental impacts of your products throughout its life cycle. In addition, you can ensure that your products meet certified eco labels, such as the Singapore Green Label. This will enable your products to have a green premium over normal products but remember that it is still important to first meet the customer’s quality and cost needs.
By exploring the demand for green products and services and being proactive to meet this need, SMEs can gain a competitive advantage by offering greener alternatives first, and thus increasing their revenue.
To be continued in Part Four.
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