Article originally posted by Geotab and edited by AttriX
Mont-Saint-Hilaire, QC, July 29, 2021 – Going green is good for the planet and can be good for your business.
Is sustainability a good business strategy – even for the trucking industry? The answer to that question is: yes! In fact, in the Harvard Business Review, Tensie Whelan mentions that sustainability is no longer a nice-to-have, but is part of core business operations and a factor in retaining customers, employers and investors.
It is in this line of thinking that AttriX positions itself as the undisputed leader in fleet electrification, offering planning strategies based on vehicle data analysis for the energy transition of its clientele – or simply in order to quantify and reduce their GHG. In fact, for several years now, our clients have benefited from subsidies for our eco-trucking solutions.
The benefits of a sustainable business strategy
In addition to helping to fight the effects of climate change, going green has a number of economic benefits for companies. In a World Economic Forum article, C.P. Gurnani, CEO of Tech Mahindra, points out that an environmental, social and governance (ESG) strategy allows companies to…
➝ Mitigate risk
➝ Create profitable growth by investing in sustainable innovation
➝ Attract qualified employees
➝ Develop more effective marketing campaigns
Let’s take a closer look at the business benefits of sustainability.
Reducing operating costs
Reducing energy consumption and finding ways to be more environmentally friendly can help your company lower its monthly overhead costs. As an example, the City of Seattle has saved $2 million in fuel and reduced carbon emissions through electric vehicles, telematics and sustainable fleet management practices.
From utilities to office supplies, there are many ways to save money.
➝ Use energy efficient appliances and fix plumbing to reduce water consumption.
➝ Buy from local suppliers to reduce shipping costs.
➝ Eliminate paper printing and go digital
➝ Hold online meetings and trainings to eliminate travel costs
➝ Switch to low- or zero-emission vehicles (the number of heavy-duty electric trucks entering the market continues to grow)
Taking advantage of tax incentives
Depending on the region you live in, there may be tax incentives or rebates for energy efficiency improvements.
This is the case in Quebec with the eco-trucking subsidies. Contact a member of the AttriX team to find out more.
Attracting Customers
Customers want and demand environmentally friendly products and services.
A global consumer confidence survey conducted by The Conference Board® found that 81% of respondents felt it was “extremely or very important that companies implement programs to improve the environment.” This sentiment extends across all age groups.Additionally, according to Capgemini Research Institute, 72% of consumers are thinking about their environmental footprint and 79% are changing their purchasing habits based on the “social responsibility, inclusiveness or environmental impact of their purchases.”
The demand for greener options should not be seen as a business challenge to be solved alone. Creating a sustainability strategy is an opportunity to enhance your brand and build customer loyalty at the same time.
Increase employee satisfaction
People are looking for a new job to earn a living, but also to find personal fulfillment. Harvard Business School Online notes that working toward sustainability as a “shared goal” can contribute to employee satisfaction. A green record can even boost employee productivity.
If your company has a strong mission related to sustainability, it can become an attractive selling point for job seekers.
Conclusion
The main conclusion is that companies do not have to choose between the environment and the economy. Research also highlights the link between corporate sustainability and financial performance.
A meta-study by Oxford University and Arabesque Partners found that companies with strong sustainability practices had better operational performance and that this had a positive impact on stock price.Learn more about corporate social responsibility at Geotab and our sustainability solutions for businesses, including electric vehicle suitability assessment and electric fleet management.