Last Friday was World Environment Day, the UN’s campaign to encourage environmental awareness. As people become more aware of the importance of looking after our planet, we look at the impact that your company’s environmental actions may have on business.
In the news, there are further calls for a change in policy around late payments and reports that businesses are losing money through poor investment and due to long queues in stores.
Top news stories
Accountants call for changes to end late payments
The ACCA has said that UK policymakers need to rip up the rulebook and start again when it comes to how they manage and regulate late payment.
Small businesses miss out on millions by not placing surplus cash into savings accounts
A quarter of firms admit they don't know what interest rate their business is receiving on surplus cash and a further 23% say they earn zero per cent.
Pace of UK hiring slows in May
A new report shows that the rate of expansion in hiring employees sank to a four-month low but the rate of growth in short-term jobs had sped up since April.
Queues cost British retailers £3,581 per day
Sage Pay research found that consumers would like to see more of the online experience brought in-store, with queue-less payments and ‘click and collect’ voted amongst the most coveted features by shoppers.
How do working hours affect productivity?
New research by the OECD shows that longer working hours don’t necessarily lead to higher output, with the French working fewer hours and taking more holidays, but having better productivity than Britain.
Key dates for your diary
No significant dates this week.
Is an environmental focus good for your business?
We all might think that being an environmentally friendly business is a good idea, but there are so many demands on time that it may be hard to make that change.
But a simple review of your business practices can make a big impact. And the benefits are not just ethical - it can also have a big positive effect on your finances too. We look at some of the benefits of becoming more environmentally friendly.
You save money
If you can reduce your energy use, you’ll not only benefit your environmental impact but also your bottom line. For example, effective management of office equipment can reduce energy consumption by 70% and turning off a computer monitor can save £50 per year.
Take a look at your energy use and find simple ways to reduce consumption.
You can make money
As technology advances, so too does the rate with which we replace office equipment, which can lead to hefty costs for disposal. But there are other options. By recycling your old assets, you may be able to bring in some income for your business. There are a number of businesses who will buy old laptops and mobile phones.
The rise in the sharing economy means some businesses are now leasing out assets that they don’t need - anything from office space to equipment and even car parking space. Just check if any restrictions apply and make sure you have adequate insurance before you take advantage of this route to supplement your income.
You improve your standing in the local community
Having a strong environmental policy means you help minimise the impact of your business and improve the local environment. This can be further helped by supporting local environmental projects by volunteering or donating goods or services.
Research showed that people spend more money locally, so raising your profile in the local community can really help your business. Try to get some press coverage for any support activity you undertake, so people are aware of the positive impact.
You increase retention and reduce illness
Improving your environmental policy can also have a positive effect on staff morale, which can help with retention. 94% of employees say it is “critical” or “important” that the company they work for is ethical, according to research by LRN. Looking after the environment is one way you can do this.
You may also find that the level of sickness drops too. Research by the Green Business Bureau found that companies that promote a healthier workplace report a 20% decrease in the number of sick days used by employees. Good news for you and your staff.