In the aftermath of COP26 and with COP27 on the horizon, the importance of environmental issues is gaining momentum as governments, businesses, and activists spearhead various public awareness campaigns.
This surge in environmental consciousness is influencing consumer behavior, from where they choose to shop to how much they are willing to spend. As a result, it is imperative for both large corporations and small microbusinesses to enhance their sustainability practices.
The growing focus on addressing the pressing issue of climate change has permeated nearly every aspect of our daily lives, particularly in the realm of commerce. Consumers are increasingly prioritizing shopping from sustainable and ethical brands, even amidst the current cost of living challenges.
Recent findings from GoDaddy indicate that 58 percent of consumers are more inclined to support small businesses with strong sustainability credentials, with 50 percent having actively made an effort to patronize sustainable small businesses over the past year.
GoDaddy is dedicated to assisting microbusinesses in integrating sustainability into their operations to foster growth. While the entrepreneurial journey varies for each individual, microbusiness owners commonly encounter challenges when striving to adopt sustainable practices.
One major obstacle is the lack of expertise in sustainable business practices, making it daunting to develop a viable sustainability strategy. Moreover, the financial aspect poses a challenge, as transitioning to environmentally-friendly suppliers can potentially impact revenue. For instance, sustainable packaging may come at a higher cost compared to conventional alternatives, leading to concerns about losing customers to cheaper competitors if prices are raised.
Furthermore, many businesses, especially microbusinesses, operate in spaces that are not entirely under their control. Builders and tradespeople operate in their clients’ workplaces, while sole traders may run their businesses in shared office spaces.
Despite the potential challenges, embracing sustainable practices can yield long-term benefits for microbusinesses. With 30 percent of consumers expressing their intent to exclusively support sustainable businesses in the future, investing in sustainability now could result in a larger customer base and increased profits down the line.
Small business owners often find themselves competing with larger enterprises that have more resources and funding. By adopting sustainable practices, smaller businesses can differentiate themselves and stand out against their larger counterparts. Research indicates that 42 percent of consumers are more likely to choose a small retailer over a larger, cheaper competitor if the former demonstrates strong sustainability credentials.
As expectations surrounding corporate responsibility continue to rise, transparency has become a crucial aspect for businesses of all sizes. Microbusinesses are uniquely positioned to embed sustainable practices from the outset.
GoDaddy is committed to empowering entrepreneurs worldwide and fostering inclusivity for microbusiness owners. With a focus on driving positive change globally, GoDaddy supports a diverse array of entrepreneurs who are championing sustainability and paving the way for a greener future.
One such entrepreneur making strides in sustainability is Hannah Mills MBE, the most successful female Olympic sailor in history. Following her gold medal win at Tokyo 2020, Hannah has shifted her focus to The Big Plastic Pledge, an initiative aimed at eliminating single-use plastics in sports through practical solutions.
What initially began as a sport-specific endeavor has now resonated with small business owners. GoDaddy is proud to collaborate with Hannah in creating a micro-business toolkit designed to empower entrepreneurs to embrace sustainable practices. This toolkit has been made available to GoDaddy’s two million small business customers in the UK, helping them future-proof their enterprises and work towards a sustainable, plastic-free world.
By integrating sustainability into their operations, small businesses can reduce their environmental impact, operate ethically, and manage risks effectively. In addition to benefiting the environment, they also position themselves to attract more customers and generate higher revenue.
With a global reach comes global responsibility, and GoDaddy is committed to reducing its scope 1 and 2 greenhouse gas emissions by at least 50 percent by 2025, with ongoing efforts towards further long-term goals.
In conclusion, embracing sustainability not only benefits the environment but also enhances the prospects for small businesses to thrive in a competitive market. By prioritizing sustainability, businesses can align with evolving consumer preferences and contribute to a more sustainable future for all.