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Franchise Systems, Worried About the Environment, Take Sustainability Matters into Their Own Hands
Nearly 90% of owners are eco-conscious in their strategies, and 50% are actively making improvements, reports show.
New findings from Restaurant Dive show that being eco-friendly is important to most franchise owners, with many reporting that they strategize or take actions for their business with the environment in mind. This shows initiative within the segment to offer solutions for an issue that most owners agree is worrying: climate change.
Results from a recent Budderfly survey of 500 franchisees paint a picture of increasing environmental awareness: 92% list climate change as concerning, and 89% consider the environment when making business decisions.
More than 50% of owners report that they have already made changes to curb their effect on the environment, and 25% say they have plans to in the coming year.
Of the brands that have implemented eco-friendly adaptations in their operations, the most common actions were switching to energy-efficient appliances or LED light bulbs, reducing waste, using eco-friendly vendors and using as little energy as possible.
In addition to positively impacting the world, being eco-friendly also offers franchises a leg up with consumers. A Forbes article from November details how a company that is “doing what they can to reduce their environmental impact is much more likely to get a buy-in from valuable and dominant consumer groups, build a loyal following and enjoy associated financial success.”
About 70% of companies believe customers prioritize giving their business to environmentally conscious brands. Those numbers are fairly accurate, with a recent Business of Sustainability Index report finding 66% of consumers will pay more for sustainable products.
The positive effects do not stop there: Harvard Business Review found that enacting corporate responsibility can increase company revenue by up to 20%, and a UCLA study discovered productivity among employees at eco-friendly companies is 16% higher.
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