Let’s Go Green

While taking a leadership position in addressing environmental challenges may be seen by some as a “moral imperative,” the economic opportunity lies in developing products and services that are both environmentally sustainable and profitable.

It is interesting to notice that these requirements reflect the competitive advantage of many successful family businesses.

Family businesses are particularly well poised to take advantage of the economic opportunities that may arise from the green revolution, that so many forward-thinking business leaders are advocating. In fact, several family businesses with a long track record of green innovation will profile these opportunities occasionally to provide ideas and insights to other family businesses who may be wondering how they can capitalize on this important emerging business trend.

It has nowadays become more reflective of the role of business on the environment and this has increased the family’s commitment to working with environmentally sustainable practices as an important focus of business.

Finding the right formula and optimal application for a new product is quite a challenge. A significant amount of effort into research and development needs to take place as well as accompanying reasonable investment in this new phenomenon. Products have been perfected and many can provide great savings to clients. The challenge comes, however, in convincing clients to make the change. In challenging economic times, it is a tough sell.

The clear focus really helps to differentiate us in the marketplace, and it gives purpose and meaning to when we go to work every day, a definite morale booster for all.

Green approaches to manufacturing and the ‘lean manufacturing’ ideas that are so prevalent today, really can be green and profitable. Every family business can look for ways to reduce energy use or reduce packaging by going green. Family business owners are to study their respective marketplaces and look for opportunities. Going green needs to be taken seriously.

This is going to happen so assuming a proactive approach and ways of achieving this to figure out how you can capitalize for your business is a positive mindset into the inevitable.

( All Statistical information presented in this blog has been obtained from an extract of an article from the Family Business Consulting Group based in Chicago)

At the Family Business Office we can offer you assistance in dealing with family business succession planning issues through incentives supporting advisory and mediation services. Contact us today on familybusinessact@gov.mt.