One of the biggest problems that will face thousands of businesses over the next couple of years will be the emergence of the green economy. Many people talk about what will happen when it comes to the green economy, what it means exactly, and how companies should prepare for the change. But what exactly is the green economy, and how does your business need to start changing?
The green economy simply refers to a new economic system in which companies that are actively committing to sustainability principles and making their operations better for the environment. In the green economy, businesses that truly commit to sustainability will thrive, and ones that don’t will be left behind – this will happen through a variety of different methods, such as investments and lack of consumer interest.
The shift to the green economy can already be seen through a variety of different industries. Investors tend to look for economically sustainable businesses when it comes to their investment portfolio for a variety of reasons. Furthermore, according to Deloitte, many consumers are turning away from non-sustainable businesses. In 2023, they found that over a quarter of consumers were willing to pay more for a product from a sustainable company. This means that for a large sector of society, sustainability is beating price. This is a huge indicator that the green economy will be here very soon, so you need to prepare if you’re a business owner in 2024.
There are many businesses in which the green economy will significantly affect, such as fashion and tourism. However, one industry which is set to be rocked by the green economy is construction. The construction industry already has huge skills gaps worldwide, so you need to be sure that if you own a construction company that you’re preparing well – the green economy could provide the right opportunities for you to invest in your staff’s skills.
Millions of homes will need to be built over the next few decades to be able to keep up with population demand – even more will need to be made energy-efficient to help the government reach its net zero goals. Take advantage of this gap in the market and prepare your construction company for the green economy – but how?
One of the best things you can do is to start preparing now – here are 4 of the best ways you can start preparing your construction business for the green economy. These ways can help you formulate a plan to tackle the green economy head on.
Having a workforce that is able to thrive in the green economy is one of the best things you can do if you want to prepare your business. Educating your staff on what goes into green principles and sustainability is one of the best things you can do if you want a workforce that can tackle the green economy head on. Making sure your staff are aware of the green economy is one of the best things you can do if you want to prepare them well.
As well as ensuring that they’re aware of how the green economy will affect their job, developing their green skills through qualifications may be one of the best things you can do. For example, investing in construction NVQs for your staff in occupational areas such as insulation treatments and solar panel insulation can help you get into green contracts and start making it in the green economy. Look at where your company needs to develop skills, and work with your staff to create a stellar upskilling plan.
If you want to ensure that potential clients are aware of your sustainability principles and green skills, you need to start marketing your company as an ally to the environment. Make sure that all of your sustainability pledges are actualised, and make it a part of your campaign to care about the environment. When potential clients see that your company means what they say when it comes to sustainability, they are more likely to choose you when it comes to any green construction projects. Attending green seminars and education is a fantastic way to gain contacts that can help you market your company’s green skills.
Take Advantage of Available Funding
There could be many funding opportunities to help you prepare for the green economy without the costs. In the UK, there are many ways in which you can get a funded NVQ and help your company grow. From funded NVQs to CITB grants, you can help your construction staff develop the skills they need without spending thousands upon thousands.
Preparing your construction company for the green economy can be a lot of work – make sure that you start now to avoid missing out on projects and connections.