The small business guide to choosing a business bank account in 2024
As environmental concerns become more pressing, small business owners have an opportunity to make a positive impact and attract a new subset of eco-conscious customers. While traditionally it’s been more expensive to switch to greener alternatives, according to Greener for Business the tide is turning with sustainable products and services becoming more affordable and accessible than ever.
We’ve outlined some of the small changes you could make today, that may have a big impact tomorrow.
1. Choose energy efficient assets
Lighting: According to the Australian government, swapping out halogen lightbulbs for LED lightbulbs could use up to 75% less energy. They also last 5-10 times longer so even though the initial price may be higher, they could end up saving you money in the long run1.
Appliances: If you’re considering buying a new appliance, or replacing an old one, consider the energy efficiency rating when making your choice. As outlined by the Australian government, the more energy efficiency stars a product has, the more energy efficient it is compared to other models of similar size and feature-set2.
Need a quick boost of cash to make your sustainable purchase? The Tyro Business Loan3 could help!
2. Reduce single use
Paper: Reduce paper use by incorporating digital options where feasible, like offering an online menu and ordering system, or opting for email receipts. If you offer your customers a rewards program, provide a digital membership app or card rather than a physical one.
Choose reuse: Minimise the environmental impact of single use cups, containers, and bags by selling reusable options. These can double as marketing materials, and you could even offer an incentive or rewards program to customers who bring their reusable alternatives.
Looking for a way to manage online ordering apps and loyalty programs? Check out Tyro Connect4.
3. Sustainable suppliers
Supply chain: Choose suppliers who prioritise sustainability practices. This could start with selecting local suppliers to reduce transportation-related emissions, and eventually could mean requesting sustainability reports before hiring prospective suppliers.
Inventory: Identify and stock products with eco-friendly features such as recyclable packaging or fair-trade certifications. If using fresh produce, prioritise local and in-season ingredients. You could even include vegetarian and vegan options to cater to diverse dietary preferences and, according to the BBC, reduce carbon-emissions5.
Tyro has been working towards becoming more sustainable since 2021. Have a look at our 2023 Sustainability Report to learn more.
4. Greener energy
Solar power:
Take advantage of the Australian sun and install solar panels for a renewable energy source which may save you money in the long run. With Greener for Business, you can install them with no upfront investment required6. If panels aren’t an option right now, have a chat to your energy provider and upgrade your plan to include 100% GreenPower7.
GreenPower: When you add GreenPower to your electricity plan, you’re not using renewable energy yourself, but instead your energy provider is putting the same amount of energy you use back into the grid as renewable energy for everyone to use. Supporting GreenPower increases the overall availability of renewable energy in the grid and helps reduce the reliance on non-renewable energy sources7.
5. Reap the benefits
Small business energy incentive: For financial year 2024, the Australian government has introduced an incentive to small businesses with an annual turnover of less than $50 million to invest in eligible energy-efficient assets or upgrades for an additional 20% tax deduction.
Attract new customers: As your business becomes more environmentally conscious, make sure you let your customers know. Advertise your commitment to sustainability to make your customer base feel good about supporting your business, and you may even attract a new subset of eco-conscious customers.
Want more info on other ways to be more sustainable? Check out Greener for Business, a new platform that helps businesses save money, time and the planet with simple step-by-step climate action plans and exclusive offers from a network of partners.
Embrace these changes and your business could attract new customers and potentially lower overhead costs, while reducing your environmental footprint for a better tomorrow.
References:
1 https://www.energy.gov.au/households/lighting
2 https://www.energyrating.gov.au/consumer-information/understand-energy-rating-label
3 Tyro may undertake a credit check with a credit reporting agency when checking your eligibility for a Tyro loan. Tyro loans are subject to Tyro’s eligibility and credit criteria. A personal guarantee is required and loan repayments are subject to minimum repayment amounts. A Tyro Bank account is required. Other conditions may apply.
4 To integrate via Tyro Connect customers will be required to agree to the Tyro Connect Terms and Conditions.
5 https://www.bbc.com/future/article/20220429-the-climate-benefits-of-veganism-and-vegetarianism
6 https://greener.com.au/business/3-energy-upgrades-to-give-your-business-a-boost/
7https://www.greenpower.gov.au/
Tyro may pay financial benefits and/or referral fees to its partners.
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