Waste in any facet of a business can be detrimental. Whether it's an inflated utilities bill linked to a physical location, or excess stock that has to sit in a warehouse, there are a number of ways surpluses can hurt the bottom line.
Fortunately, with a bit of innovative thinking, there are ways small business owners can limit wastage, while also getting something tangible in return. Enter upcycling.
If you're not familiar with the term, it's a slightly different form of recycling, although it follows the same basic guidelines. So, how can upcycling be of benefit to businesses?
Cost savings
Even the most diligent companies can have unforeseen financial outlays that stretch them. Although small business accounting software such as CashManager from Accomplish will help in keeping track of the fluctuations, any supplementary savings should be grasped with both hands.
Ultimately, upcycling can help businesses when it comes to the cost of raw materials for products, services and offerings. In fact, there's even one school of thought that suggests the most capital can be spared by looking to others for help.
"There is a greater awareness of concepts that constitute a more circular economy, such as waste from one industry being a feedstock for another, and that greater awareness leads to more conscious investigation into possible solution," surmised James Griffin, general manager of the sustainable business network, as quoted by the NZ Herald.
Green credentials
Businesses that upcycle can also rest assured in the knowledge that their operations are a little kinder to the environment. Entrepreneur contributor Jennifer Wang explored the relationship between a business's green credentials and how it reuses resources.
Ultimately, those that do are naturally more environmentally friendly.
While upcycling may sound like a relatively out-there concept, it can offer genuine business benefits while improving a company's green credentials.