Vermont businesses are "green" and getting "greener," according to a recent survey, and most are looking beyond the bottom line. The Certified Public Accounting firm of Davis & Hodgdon Associates CPAs located in Williston, Vermont, conducted a survey in May regarding the environmental priorities of Vermont-based businesses. The survey was completed by more than 170 businesses; nearly half (49 percent) of those being small businesses with 1-10 employees, 26 percent with 11-50 employees and 25 percent with 50+ employees. A wide range of industries were represented ranging from professional/technical (16 percent) to manufacturing (13 percent), hospitality (12 percent), health care/social assistance (12 percent), and travel and tourism among others.
Respondents were asked to identify environmentally-friendly initiatives that their business currently practices. Nearly all (96 percent) practice recycling and 87 percent practice some form of power and energy conservation. More than half (65 percent) are dedicated to purchasing environmentally-friendly products and nearly as many (64 percent) have implemented paperless procedures.
- 73% of businesses surveyed plan to implement or expand upon environmentally-friendly practices over the next three years
- “Genuine environmental concern” is ranked highest as motivating factor in “green” practices
- 68% of businesses do not believe that there should be legislation in place to mandate Vermont businesses to implement environmentally-friendly initiatives
Of those surveyed, 61 percent plan to implement or expand upon their recycling practices over the next three years and 59 percent upon power and energy conservation. Also noteworthy is that 51 percent of Vermont businesses surveyed intend to implement or expand upon waste prevention and paperless procedures. Overall, 73 percent intend to increase their implementation of “green” practices in the next three years. Only 27 percent expect to remain static in their number of green practices and no businesses indicated that they will decrease their practices over the same timeframe.
When asked about the costs and rewards of their current initiatives, nearly half (47 percent) indicate that their bottom line has increased as a result of their green practices with only 7 percent stating that it decreased as a result of the costs associated with those efforts. Most of those surveyed (57 percent) indicated that their bottom line is not the motivation for environmentally-friendly initiatives.
Respondents were asked to rank some motivating factors for their business in regards to the implementation of “green” practices and most identified genuine environmental concern as their main reason for doing so. “Cost savings” came in as the second most motivating factor followed by the “marketability” of a green image.
The majority of those surveyed (68%) do not believe that there should be legislation in place to mandate Vermont businesses to implement environmentally-friendly initiatives.
Davis & Hodgdon’s managing partner, John Davis, said: “Vermont businesses, regardless of their size, seem to recognize the value of green processes and most have integrated them into their short-term plans.” Davis continued, “Not surprisingly, many do not want to see legislation in place to mandate those initiatives. I think that most Vermont businesses already feel over-regulated, having to spend more time and money on compliance than they can afford.”
Williston, VT June 23, 2014 – Davis & Hodgdon Associates CPAs. For complete survey results please visit: http://www.dh-cpa.com/assets/files/pdf/Greening-of-VT-Business-2014.pdf
*Local CPA Firm Conducts Economic Survey Re Future of Vermont Businesses, January 2014:
http://www.dh-cpa.com/assets/files/pdf/JANUARY2014.pdf