Green economy: as the world works towards becoming sustainable, will you capitalise on the opportunities?

For some, addressing the existential environmental challenges being faced by mankind in the 21st century is a moral imperative. Zooming into the opportunities that abound, however, and the potential economic gain that lies in developing products and services that are both environmentally sustainable and profitable cannot be ignored.

Going further, such requirements can often be found in many family businesses, reflecting their competitive edge.

Indeed, many family businesses with a proven history of championing green innovation tend to observe market trends stemming from the green revolution, providing ideas and insights to other family businesses that may be exploring how they too can capitalise.

The role of business on our natural and built environment has grown in prominence, increasing family business’ commitment to working in sustainable ways.

It is not easy to find the right recipe and optimal application for a new product, with significant resources poured into research and development. New products have been perfected and provide huge advantages to clients by way of savings and time, however the challenge comes in convincing them to make the change.

In challenging economic times, it is a tough sell.

A clear focus on championing green initiatives helps to differentiate businesses in the marketplace, it can also provide staff with purpose in the day-to-day grind.

For instance, sustainable approaches to the manufacturing industry that are so commonplace today, can be truly green as well as profitable.

With the plethora of information and innovation in this day and age, each family business can look for ways to go green. Owners have a responsibility to observe their respective industries to look for the opportunities that lay before them.

With no way to turn back the tide on the green economy, taking a proactive approach can go a long way to help you capitalise in a positive way.

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.