Business Report
As happened with many service businesses during a recession, Jazz Event Productions experienced a drop in revenues in 2010. For a company that has grown steadily throughout its 15-year history, it was an unwelcome first. The decrease in sales occurred primarily because companies faced with tough economic choices because of the recession either cut back or eliminated entirely their budgets for special events. Whereas many of our loyal customers continued to trust us to produce their special events just as in past years, others were operating with reduced budgets. As a result, Jazz experienced a period wherein sales dropped by about five percent.
With the improved economy, sales have returned to pre-recession levels, however, because they are cautious and careful owners who want to perform their due diligence, Alex and Cindy are looking for ways to ensure that the company stays profitable. They believe that the best approach, given the current economy, is to find ways to both cut expenses and boost revenues. At the same time, they are looking for ways to make Jazz more environmentally responsible and decided that the timing was right to get serious about making some changes. Our team was assigned the task of coming up with specific ideas about going green, bringing corporate social responsibility (CSR) to Jazz. We were asked to investigate what the advantages would be and to also identify any significant cost or downside.
Our research found that going green is more than just a slogan; it is an essential part of businesses being able to compete in a highly competitive global environment. Almost every business asks the same question that Jazz is asking, whether going green is a cost effective strategy.
Our mission was to do two things: (1) Find ways for Jazz to cut back expenses and/or increase sales, and (2) determine how to change Jazz into a more environmentally responsible business.
Our research accomplished these goals. We found opportunities to save more than a half million dollars over the course of 20 years, while at the same time, conserving resources and being environmentally responsible.
Introduction
Because the economy continues to be weak, Alex and Cindy wanted us to evaluate ways to make Jazz Events more eco-friendly without investing a large amount of money. The timing was also important, because Alex and Cindy have had plans drawn up to remodel the office and warehouse during the off-season so as to have minimal impact on the business. The budget for remodeling was already approved and minor changes could be made without significant cost increases or added delay for completion. Also, while the two of them felt strongly about their company becoming a greener business, at the same time they were also concerned about the impact of changes on us, the 27 full-time employees. Alex and Cindy value our contributions to making Jazz successful, therefore they wanted to thoroughly investigate going green to make sure that there would be no negative consequences for us, the employees.
Another significant criterion for deciding whether to proceed with green projects is the cost. According to the U.S. Department of Commerce, even small changes in how buildings are constructed can have a noticeable effect on energy conservation. Businesses are finding that implementing green strategies to reduce energy usage and to use water efficiently is not only good for the environment, but good for business as well (2008).
Our initial research showed how companies can go green in ways that are both environmentally and economically beneficial. According to Miller, Spivey and Florance, their study on Energy star vs. non-Energy star rated office property showed "results are promising for the benefits of investment in energy savings and for the green movement now sweeping our society" (2008, p. 1). They argue that the payoff from wise green investment in sustainable real estate is easy to justify even if it is based purely on profit motives. Even for companies whose main interest in going green is making money or saving money, going green is recommended.
Even so, studies have shown that companies are motivated to be ecologically responsive for several reasons, such as regulatory compliance, competitive advantage, stakeholder pressures, ethical concerns, critical events, and top management initiatives (Bansal and Roth, 2000). Our research led us to similar conclusions, that going green makes sense from an overall strategy perspective.
After some initial research, we were able to show that greening the business would both save money and increase sales. In fact, we identified so many possibilities that we decided to categorize them to make it easier to plan for their implementation. We also quantified projected savings to provide a clear picture...
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