Category: Brandpoint Business & Finance

2022-05-02T11:01:00

(BPT) – Baker Miriam Vilchez always dreamed of creating a business, spending hours perfecting her baking skills even while working full time. To get feedback on her business idea, she brought a freshly baked cake to her local State Farm agent, Cristel Noel. Noel was impressed by the cake’s flavor and presentation, and discussed the plans Vilchez had for her business — and how her insurance needs as a small business owner would change.

Unfortunately, just as her plans were coming together, Vilchez was laid off from her full-time position due to the pandemic. She had to take several part-time jobs, putting her dream on hold. But she didn’t want to wait much longer. Determined to turn her passion into a business, Vilchez contacted Noel about what she would need to do to start her bakery from home.

“Cristel and her team have always taken the time to understand my needs and my situation so they can present insurance options for my specific plans,” said Vilchez. “I appreciate and value that kind of commitment.”

From opening day, Vilchez has baked cakes for birthdays, holidays and other events. She gained referrals from loyal customers, and her business has blossomed. In 2021, she was able to buy more equipment, allowing her to bake at a higher capacity. Today she works full-time creating her beautiful cakes.

If you dream of starting a business, you are not alone. According to the Census Bureau, over 4.4 million new businesses were created in the U.S. in 2020 — the highest on record, with half a million new businesses begun in January 2021 alone. As a result, State Farm has experienced a 30% increase in home-based business insurance policies in the past two years.

Whether you’re still planning, or you already own a small or medium-sized business, here are tips to help ensure that your business will grow and thrive.

Develop a plan.

No business can get off the ground, get financing, or grow without a solid business plan. Creating a good business plan — and adapting it as needed — takes research, and assistance from others. One great resource for all things small business, including writing business plans, is the Small Business Administration.

Make it official.

Every state has different regulations regarding starting and operating businesses. Because such regulations involve legal and tax issues, you’ll need expert advisors to address your specific situation. You may find qualified consultants by contacting professional associations in your industry for recommendations.

Find connections.

Start building a network of people who can offer advice and assistance — even if they’re in a different field. Learning from others who have been in your shoes is very helpful, especially when you’re starting out. If you’re a woman, veteran, minority or live in an area undergoing renewal, you may also be eligible for programs to assist you with funding and more through the Small Business Administration and other organizations.

Protect your investment.

Whether you have a separate location or home-based business, you need to protect your investment by insuring it.

If you’re starting a business from home, you may need to add an endorsement to your homeowner’s policy, which covers business property while it’s used or stored inside your home. Alternatively, you may want to consider a business insurance policy that provides broader coverage, including liability insurance in addition to covering your business property. This could be used to insure a business operated out of your home or a separate location such as an office or storefront.

Consider a business insurance policy if you:

• Provide services directly to customers while in your home or at another location. Businesses such as tax preparation or hair services, etc., may require additional specialized liability coverage.
• Plan to have $5,000 or more worth of business property kept at your home-based business location.
• Rely on the income from your business to support your household.

Your investment is not just a building or inventory — it includes yourself, your employees and your customers. For many small businesses, unexpected events can disrupt the normal flow of business. What if you’re injured or sick? What if a client is injured in your home? In addition to health and life insurance, disability and liability insurance may be needed to protect your income, and with the help of a State Farm agent, you can make a plan for all of these when getting your small business off the ground.

To get a conversation started about your business insurance needs, visit: https://bit.ly/sfsmallbusiness.

2022-05-02T08:01:00

(BPT) – If you run a small to medium-sized business, you know the challenges: Your to-do list is a mile long, and there’s never enough time in the day. Whether you have a staff of two or two hundred, it seems like there aren’t enough people to get everything done that needs doing. But the problem may not in fact be how many employees you have or how many hours are in a day — your processes may just need a reboot.

Here are steps you can take to improve your business processes — and a software solution to make many tasks easier.

1. Take stock

Step back to assess where your systems bog down. Are there specific areas that always cause problems? Do certain tasks take much longer than others? Talk to your staff to learn where these pinch points are located. Be sure to let them know you’re not looking at team members to blame, but systemic slowdowns.

Another important way to assess trouble spots is from customer/client input. Several companies make tools to create customer satisfaction surveys, which give you useful insights into areas needing improvement from the perspective of your customer or client.

2. Review trouble spots

Once you’ve identified the most troublesome processes, it can help to go through them, step by step. If possible, enlist someone outside the company to review them with you, as they may spot issues you’re unaware of. Ask questions like:

• What is the goal of this process? Is it being met?
• Does everyone do this the same way? Is the process written down?
• Are there too many steps/are any steps redundant?
• Can you identify spots in the workflow that cause the most difficulty?

Many workflow problems stem from different systems not communicating with one another. Creating an efficient, standardized document management system is often key to solving these kinds of difficulties.

3. Brainstorm solutions

After nailing down process details and clarifying difficulties, involve your team in brainstorming and exploring solutions. There could be tools already out there to help streamline your processes.

For example, many tasks can be simplified using PandaDoc, a flexible software solution that helps your team work smarter, not harder.

• Create digital documents with PandaDoc. You can manage, sign and send documents with ease, eliminating headaches at every stage of the process using just one software solution instead of several different programs. From pre-approved content and templates to proposals and approval workflows, you can digitize every process to save time and headaches for every team in your business. Even better, you’ll also save money and help the planet by reducing paper waste.
• Collaborate and consolidate document-related processes using PandaDoc, which makes it easier for team members to work together on a wide variety of documents. Any team — from sales and marketing to HR and finance — can use the software to create custom themes, use embedded media and integrations. Your teams will impress your customers by sending personalized, on-brand documents securely in minutes.
• Track your docs and workflows with real-time reporting and engagement metrics, giving you needed insights to take every document to the finish line. Whether you’re processing medical forms, offer letters or multi-year six-figure contracts, you can keep tabs on all your secure business documents to maintain momentum and better predict business goals.
• Keep everything moving by getting your documents out the door in minutes. PandaDoc helps you create stunning, error-free documents with pre-built templates, a drag-and-drop content library and auto-fill data from your CRM — and then finalize every transaction with an integrated eSignature solution.

4. Educate your team

Once you’ve chosen a solution to a problem area, write down the new procedure your team will be following using clear step-by-step instructions. Have your team learn the new process or get trained on the new software or other tool. Make sure everyone logs how it’s going, so you can assess whether they’re saving time and effort getting things done with the new approach or tool.

5. Revisit your solutions down the road

After you’ve implemented a solution, track how well it’s working for your business. Take stock again one month, three months and six months out to ask — is the new process performing better than your previous approach? Does it need tweaking to see further improvements? Check in with your team regularly to see how any new processes are working for them.

Learn more about how PandaDoc can help streamline the creation and management of your business critical documents at PandaDoc.com.

2022-05-02T06:01:00

(BPT) – If you haven’t considered a STEM career, now may be the time to explore your options. Advancements in recent years have highlighted the need for positions in science and medicine, resulting in an industry boom and a growing job market for potential STEM program graduates.

Two burgeoning career paths in STEM are biological sciences and biochemistry.

What is biological science? biochemistry?

Biological sciences comprise several branches of biology, including environmental studies, genetics, botany and microbiology. Biological scientists study living organisms and the environment.

Biochemistry, on the other hand, focuses on a wide array of subjects, such as basic chemistry, the properties and function of biomolecules, and the mechanisms of cellular function and living organisms. This knowledge has several applications, from developing medicines to creating new, disease-resistant variants of common crops.

According to the U.S. Bureau of Labor Statistics (BLS), employment for both of these industries is promising. Employment for biological technicians is forecast to grow 7% through 2030. This translates to an average of about 11,800 job openings each year over the next decade. As a biological scientist, you can expect to earn a median annual wage of $85,290 (BLS).

For those entering the field of biochemistry, the job market is forecast to grow at an annual rate of 5%. In 2020, there were 34,800 biochemistry jobs, and you can expect to earn an average salary of $94,270 per year.

How can I enter these STEM fields?

If you want to get in on the ground floor of these growing career fields, consider a bachelor’s degree in either biological sciences or biochemistry.

A Bachelor of Science in biological sciences helps you develop a valuable and broad understanding of many disciplines in biology. Because of the flexibility of this degree, you can enter several industries through an entry-level biological services position.

Industries that offer the highest level of employment for biological scientists, according to BLS, include the federal executive branch, scientific research and development services, academia, pharmaceutical and medicine manufacturing and management, scientific and technical consulting services.

Specific career paths could include:

• Dentist
• Environmental protection technician
• Forensic science technician
• Nursing
• Physical therapist
• Pharmacologist
• Zoologist
• Veterinarian
• High School teacher

A Bachelor of Science in biochemistry can prepare you for a career in science or medicine. According to U.S. News, a degree in this field can prepare you for several professions, including:

• Agricultural scientist
• Biochemist
• Biological or biomedical engineer
• Chemical engineer
• Federal regulator of biochemical products
• Food researcher and developer
• Laboratory technician
• Pharmaceutical researcher
• Process engineer
• Science writer

After receiving a bachelor’s in biochemistry, you’ll also be prepared for several full-time entry-level positions in STEM, research or education. You can also begin a postgraduate health program to expand your job prospects.

Ready to get to work?

If advancing your career in science or medicine is your goal, consider a career in either biological sciences or biochemistry. Arizona State University offers online degree programs in these areas to take your career to the next level. Recognized as the nation’s most innovative university, ASU Online brings coursework to life through immersive science labs and digital experiences.

To learn more about ASU Online biological sciences and biochemistry programs, visit ASUOnline.asu.edu.

2022-05-02T07:37:00

(BPT) – When it comes to your finances, where are you getting financial information? Older generations received most of their financial advice from financial planners, family friends and print media, but more and more Americans are turning to social media as a trusted source for money matters.

According to the National Association of Personal Financial Advisors’ (NAPFA) 2021 Consumer Survey, 39% of Americans under 65 found financial information online or on social media and 60% of those respondents acted on that advice. Social media as a source of financial advice is especially popular with the younger generations. One-fourth of Generation Z Americans receive advice from social media like YouTube, TikTok and Instagram.

For millennials, 38% said they feel unprepared for their futures, and many cite a lack of financial guidance as a challenge to preparing for retirement. With all these economic anxieties, it’s no wonder that social media has become a popular place for millennials and Gen Z to learn and discuss finances.

While it’s heartening to see people of all ages seeking financial advice, not all information found on social media and the internet is reliable. Not sure if you know how to spot quality financial advice online? Check out these five tips that can help you determine if your online source of financial information is trustworthy.

1. Do they have credentials?

Anyone can upload a video online on financial advice, but not everyone is qualified or legally able to give that advice. Investigate if the blog or social media profile you frequent for financial information is run by a certified financial planner™ professional.

While certification alone doesn’t guarantee sound advice, it’s a sign that the information you receive is likely from a reliable source. When searching for financial advice on social media, you can find plenty of current and former CFP^® practitioners who likely have the most current and trustworthy information on financial matters.

2. Is their advice in your best interest?

Is your source of financial advice committed to the best interest of their followers? This can be tough to figure out because the information on social media is often unregulated and meant to be broad and not personalized to attract as many people as possible. However, depending on your financial situation, the advice may not suit your needs.

Unlike fee-only financial planners and CFP^® professionals, most social media users are not held to a fiduciary standard of care. This means that they are not responsible for providing advice aligned with your specific situation or that’s in your best interest. That doesn’t mean that your favorite financial blog is trying to trick you, but that you should consider if the information applies to you or if it could harm you in the long run.

3. Are they compensated?

It’s crucial to find out if the source of your financial information is receiving payment for what they’re sharing online. Does the blog you visit have advertisements for specific money-saving or investment products or apps? Is your favorite social media influencer sponsored by a fintech app? Compensation itself isn’t a red flag, but it does present a conflict of interest.

4. Take it with a grain of salt

No matter where you get your financial advice, you should do your own research to verify the information you’ve received online. If a social media user claims to be a NAPFA member or CFP^®, you can verify their credentials using each organization’s search portal. Does a financial product sound too good to be true? Government groups like the Consumer Finance Protection Bureau and the Securities and Exchange Commission have resources that can help you fact-check financial advice.

5. Ask a financial advisor

At the end of the day, the best resource for financial planning is a fee-only, fiduciary financial planner. Online financial advice isn’t tailored to your goals and needs, especially long-term. You don’t have to make millions of dollars to work with a financial planner. NAPFA-affiliated fee-only financial planners can help you understand your current financial situation and help you prepare for the future.

To find a fee-only financial planner, visit NAPFA.org.

2022-04-28T08:37:00

(BPT) – When it comes to running a business, it’s safe to say that COVID-19 changed just about everything. Where people shop, how they make purchases and even what they use to pay — the pandemic overhauled consumer preferences nationwide. And while this certainly presents a challenge, some small businesses have thrived despite it. What’s their secret to success?

The answer is simple: These savvy small businesses owners have embraced the use of electronic payments. But just how do these payment methods make such a difference? Let’s find out.

Electronic payments facilitate e-commerce.

Electronic payments have empowered small businesses across the country, allowing them to better meet the needs of their communities — particularly amid COVID-19. When the pandemic first struck, many local companies were forced to cease in-person operations and close their physical locations. But by accepting digital payment options, local businesses had a solution: online orders.

Online deliveries and e-commerce skyrocketed amid COVID, increasing consumers’ digital adoption rate in eight weeks what otherwise would’ve taken a decade. By adopting electronic payments, though, local shops could pivot with this purchasing trend and stay ahead of the curve. Proactive small businesses were able to move their operations online, allowing them to compete with retail giants like Amazon and Walmart. And now, with the shift toward e-commerce likely here to stay, electronic payments have positioned these small businesses for continued success.

Electronic payments make transactions safer.

Not all transactions take place online, however. And for those that do occur in-person, customers increasingly want to feel like their health is being protected. Luckily, small business owners who embrace electronic payments have a variety of tools at their disposal to make that happen.

Contactless payments — whether through a credit card, debit card or mobile wallet — are quickly becoming a staple of in-person checkouts. It’s no wonder why: They allow users to pay without the hassle or risks associated with touching germy surfaces. In this way, small businesses accepting contactless payments have a major advantage over those relying on often-unsanitary cash transactions.

That’s not the only advantage of contactless payments, either. In fact, an infographic from the Electronic Payments Coalition (electronicpaymentscoalition.org) breaks down the precise benefits electronic payments provide consumers and merchants alike, illustrating they have a keen advantage over cash.

Electronic payments allow for social distancing.

Electronic payments also enable business owners to implement curbside pickup and contact-free delivery — safe and convenient purchasing options that fit individuals’ needs. These transactions allow consumers to pay without ever stepping foot inside a store. As such, they reduce unnecessary physical interactions and limit the spread of illnesses like COVID-19.

In the post-COVID world, businesses that offer socially distanced pickup options have a leg-up over their competition. Not only do these methods help protect shoppers and their employees, but they also improve their customers’ overall experience. Simply put, contactless pickup is what people want­ — and electronic payments allow small businesses to capitalize on that trend.

Now more than ever, electronic payments are vital to running a thriving company. They provide the flexibility and capabilities necessary to navigate the business landscape amid COVID-19.

2022-04-28T08:35:00

(BPT) – Since the onset of the COVID-19 pandemic, digital payments have become an essential tool for many entrepreneurs. New data from the Small Business and Entrepreneurship Council’s latest business survey highlights the value that new entrepreneurs place on the importance of electronic payments. Among new business owners who started a business during the pandemic, 87% said that access to electronic payment options was important. Additionally, access to electronic payments tied for first (68%) as the most important tool or technology in starting a new business.

Combine SBEC’s data with the fact that over the past two years the U.S. saw the fastest growth in entrepreneurship in our nation’s history and it’s easy to understand why so many businesses have made the switch to accepting digital payments: it’s what their customers demand.

Many of these new small businesses had to come up with a completely new playbook for delivering their products or services and managing payments amid a global pandemic. The good news for these new entrepreneurs is that the payment technologies they adopted to get through the pandemic will prove to be beneficial long after COVID-19 has subsided.

Here are the top five ways that small businesses are improving their bottom line by switching to digital payments:

1. Improves customer experience

In addition to convenience, digital payments offer contactless transactions — a safety feature many consumers demanded during the pandemic. The use of contactless payments has surged in recent years with approximately 84% of consumers owning contactless cards leveraging those enhanced safety features in the first half of 2021 — an increase of 24 percentage points in six months. This technology speeds up the checkout process considerably because a simple tap is needed to complete a transaction. These convenient payment mechanisms provide an opportunity for small businesses to address the needs of consumers by removing the need to carry a wallet or remember numerous passwords required to make a payment.

2. Enhances fraud protections

As consumer shopping habits continue to shift to mobile and online platforms, advancements in tokenization provide seamless and secure transactions without exposing customers’ sensitive account information. These features also protect small businesses by making tokenized payment data useless if compromised.

3. Saves time and money

While cash payments may not require extra processing fees, accepting cash payments comes with a lot of unexpected costs. Research shows that the average cost of cash for a business is about 9.1% of the average transaction value. These costs include the time spent manually counting cash, the cost of theft protection and the cost of longer lines at checkout, which scares away repeat customers. Even the National Park Service is jumping on the digital payments bandwagon. Beginning April 1, 2022, Devils Tower National Monument will only be accepting entrance fee payments via digital payments. According to NPS, this action will reduce their administrative burden managing cash and allow them to reinvest the savings into visitor services.

4. Increases customer sales

Consumer spending, which has long been the most important factor in U.S. economic growth, continues to be fueled by the innovation of digital payments. Even during the COVID-19 outbreak, digital payments have allowed small businesses to pivot to online sales, curbside pick-up, and in-store self-checkout. Additionally, studies have shown that card users account for 61% of total transactions and spending, on average, $42 more per purchase than cash users.

5. Allows for instant payments

Digital payments are much faster than traditional payment methods such as cash and checks. With online payment options, customers are not tied to a limited time or place to make a transaction. Customers can easily pay anytime, anywhere in the world. The electronic payment system eliminates the need to go to the bank to make payments. Now your customers don’t have to waste time waiting in long lines at the bank. They can easily pay with their mobile device.

2022-04-27T16:33:00

(BPT) – In December 2021, Chase released the findings of its second study, which further explores the attitudes of consumers to using banking websites and apps.

2022-04-27T09:01:00

(BPT) – The pandemic proved the importance of connectivity — to your family, friends, work, school and doctor. Wireless service, in particular, has been a lifeline for many: In fact, 15% of Americans use it as their only broadband connection. And now we have 5G for home broadband, which is another great option for home connectivity.

To keep Americans connected and close the digital divide, we must all work together — which is where a new government program, the Affordable Connectivity Program, comes in. The Affordable Connectivity Program, or ACP, can help you get connected whether it’s for your smartphone, wireless home broadband or wired connection.

Enrolling in the ACP through a broadband provider triggers a discount of up to $30 per month on an eligible household’s broadband service bill. Eligible households on Tribal lands can receive up to $75 per month. A household is eligible for the ACP if the household’s income is at or below 200% of the Federal Poverty Guidelines. That comes to about $55,500 for a family of four.

The ACP benefits are also available if someone in the household meets the following criteria:

• Participates in assistance programs, such as SNAP, Medicaid, Federal Public Housing Assistance, SSI, WIC or Lifeline;
• Participates in Tribal programs, such as Bureau of Indian Affairs General Assistance, Tribal TANF or Food Distribution Program on Indian Reservations;
• Participates in the National School Lunch Program or the School Breakfast Program, including through the USDA Community Eligibility Provision;
• Received a Federal Pell Grant during the current award year;
• Meets the eligibility criteria for a participating provider’s existing low-income internet program.

The ACP can also help with the hardware necessary to connect to the internet as ACP households can receive a one-time discount of up to $100 to purchase a laptop, desktop computer or tablet from participating providers if they contribute more than $10 and less than $50 toward the purchase price. The ACP program is limited to one monthly service discount and one device discount per household.

There’s a two-step process to sign up:

• First, log onto ACPBenefit.org to apply or print out a mail-in application;
• Then, contact a participating provider to select a plan and have the discount applied to your bill.

Eligible households must apply through the ACP benefit portal and contact a participating provider to select a service plan. Some providers may have an alternative application that they will ask you to complete.

All three national wireless providers and many regional providers support ACP — representing approximately 95% of existing wireless subscriptions and covering more than 99% of all Americans. If you’re interested in a 5G for home broadband connection, which offers the fast speeds and capacity most families need to take full advantage of the internet, wireless providers have already made it available to tens of millions of American households.

As the COVID-19 pandemic has demonstrated, access to the internet provides a crucial connection for all Americans. Even as the pandemic subsides, the need for connectivity isn’t going to change, and Congress designed the ACP to help make sure all Americans can connect.

The ACP builds on the Emergency Broadband Benefit, a program created to keep Americans connected during COVID-19. Launched in January 2022, nearly two-thirds of the more than 11 million ACP participants are using the benefit to subscribe to wireless broadband — underscoring how wireless continues to play a vital role in ensuring that low-income consumers can affordably access the internet.

2022-04-27T07:01:00

(BPT) – As warmer weather approaches, small businesses should start prepping for the busiest time of year. According to a study by IncFile, 38% of small business entrepreneurs said summer is the busiest season. Also, May is Small Business Month, so consumers will have small businesses in mind, increasing your potential revenue and workload.

You don’t have to face the busy season alone. FedEx Office offers a variety of solutions for small businesses, adapts to your needs and supports you at every turn. Check out these five flexible services you can take advantage of this summer.

1. Notary services

Notarizing official documents like contracts and other critical documents for your business can help you reduce fraud, improve your record keeping, and improve your customer experience. FedEx Office has teamed up with Notarize^SM, an online notarization platform, to offer businesses and consumers a simple, smart, and safe way to legally notarize most of their documents online within minutes, 24/7.

2. Design services

If you need professional marketing materials but don’t know where to start, FedEx Office has multiple options. Small businesses can access more than 8,000 free templates through FedEx Office’s collaboration with Canva, an online one-stop design shop. For a more personalized experience, FedEx Office also offers in-store design services. Whether you have a design or theme in mind or need help getting started, you’ll get personal support from your neighborhood FedEx Office store.

3. Signs and graphics

If you need signs, banners, posters or other graphic elements, you can design and print them all online or in-store through FedEx Office. They also offer industry-specific solutions, like the retail and hospitality sectors. This includes signage around health and safety protocols specific to COVID-19. You can request a consultation to create tailored solutions for your small business.

4. Printing and shipping

As the bread and butter of its business services, FedEx Office printing and shipping offerings provide you with simplicity and convenience. You can access its Print Online service from any device, anywhere, so you can quickly print documents, presentations, posters and more. You can also ship documents and packages using standard, express or international shipping options from your local FedEx Office locations. You can even have them handle the packing for you!

5. Direct mail

Do you need help reaching new customers? FedEx Office offers direct mail services for any budget. You can design direct mail campaigns in three easy steps using the online tools. Using geographic and demographic filters, you can search for your target prospects, design your materials and schedule your launch date.

FedEx Office has more than 2,200 locations, which means there’s likely one in your neighborhood! To find a location near you and learn more about these and other small business services, visit Fedex.com.

2022-04-22T08:01:00

(BPT) – By Kees Wesdorp, Chief Business Leader, Precision Diagnosis at Philips

As we contemplate our planet’s health on Earth Day, we are mindful of the unique set of challenges the healthcare industry faces in expanding access to care while developing more sustainable technology and systems. With much of the world still lacking access to quality care, our work is far from done.

But this important work comes at a high environmental cost. In the U.S. alone, 8.5% of all CO2 emissions stem from healthcare.^[i] For healthcare organizations, implementing greener practices is not just a nicety, it’s also a moral responsibility.

The magnitude of the challenge can be daunting. But there are effective steps healthcare organizations can take to incorporate climate-friendly improvements into their operations. At Philips, we’ve started this work by partnering with our customers and suppliers, and this is what we’ve learned.

Redefining the “3R’s” for healthcare

The 3R’s – reduce, reuse, recycle – are widely recognized environmental principles that have a profound relevance in the healthcare sector. Let’s face it: there’s a significant amount of waste in healthcare. Reducing inefficiencies, pursuing more precise diagnostic and treatment pathways, and reusing, remanufacturing, and responsibly recycling old medical equipment, are just a few ways that healthcare companies can make small changes with big impact.

First, we can address inefficiencies that not only waste money, time, and precious staff resources, but also energy and C02. For example, scheduling and communication glitches, low value diagnostic tests, and late or improper diagnoses all come with heavy human health and carbon costs. It’s time to fix them.

Innovation has been the driving force for good in the healthcare industry, but it should not happen at the expense of the planet. While the idea of material reuse in healthcare is still gaining traction, it’s clear that circular economy principles – upgrade, refurbish, remanufacture, and recycle – must become our new normal.

Going circular

According to a seminal study by the Ellen MacArthur Foundation^[ii], materials extraction, supply, and the manufacturing of equipment account for 40-50% of global CO2 emissions. Every year, more than 100 billion tons of resources enter the economy, with just 8.6% being reused. Current levels of consumption are running at 1.7 times the resource capacity of the planet.

The good news is, environmental impact can be dramatically reduced by reclaiming products and responsibly repurposing them, or “closing the loop.” Closing the loop can reduce the carbon footprint of equipment by 50-85% over its lifetime^[iii]. That’s a powerful incentive to change how healthcare approaches the supply chain.

As with many challenges, a shift in mindset is needed to make change. But healthcare companies and suppliers are uniquely positioned to take on this challenge. Philips, for example, has already taken steps in its design practices to remove waste and employ eco-friendly design principles. Examples include removing single-use disposables and hazardous and rare materials; eliminating a reliance on scarce natural resources, such as helium, in MRI technology; applying eco-friendly design principles we see in our personal lives (such as devices that “sleep” when not in use or cars that power down when stopped) to high-energy-use medical equipment; and shifting to 100% carbon-neutral operations.

Rethinking healthcare from a net zero lens

The climate crisis can make us feel overwhelmed and at a loss about where to begin. Yet, there are immediate steps that can be taken to help improve care delivery and have a measurable impact on the environment. Here’s where we are focusing our efforts:

1. Greening operations and fostering a committed culture of circularity and sustainability
2. Creating a network of sustainable vendors and business partners who uphold the same standards
3. Building coalitions of experts and colleagues that want to team up to accelerate progress and breakthrough solutions
4. Setting aggressive, measurable goals with deadlines and enlisting the entire organization (regardless of their position in the supply chain) to reach them
5. Proactively measuring, monitoring, and improving performance

By setting goals and working with the right partners, all healthcare entities, both large and small, have the power to make sustainable healthcare a reality. The time is right for the healthcare industry to come together and make a commitment to change for a healthier future.

Interested in learning more? Hear from Philips CEO, Frans van Houten, and other business leaders and experts on how Philips is pioneering the circular economy for good. [Going circular – good for business, good for the planet | Philips].