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State grants help accelerate business

Sustainability certification could help businesses grow amid COVID-19 challenges and a state grant program is allocating $4 million, which could cover the cost of training,  reports The Edenark Group, which is seeking applicants for the grants.

David Goodman, chairman and CEO of Edenark

The grants could be used for the Fort Lauderdale company’s ISO 14001 sustainability certification program, which is designed to help business differentiate themselves, recover and grow, says David Goodman, chairman and CEO of Edenark Group.  A year of business acceleration and coaching is also provided.

Pre-virus, certified sustainable organizations were growing 5.6x faster than their non-certified peers, Goodman says. He estimates the gap has widened by an additional 7 percent.
“There is +$1 trillion in purchasing power looking to move to certified sustainable organizations—people wanting to move their purchases to certified sustainable companies. With this, on top of the impact of the virus, we will see a further widening of the growth gap between certified sustainable organizations and their non-certified competitive peers post virus,” Goodman says.

The grants have historically averaged $50,000 for each recipient and tend to go quickly, says Goodman. Applications start in July. He says South Florida businesses are eligible to seek a grant if they are:

  • A Sunbiz Florida registered business that has been operating for over a year
  • Headquartered in Dade, Broward, Palm Beach or Martin Counties
  • With 20–49 employees that have been employed for more than 6 months
  • Not a home-based business
  • Not delinquent on any taxes
  • Not a restaurant or hotel

Goodman said his company has been providing performance enhancement services to organizations globally since 1997 and has been UN recognized.  The company is offering a free consultation for companies that want to pursue the grants.

He outlined in a press release why he thinks the sustainability certification is useful and some of the challenges small to medium size enterprises have faced trying to get it:

Covid 19 Will Drive SMEs to Sustainability Certification

Common sense already tells us this, but various studies confirm the top challenge for any organization is achieving competitive differentiation. Convincing the buyer that you are different, and better, than your competitors is the Number One key to your success.

We’ve all seen the performance data tied to sustainability. Organizations with credible sustainability programs (i.e., a sustainability program the market has accepted as legitimate) are performing materially better. They are reporting higher revenues, profits and valuation. They also have more productive and engaged employees than their non-sustainable peers.

We’ve also seen the “competitive differentiation” cause of the above:

  • +$1 trillion in consumer/corporate spending looking to move to credible sustainable brands;
  • Consumers willing to spend 10–15% more for credible sustainable products; and
  • 87% of the largest buying group willing to purchase from, and be loyal to, credible sustainable companies.

In all forms of commerce the buyer defines demand. Successful organizations are rewarded for satisfying that demand.  Sustainability is no different.  Consumers are demanding it and rewarding organizations that differentiate from the pack and credibly show they are sustainable.

Up until now this relationship has mostly occurred between consumers and large organizations.  SMEs (small to medium sized enterprises) have historically not embraced sustainability as much as their bigger brothers. Why?

  • Because sustainability certification has historically been viewed as too costly (both money and time) for a SME to pursue; and
  • SMEs have historically been more reliant on sales (i.e., price, discounts, direct sales, personal relationships) than marketing (brand image, corporate image, community relationships) to grow.

Covid 19 will change that.

The post-virus recovery will be, for most SMEs, a cat fight.  Most industries will face (for an undetermined period);

  • Lower client/consumer demand;
  • Credit terms will be tightened (reducing float);
  • Debt/financing will be harder and more expensive;
  • Restarting operations with (often) a loss of key personnel, will reduce quality and efficiency;
  • Social distancing rules will often create costs and reduced production, that will produce lower margin;
  • Direct one-on-one selling will be reduced; and the historical sales growth tool (sacrifice margin by dropping price to drive sales) will be less effective, as everyone will be trying to ramp at the same time and you will have less margin to work with.

No current corporate leader has ever faced this daunting of a task.  Like all market corrections, many organizations will fail as their leaders will be unable to adjust to the newest “New Normal.”

For many SMEs, whose point of difference has historically been a person (ie, leader, sales rep) or a price point, finding a new, non-individual, non-price/margin differentiation tool will be the key to survival and capturing market share. In other words, SMEs are going to have to find a way to get buyers to like them more than the other guy. This will be accomplished without depending as much on one-on-one personal relationships and/or a cheaper product, as there will be less direct sales and more competitive discounting.

Custom, one-off, sustainability programs remain cost-prohibitive for SMEs.  But we now have globally-recognized, SME-designed/priced, sustainability certification programs. They are a fraction of the custom program cost (time and money). This allows a SME to become certified sustainable via a credible/legitimate program, at a price that any SME can afford.

With a sustainability certification in hand, the SME can augment its traditionally sales-heavy strategy with a corporate/brand differentiation promotion/marketing program. This will be just like it has seen its bigger brothers successfully do.

Many SMEs will become sustainable because it has become cost-affordable and is the right thing to do.  Others will do so because they have to – it will deliver the biggest competitive bang-for-the-buck in a post-virus environment that will require a new way of showing you are different.

Goodman may be contacted at dgoodman@edenark.com or (844) 722-3937

 

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Drew Limsky

Drew Limsky

Editor-in-Chief

BIOGRAPHY

Drew Limsky joined Lifestyle Media Group in August 2020 as Editor-in-Chief of South Florida Business & Wealth. His first issue of SFBW, October 2020, heralded a reimagined structure, with new content categories and a slew of fresh visual themes. “As sort of a cross between Forbes and Robb Report, with a dash of GQ and Vogue,” Limsky says, “SFBW reflects South Florida’s increasingly sophisticated and dynamic business and cultural landscape.”

Limsky, an avid traveler, swimmer and film buff who holds a law degree and Ph.D. from New York University, likes to say, “I’m a doctor, but I can’t operate—except on your brand.” He wrote his dissertation on the nonfiction work of Joan Didion. Prior to that, Limsky received his B.A. in English, summa cum laude, from Emory University and earned his M.A. in literature at American University in connection with a Masters Scholar Award fellowship.

Limsky came to SFBW at the apex of a storied career in journalism and publishing that includes six previous lead editorial roles, including for some of the world’s best-known brands. He served as global editor-in-chief of Lexus magazine, founding editor-in-chief of custom lifestyle magazines for Cadillac and Holland America Line, and was the founding editor-in-chief of Modern Luxury Interiors South Florida. He also was the executive editor for B2B magazines for Acura and Honda Financial Services, and he served as travel editor for Conde Nast. Magazines under Limsky’s editorship have garnered more than 75 industry awards.

He has also written for many of the country’s top newspapers and magazines, including The New York Times, Washington Post, Los Angeles Times, Miami Herald, Boston Globe, USA Today, Worth, Robb Report, Afar, Time Out New York, National Geographic Traveler, Men’s Journal, Ritz-Carlton, Elite Traveler, Florida Design, Metropolis and Architectural Digest Mexico. His other clients have included Four Seasons, Acqualina Resort & Residences, Yahoo!, American Airlines, Wynn, Douglas Elliman and Corcoran. As an adjunct assistant professor, Limsky has taught journalism, film and creative writing at the City University of New York, Pace University, American University and other colleges.