Every SME can take simple steps towards sustainability
Consumers are becoming evermore eco-conscious, as many companies alter their product offerings and practices, with sustainability increasingly becoming a valuable and important part of any organisation’s business model.
Despite this, a survey by YouGov – conducted during the pandemic – showed that SMEs in the UK continue to fall short when it comes to setting sustainability targets. According to the research, 40% of SMEs do not currently have a sustainability plan in place, with 30% openly admitting that they have no intention of developing or adopting one.
SMEs are a powerhouse for the UK’s economy, as smaller businesses make up 99.9% of the business population. They employ over 16.8 million people and generated £2tr in turnover in 2020 alone. If every SME made a greater commitment to the UN’s Sustainable Development Goals, even just taking a few small initial steps, it would contribute greatly towards battling the environmental, economic and social sustainability issues that we now face globally.
This latest helpful online guide, from SME financier 365 Business Finance, offers simple but effective tips for change to assist SMEs in becoming more sustainable and resilient, future proofing their business as climate change and other challenges become more prominent in the lives of the next generation: How SMEs Can Adopt Sustainable Development Goals (SDGs) | 365 Business Finance.
Although smaller businesses are not always in a financial position to commit to and implement big sustainability initiatives, particularly in the wake of the coronavirus pandemic, there are initial steps – which do not require great financial investment – that can be taken to kick-start an SME’s journey towards achieving sustainability goals.
Managing director at 365 Business Finance, Andrew Raphaely, said, “While all eyes are on COP26 taking place in Glasgow, many businesses are being driven to think of the environment and how they can do more when it comes to sustainability and setting their own targets.
“The benefits for SMEs of developing and striving to achieve sustainability goals include improved brand image, reduced costs if lowering the consumption of resources in the work place, and of course preparing for the future by keeping up with updated government commitments and the needs and visions of employees wanting to make a difference.”
As a trusted and leading lender to small and medium sized businesses across the UK, 365 Business Finance offers merchant cash advances, which are a form of flexible finance with no APR or fixed terms. Although mainly used for cashflow management, the purchasing of stock and equipment, and for the refurbishment of premises, as SMEs grow in size they may also look to use some finance to support the growth of their initiatives surrounding sustainability.