Let’s unleash the power of small businesses

As the High Level Political Forum takes place in New York, it is clear that more needs to be done to get the United Nations Sustainable Development Goals (SDGs) back on track.??

The latest UN progress report on the SDGs has highlighted that there needs to be a ‘surge in implementation’ to drive action – and I believe that small businesses are critical to achieving this.?

Amid intense discussion on policy and finance, the role of small businesses as pioneers is too often forgotten. Ninety per cent of businesses globally are SMEs, employing 70% of the world’s workforce and contributing over 50% of global GDP. I am proud to lead one of them.?

If we are serious about tackling the SDGs, we need to help every small business leader to act – removing jargon and impossible starting points, and supporting everyday steps to reduce energy use, switch to renewable sources, cut waste and pay a living wage.??

Beyond that, we need our size to be recognised as a superpower, enabling agility, flexibility and freedom to quickly respond to the opportunities found in new business models and solutions that work for both people and planet. We can move at a speed that is almost impossible for large businesses.?

There are already multiple examples of small businesses taking the lead on innovation. With close links to their colleagues and communities, social entrepreneurs have real insights into the challenges on-the-ground and are well-placed to devise ingenious solutions that are genuinely relevant for their customers.

For us, as a PR business using the power of communications to protect and improve lives, we took the decision to go beyond tackling Greenhouse Gas emissions within our operations (which are very small) to include our suppliers and our clients, maximising our professional skills. We have made our plans and progress open source in case they are useful for others to use.?

Globally, there are now 10 million social enterprises, with an annual revenue of $2 trillion. The sector is more than twice the size of the $875 billion advertising industry and larger than the $1.57 trillion fashion industry. One in two of these purpose-led businesses are run by women.??

Now is the time to give the pioneering small businesses a seat at the table, alongside policymakers, investors and large businesses, and increase access to the knowledge, networks and finance they need to accelerate progress.?

We need to build a future fit economy that supports everyone. Let’s unleash the power of small businesses as quickly as possible.

By Amanda Powell-Smith, CEO of Forster Communications and UN Global Compact Network UK Sustainable Development Goal Pioneer, SMEs, 2024?