SME Sustainability Reporting
Christian Felices
Sustainability | PhD in Business (coming soon *fingers crossed*) | Nature-Based Solutions & Sustainable Business Practices | EU Sustainable Places 2023 | UN PRiME Colloquium 2024
Sustainability for SMEs is often a natural course of action right? Yes & no…
While sustainability is often engrained in the business it is not presented or reported to stakeholders. Indeed, only 10% of SMEs carry out monitoring and reporting of sustainability practices (GRI, 2018) yet SMEs in Wales represent 99.4% of businesses, 60.7% employment opportunities and 40.6% GVA (Welsh Govt, 2017).
But if it is engrained in our business why do we need to report it?
The answer to this is twofold – Many SMEs are suppliers to and stakeholders of larger or multi-national enterprises (MNEs). Thanks to global initiatives these MNEs are now encouraged/ expected to select suppliers based on sustainability and ethical practices. Which leads us to the second reason – ROI. strong sustainability practices and reporting will ensure that your SME acquires competitive advantage and will be in demand.
Further to this, public and consumer behaviours are changing, decisions are being made with a social and environmental conscience. We are finally seeing the big picture!
Isn’t sustainability reporting complex and arduous?
It doesn’t have to be if you plan and prepare wisely…
As part of my doctoral research I will be offering mentorship and consultancy sevices to SMEs throughout South Wales.