New business opportunities driving sustainability amongst SME’s
The main driver behind UK SMEs implementing sustainable practices is the new business opportunities it brings, according to new research.
Results of the research, carried out by Lloyds TSB Commercial, found that 70% of SME’s are adopting a sustainable approach to secure new business, while 54% are becoming sustainable to save money.
The survey also found that 52% are carrying sustainable practices to generate good staff morale, while 22% look to fulfil a personal interest in environmental matters.
Looking at corporate responsibility, the research found that 60% of SME’s said that they had implemented some sort of sustainable practice into their organisation, while 48% of these acknowledged that they could do more.
However, 42% of the UK’s small businesses surveyed said that they had little or no understanding of sustainability.
When asked whose responsibility it was to implement a sustainable approach within an organisation, the highest proportion of respondents (35%) said everyone within the business should get involved.
Senior manager for sustainable development at Lloyds Banking Group, Karen Cook, said: “This new research highlights that many firms throughout the UK are already adopting a sustainable approach and enjoying the benefits that this provides, such as the chance to secure cost savings and new business opportunities.
“But there is clearly more work to be done to both educate small businesses on what sustainability is and how it can benefit them, and also to provide them with guidance and support in taking a more sustainable approach,” she added.
© Faversham House Ltd 2022 edie news articles may be copied or forwarded for individual use only. No other reproduction or distribution is permitted without prior written consent.