Stephanie Gorski, Strategy Managing Director and Global Strategy Lead for the Software & Platforms Industry at Accenture, highlights the growing importance of brand purpose and environmental, social, and corporate governance (ESG) considerations in consumer purchasing decisions. Research shows that enterprises implementing ESG initiatives are not only benefiting financially but also contributing to a more sustainable future.
However, a significant opportunity lies in supporting Small and Medium Businesses (SMBs) on their sustainability journeys. Despite recognizing the importance of sustainability, less than one-third of the 400+ million SMBs worldwide are actively prioritizing it. Many SMBs lack the knowledge and resources to kickstart sustainability initiatives and are seeking guidance from enterprises.
The research reveals that only a minority of SMBs have integrated sustainability into their brand identity or are taking basic environmentally conscious actions. While some SMBs are engaging in initiatives like recycling and employee education, the majority are yet to implement any sustainability practices due to challenges such as time constraints, financial limitations, and the lack of clear metrics.
Enterprises can play a crucial role in helping SMBs overcome these barriers. By assisting SMBs in identifying funding opportunities, sharing their own sustainability journeys, facilitating knowledge exchange among SMBs, and providing tools for measuring and reporting sustainability impacts, enterprises can empower SMBs to embrace sustainability more effectively.
As consumer awareness around sustainability continues to grow, SMBs that do not take action may face consequences. The majority of SMBs express a willingness to make meaningful sustainability progress but require support and guidance. This presents a significant opportunity for enterprises to engage with SMBs in a new and impactful way that benefits not only the businesses involved but also the planet.
