Sustainability strategies are becoming increasingly important for businesses of all sizes but for small to medium sized enterprises (SMEs), the challenge of developing and implementing one can often feel overwhelming.
According to research by the SME Climate Hub, the top reasons SMEs struggle to implement effective action include a lack of skills and knowledge, limited access to funding and time constraints. In addition, SMEs face other challenges such as limited supply chain visibility, lack of employee engagement and the potential of low customer demand.
Despite the challenges, there is a tremendous pressure for SMEs to act on sustainability. Collectively, SMEs account for over 90% of business worldwide and affect the livelihoods of more than 2 billion people. It is, therefore, crucial that SMEs consider sustainability sooner rather than later. Taking action not only benefits the environment but also leads to a wide range of additional benefits.