Small to medium-sized businesses (SMEs) have a crucial role to play in sustainability, despite some thinking they are too small to make an impact. SMEs make up around 90% of businesses globally; while individual SMEs may have a smaller impact compared to larger corporations, their collective action can have a significant effect on environmental impact.
In this episode, our host Will Richardson explores the question: are you ever too small to make a difference? To shed light on this topic, he is joined by two experts who assist SMEs on their sustainability journeys: Sarah Whale, Managing Director of Profit Impact, and Andy Hawkins, Chief People, Planet, and Purpose Officer at Business on Purpose.
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Highlights:
- Sarah and Andy both share the belief that no business is too small to make a difference.
- Sarah emphasises that it starts with individuals and their actions, regardless of whether they belong to a big corporation or work independently.
- Andy illustrates this by using an analogy of playing football without a goalkeeper, where even individual contributions add up to make a significant difference. He cites historical figures like Nelson Mandela and Florence Nightingale who made a tremendous impact despite being part of a bigger system.
- Many business owners find it challenging to make sustainability a top priority. Sarah and Andy agree that time restraints, prioritisation, and limited resources are common challenges for SMEs.
- Will points out that some businesses may consider financial constraints as a reason for not prioritising sustainability, however engaging in sustainable practices can strengthen a business’s financial position.
- Andy adds that B Corps have reported positive financial outcomes, trading at 28% above GDP. He plans to conduct research to further investigate these benefits and explore the barriers that prevent businesses from measuring and improving their social and environmental impact.
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