According to new research the main reason for UK SMEs introducing new sustainable practices within their company is the new work and opportunities it brings.
The research was carried out by Lloyds TSB commercial. The research discovered that 70% of SMEs are starting to incorporate some form of sustainability practices to secure new business, while a further 54% are becoming sustainable in order to lower their operating costs. The research also showed that 52% are using sustainability practices in order to increase team morale with a further 22% using it to fulfil personal interests in preserving the environment.
The research also showed that corporate responsibility is a huge driver towards sustainability practices, with 60% citing corporate responsibility as one of the main reasons and 48% admitting that they could do more.
The big problem is that, even though many companies are starting to incorporate or look at sustainable practices, a staggering 42% of companies surveyed had little or no understanding of sustainability. When asked who was responsible for sustainability within their company, the highest proportion (35%) believed that everyone in the business should be involved to some extent.
Karen Cook, Senior Manager for Sustainable Development at Lloyds Banking Group, 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. However 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.
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