Channel sales teams hoping to pitch to SME’s might want to come in with a sustainability angle.
The latest SME Insights Report puts sustainability as a powerful factor driving the actions and strategies of small and medium-sized firms (SMEs) in the UK business sector.
The report said that three-quarters of UK small business owners say sustainability is a cornerstone of their business strategy.
However, this fervent commitment poses a challenge – the prohibitive cost of implementing “green” business infrastructure – that stands in their path.
The insights are gleaned from the SME Insights Report, which questioned over 1,000 UK small business owners. Financial costs stood out as a drag on their sustainability efforts for more than half (57 per cent) of small businesses.
SMEs cited customers’ limited interest in sustainable solutions (16 per cent), a lack of time (26 per cent), and a lack of expertise or experience (25 per cent) as another drag.
Only 13 per cent of small businesses claim they have achieved their sustainability goals. To achieve this, some had to reluctantly compromise on environmental practices to maintain cost-effectiveness.
Aside from sustainability struggles, the report found additional challenges in the sector.
The growing cost of living is viewed as the most significant challenge by almost half of SME owners. The report revealed that more than half believe that rising taxes, interest rates, and inflation are eroding business margins.
A quarter of small business owners fear they may be compelled to close their doors if the prognosis for their company does not improve, which could be a blow to the UK economy.
