Small businesses are increasingly looking to prioritise sustainability to maximise profits, a major report has revealed.
The new research, published by cloud accounting software provider Xero, shows that more than a third (35 per cent) of entrepreneurs see sustainability as an “important” issue.
The report, entitled Business Rewired, suggests that challenges such as climate change, energy efficiency and replenishing resources are becoming a significant selling point of any small business.
According to the paper, the top reasons cited by small businesses becoming more sustainable are efficiency (35 per cent), cost-cutting (34 per cent), and acquiring more customers (26 per cent).
Commenting on the report, study author Emma Gannon said: “Who, and what, we associate with online and offline becomes a part of our core identity. The companies we buy from, the brands we follow on social media and the products we have in our home all say something about who we are. It matters more than ever to associate with something that makes us feel good, and makes us feel like we are doing something – however small.”
Co-author Gerd Leonhard, a futurist, speaker and author, added: “Sustainability is no longer just about the environment, energy or the planet. It is also about technology being humanely sustainable. We need to think about how we can work in ways that don’t drain our resources without replenishing them.”
The study, which explores the trends and challenges facing businesses, also found that the average entrepreneur has invested almost £12,000 of their own money into their business.
Late payments, tax rates and Brexit uncertainty, meanwhile, top the table of greatest concerns reported by business owners.
Click here to access the report.
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