Small companies are actively harnessing sustainable practices and products to achieve growth, according to a new HSBC report.
The bank surveyed 1400 decision makers, representing 11 industries – including the food sector, working across 14 countries. And 59% of them said ‘adopting sustainable business practices such as offering more environmentally friendly products and services will boost profits’. These feelings were strongest among SMEs based in India, Saudi Arabia and Canada.
“The importance of building sustainable practices into their immediate and long-term strategies has become a no-brainer for business leaders. That’s what customers are demanding, and that’s how businesses will find growth to compete in today’s economy. It is positive to see smaller firms are not only aware of sustainability as a potential game-changer, but many are already capitalising on trends and taking action,” said Bryan Pascoe, Global Head of Client Coverage, HSBC Commercial Banking.
He added: “What we, at HSBC, are doing is helping these firms take this further. That means working with them to look at their entire ecosystem to identify efficiencies in their supply chains, adapt their product offering, and meet the sustainability standards expected by their buyers.”