The Economic Voice: One in four British small businesses say sustainability is a top priority for 2014

A quarter of British small businesses cite sustainable business practices as one of their top priorities for the coming year, reflecting a renewed confidence and a desire to focus on developing their businesses' in the New Year, according to new research from Lloyds Bank Commercial Banking.

However, the findings show that many businesses are still focused on traditional 'green' activities, including energy saving and recycling rather than the broader range of sustainable business practices relating, for example, to supply chains and sourcing. It also highlights the fact that there are still businesses who do not believe there are any benefits to be gained from implementing such practices.


The benefits reported

Most businesses that have implemented sustainable business practices (87 per cent) believe there are clear benefits in doing do:

• Over half believe it helps reduce their costs
• More than two fifths cite that it makes a positive contribution to the environment
• Just under a third feel it makes them a more attractive employer
• A quarter believe it makes a positive contribution to the community

The risks of over looking sustainability

Similarly, nearly nine out of ten businesses believe that ignoring sustainable business practices can be a risk:

• Nearly half believe it could have a negative impact on their costs
• Just under a half think it may harm their profits
• Over a third believe it may harm their profits
• A third cite that it could have an impact on compliance with relevant legislation
• A fifth believe it improves their brand perception

Future prospects

Looking forward, a third expect to increase their investment in sustainable business practices over the next five years, while two fifths of businesses expect their investment to remain flat. Only a small minority think they will cut back on spending in this area.

Of those businesses that still have no sustainable business practices, more than two fifths say they will start investing over the next five years. The key motivations for these future investors are to reduce costs and increase profitability; and also to make a positive contribution to the community.

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