Sustainability is set to be a top priority for around a quarter of small and medium enterprises (SMEs) in 2014, according to a study.
The research, compiled by Lloyds Bank Commercial Banking, found that a third of firms plan to increase investment in this area over the next five years, with 78 per cent of respondents revealing that current levels account for less than five per cent of their annual turnover.
Nearly 90 per cent of SMEs felt as though their operations could suffer if they continued to ignore the issue, with brand perception, the ability to maintain competitive edge and company profits all at risk of being harmed.
Lloyds’ external relations director Stephen Pegge said: “Businesses clearly see the benefits of sustainability, and they are carrying out their environmental responsibilities through recycling and being energy efficient.”
He added that the practice could be further extended to include work with charities, the community, supply chains and future apprenticeship schemes.
Posted by the Secret Businessman