From GreenBiz.com: “Small- and medium-sized enterprises are placing more emphasis on sustainability and its paying off on the bottom lines says their accountants. Three international accounting bodies have released a comprehensive research report underlining the growing emphasis small- and medium-sized enterprises are placing on sustainability as it becomes increasingly crucial to business performance
The report, titled “SMEs Set Their Sights on Sustainability: Case Studies from the U.K., U.S. and Canada” was issued by the Chartered Institute of Management Accountants (CIMA), the American Institute of Certified Public Accountants (AICPA), and the Canadian Institute of Chartered Accountants (CICA).
It uses concrete examples to show how smaller companies can lead the market and become champions of sustainable practice. It also reveals how the finance function can play a central role in this process.
The report focuses on nine case studies — three each from the U.K., U.S. and Canada — showing smaller companies who are taking different approaches to the same core issues, all using sustainable practices to their advantage.
While compliance with regulatory requirements remains the most common driver of business sustainability, profitability and other strategic factors are increasingly significant.
A sustainable business is more robust and more efficient; it appeals to customers’ changing values, strengthens relationships with suppliers and positions the brand as a good corporate citizen, notes the report. It can reduce the variable costs of running a business while driving profitability.
The report builds on a joint survey completed at the end of last year. The survey by the three accounting bodies revealed that 33 percent of smaller companies involved had a sustainability strategy in place, and an additional 23% had plans to formulate a strategy in the next two years, emphasizing that sustainability is a growing priority.”
For the full article by Frank Came for GreenBiz.com, please click here.
The American Institute of Certified Public Accountants is a Green Plus Mover and has collaborated with The Institute for Sustainable Development & Green Plus on a national, sustainable business case competition featuring the Umstead Hotel & Spa, a Certified Green Plus business.
The Institute for Sustainable Development / Green Plus