A recent study by Deloitte - How consumers are embracing sustainability, found that nearly 1 in 3 consumers claimed to have stopped purchasing certain brands and products because of ethical or sustainability related concerns about them.
Small businesses will continue to come under pressure to adopt sustainable practices and supply chain transparency. This pressure will not only come from consumers but also larger corporations within their supply and value chains, as the environmental performance of small businesses will now also impact their own sustainability metrics.
Supply chains on average can hold between 80-90% of emission reductions for both small and large businesses alike, which is why it is so important for small businesses to start working with their suppliers to make significant changes as soon as possible.
You can look to improve your supply chain by screening and evaluating your suppliers’ environmental credentials, to help you better understand how sustainable their products and services are. You can then use this verification to demonstrate to your customers that you are taking environmental impact seriously, and also better verify the sustainability of your supply chain for your own carbon footprint analysis.
As a small business, you have some advantages over bigger companies; especially if you’re a micro business or start-up. Small businesses can often react quickly to change and are not as tied to historical supplier relationships that place limitations how you do things.
This means you might have greater control when it comes to suppliers and business partners.
But remember, there is a very strong chance that your business is part of the supply chain of another, and you will be under equal scrutiny by companies associated with your business. Therefore, its critical to practice what you preach, and integrate sustainability measures throughout your business and place the same expectation on yourself as you do with your suppliers.