PROMOTING FINANCIAL SUSTAINABILITY AMONG SMALL AND MEDIUM-SIZED COMPANIES AND THEIR ESG

Abstract

Purpose –This study aims to investigate ways to effectively involve small- to medium-sized firms (SMEs) in business strategies that enhance their social and environmental sustainability.

Design/methodology/approach –This paper is a conceptual review of the business case for sustainable development that has been offered to the business world. The paper describes the unique features of SMEs that indicate the need to reframe the case for socially and environmentally sustainable business practices for SMEs,

Findings –Since the business case for SMEs differs from that of large corporations, they require special consideration when it comes to business strategies for sustainable growth. Tools created to promote SMEs' sustainability must also take into account the fact that they have distinct resources and profiles than bigger organizations.

Research limitations/implications –Since the idea of sustainable development encompasses the majority of the problems that our societies face, there are countless opportunities for businesses to design plans that will influence - and ideally enhance - their social and environmental performance.

Practical implications –This review may assist and provide suggestions to owners and managers of SMEs to tree valuate their entire company strategy by including sustainability in their fundamental principles and activities as well as putting such a plan into practice.

Originality/value –This essay reviews the current arguments and prospects for business strategies that promote sustainable development and applies them to the practicalities of small- and medium-sized enterprise (SMEs) operations.

Keywords: Small and medium-sized businesses, management strategy, and sustainable development