What are the challenges for small UK firms in 2024 around sustainability and ESG, and how can we help?

• Increased regulation: The UK government is committed to making the UK a world leader in sustainability, and this is likely to lead to increased regulation for businesses of all sizes. This could include new requirements for businesses to disclose their environmental and social impact, or to set targets for reducing their emissions or waste.
• Changing customer expectations: Consumers are increasingly demanding that businesses take responsibility for their environmental and social impact. This means that businesses that are not seen to be sustainable could lose out on customers.
• Increased competition: Businesses that are seen to be sustainable will be more attractive to investors and partners. This could give them a competitive advantage over businesses that are not seen to be sustainable.
• Risk management: Businesses that do not take sustainability seriously could face increased risks, such as reputational damage, supply chain disruptions, and legal liability.

We help our clients to address these challenges in a number of ways:

• Provide guidance on regulation: Accountants can help businesses to understand the latest sustainability regulations and to comply with them.
• Help businesses to measure their impact: Accountants can help businesses to collect data on their environmental and social impact, so that they can track their progress and identify areas where they need to improve.
• Develop sustainability strategies: Accountants can help businesses to develop sustainability strategies that are aligned with their business goals and that are achievable within their budget.
• Provide assurance on sustainability reporting: Accountants can provide assurance on businesses’ sustainability reports, which can help to build trust with stakeholders.
• Connect businesses with sustainability resources: Accountants can connect businesses with sustainability resources, such as government grants, training programs, and networking events.

By providing some or all of these services, we help small businesses to become more sustainable and to thrive in the 21st century economy.

In addition to the above, we also try to help:

• Identify and manage sustainability risks: Accountants can help businesses to identify and assess the risks associated with their environmental and social impact. This can help businesses to develop mitigation strategies and to avoid or reduce the impact of these risks.
• Access sustainable financing: Accountants can help businesses to access sustainable financing, such as green loans and bonds. This can help businesses to invest in sustainability initiatives and to decarbonise their operations.