Some 85% of small businesses say that they plan to invest in sustainability projects during 2024, with energy efficiency at the top of their priority list, a new study by Novuna Business Finance has found.
One third (33%) of businesses said that they are planning to invest in solar or renewable energy, with more than a quarter (26%) focusing on improving the insulation of their premises, and a similar percentage (24%), planning to overhaul their heating systems.
In addition to reviewing energy consumption, 23% of small business owners are also exploring ways to streamline production to reduce water usage for the upcoming year.
In terms of transport, some 28% of respondents said that they are considering switching to electric vehicles, with a quarter (25%) eager to install electric charging points at their premises.
‘Head of sustainability’
More than a fifth (22%) of small businesses said that they plan to appoint a ‘Head of Sustainability’ to their operations, as they seek to improve sustainability strategy at their businesses.
Other findings include that more than a quarter of respondents (27%) are planning to invest in new equipment and machinery that are more sustainable. This was most prevalent in four industry sectors – media and marketing (44%), agriculture (38%), manufacturing (33%) and IT/telecoms (33%).
The study surveyed 1,000 small business leaders, inquiring about investments they were contemplating making in the next year to enhance their sustainability credentials.
Prioritising sustainability
“Last year presented many small businesses with a challenging economic context, but despite this our study suggests many business owners are prioritising sustainability for 2024,” commented Joanna Morris, head of insights at Novuna Business Finance.
“It makes business sense but also it is the right thing to do. After two years of soaring energy prices, the focus on efficiency measures here is pragmatic. It is also significant that many small businesses see value in appointing a Head of Sustainability to give their work a more strategic focus – and investing in new assets and machinery.
“We are all on a collective journey towards sustainability and this research provides valuable insight into a how small businesses see these important issues and understand how we can better support them achieve their goals.”
Why does sustainability matter to you and your business? Read www.sustainabilityonline.net to find out.
