By Dr. Wilson Chew
Companies and regulators have made considerable progress in
adopting sustainable growth models.
However, for many SMEs, sustainable growth remains an aspiration,
rather than a necessity, largely due to cost issues.
The answer lies in examining the company’s corporate strategy.
Abstract
This article underscores the critical role small and medium-sized enterprises (“SMEs”) must play in advancing sustainable business practices. Businesses worldwide face increasing pressure to incorporate sustainability into their corporate strategies. While large corporations have made notable progress in this area, SMEs—comprising 99% of Singapore’s enterprises and employing 70% of its workforce—hold immense potential to drive widespread change.
However, SMEs encounter several challenges in adopting sustainability, including a limited understanding of its broader scope beyond environmental concerns and the perception that sustainability initiatives are costly and secondary to survival. The article argues that sustainability should be integrated into corporate strategy from the outset.
Ultimately, by institutionalising sustainable practices early, SMEs can position themselves for long-term success while contributing meaningfully to global sustainability efforts.
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