Sustainability reporting by large and multinational companies has become commonplace over the last decade but for smaller companies, becoming more sustainable can appear more expensive.
Sustainability Reporting: Is it just for the big boys?
Posted on November 16, 2020, by Fawziah Selamat, Sustainability Director
Sustainability reporting by large and multinational companies has become commonplace over the last decade but for smaller companies, becoming more sustainable can appear more expensive.
But are smaller companies really at a disadvantage when it comes to becoming more sustainable?
With fewer resources and reduced leverage and economies of scale to choose sustainable partners or suppliers, it may appear that the odds are stacked against smaller businesses.
But for companies wishing to move towards sustainability, committing to a sustainable- and socially-led approach can be easier for small, nimble businesses than large ones where many more people and structures need to change.
Gauge has found through working with smaller and medium-sized Singapore-listed companies in developing their sustainability plan and reporting on their sustainability milestones that, many already have a sustainability plan in place (even if they don’t know it or initially recognise it as a sustainability plan). And for those starting a sustainability plan from scratch, the transition has been relatively painless and seamless.
This is because many Singapore-listed companies already have policies built into their operations that ensure a high level of protection of economic, environmental, social, and governance values.
What they may not have is a systematic way of recording and communicating their values to the public in a transparent manner that also reflects how successfully and efficiently they have implemented their values across their operations.
Helping businesses do better
At Gauge, our focus is on helping businesses understand their operations better and identifying where and how they can be more sustainable.
Finding the balance between sustainable practices and commercial success is the challenge for any organisation looking to do business better.
We, therefore, help businesses create specific, measurable, and attainable written goals, and develop metrics on how to track the success of their changes.
We also help businesses avoid making unqualified claims by following the Global Reporting Initiative (GRI) Standards. GRI is an international independent standards organisation recognised by the Singapore Exchange (SGX) that helps businesses, governments, and other organisations understand and communicate their economic, environmental, social, and governance impacts.
Benefits of sustainability and reporting
Making sustainability part of a company’s DNA can be beneficial as companies with sustainable policies are less wasteful and have put in place business practices that will stand the test of time.
And by reporting on those policies and practices, companies can unlock the value of sustainability. Internally, sustainability reporting can improve data tracking, which helps companies identify opportunities for improvement, efficiency, and cost-saving.
Proactive and transparent communication about your sustainability efforts also builds trust with your customers while helping to reduce reputation risks.
With less risk, through sustainable management and effective communication, companies can easily attract new investors and tap into new opportunities while also lowering overall costs.
Smaller businesses also need to differentiate themselves from the pack – a good sustainability report can provide the competitive advantage that expands a company’s customer base while also engendering customer satisfaction and loyalty.
At Gauge, we want to see businesses perform at their optimum best, and we will work closely with you to make sure your best is within easy reach.
For more information on how your company can develop a sustainability plan and/or publish your sustainability report, contact Gauge at .
About Us:
At Gauge and Company, we are a leading provider of Accounting and Sustainability Reporting services in Singapore. We are here to help and welcome you to Contact us!
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