More firms will move to embrace sustainability within their business as customers are increasingly influenced by green credentials, Time Finance predicts.
Conscious consumerism is on the rise and affecting the propositions of small businesses as well as their investment in sustainability, the alternative finance provider found in its latest annual Going Green survey.
The survey showed that 82% of customers believe it is important for businesses to have green credentials (up from 45% in 2021), and 70% claim their sustainability commitment influences their decision to buy from businesses.
This is impacting firms’ investment choices in 2023. Half of businesses said that they plan to invest more time and money into their green strategy this year.
The new data comes ahead of the anticipated release of the Government’s review of its 2050 Net Zero target, which is expected to provide clarity on how the UK – particularly businesses – can reduce carbon emissions in a ‘pro-business’ and ‘pro-growth’ manner.
Ed Rimmer, CEO at Time Finance, said: “There is a growing responsibility for businesses to operate more sustainably, particularly given the Government’s ambitious target to achieve Net Zero by 2050. We can see that this is increasingly reflected in buying behaviours with the majority of businesses and consumers now choosing to buy from businesses that are taking steps to reduce their impact on the environment.
“With statistics like these, businesses can’t afford not to invest in their sustainability.”
Rimmer added the investment needs not come at the cost of their other investment priorities. He said: “There are many funding opportunities available to assist businesses; whether they are looking to secure new, more environmentally friendly equipment, revamp processes to reduce carbon emissions or have the funds to enter into new relationships with greener supply chain suppliers.
“Times remain tough, and few businesses are in the fortunate position of drawing on spare cash to invest in sustainability which is where funders like Time Finance can come in.
“Remaining competitive, against a backdrop of economic challenges, will be vital to a business’ survival and success in 2023, so it is essential that they have the confidence and the financial support to invest in their future.”
