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December 18, 2023

2024 Guide for SMEs: How to get started on ESG

The New Year is the perfect time for small and medium-sized enterprises (SMEs) to embrace positive change and adopt new practices. Here is a guide for SMEs on how to get started on ESG data reporting and unlock the many benefits that come with it.

1. Select an ESG & CO2e data reporting provider

The foundation of effective ESG reporting lies in choosing a reliable partner that is committed to reporting quality data. Look for providers like Omnevue that generate financial-grade, auditable ESG and CO2e data. This ensures the same accuracy, consistency, and professionalism in reporting ESG & CO2e data as you would expect in financial reporting. The right partner will lay the groundwork for your journey towards sustainability and responsible business practices.

2. Better data, better decisions

Once you’ve partnered with a reliable ESG data reporting provider, leverage the data to analyse and benchmark your performance. Identify trends, strengths, and areas for improvement within your ESG and CO2e footprint. By gaining a comprehensive understanding of your environmental and social impact, you empower your business to make informed decisions that contribute to both sustainability and profitability.

3. Set KPIs and action plans

Having data is just the beginning; the next step is to set Key Performance Indicators (KPIs) and develop action plans internally. Establish clear goals for reducing CO2e emissions and improving other ESG metric scores. Ensure that these goals align with your overall business strategy and values. By setting measurable targets, you create a roadmap for your company’s sustainable growth.

4. Make informed decisions across the business

ESG data is a powerful tool that goes beyond mere compliance. Use it to make informed decisions across various business functions. For example, identify opportunities to save money through energy-efficient practices or sustainable supply chain management. Financial-grade, auditable ESG data not only enables you to make positive decisions regarding the environment, it can also impact your bottom line.

5. Enjoy the benefits

As you progress on your ESG data reporting journey, reap the benefits that come with it. Use your ESG & CO2e data to showcase your commitment to sustainability, attracting new customers who prioritise responsible business practices. Enhance your reputation and access new capital as investors increasingly seek companies with strong ESG performance. Ultimately, integrating ESG into your business strategy can lead to increased profitability and long-term success.

Cheers to a year of growth, positive impact, and success!

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