The need for responsible SME’s

In the recent years, paying attention tot their social and environmental responsibility has become quite essential for almost all businesses. It started within specific sectors, where major disasters took place. Such as scandals surrounding child labor (Nike) and the collapse of Rana Plaza in Bangladesh for the textile industry. It was a wake-up call for the industry as a whole. Over 200 big brands such as H&M and C&A signed the Bangladesh Accord after this disaster. It is a five-year independent, legally binding agreement between global brands and retailers and trade unions designed to build a safe and healthy Bangladeshi Ready Made Garment (RMG) Industry.

As time passes, smaller enterprises (SME’s) are also looking at their social and environmental responsibilities. Among other things due to these type (Rana Plaza) of scandals that have attracted the public concern, the media and politicians and the evidence on climate change. There is a widespread demand for more responsible enterprises. It is not just about profit anymore. It is becoming more and more about the relationships between businesses and society. There is a growing demand for more transparency, accountability, engagement with society and moral and value-based businesses.  This phenomenon started with its focus on large (multinational corporations) but is shifting now as well towards small and medium sized companies. Big organizations may have a larger reach but SMEs have the advantage of being small and able to respond quickly and agile without the bureaucracy.

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