Sustainable Entrepreneurship for Successful Businesses with PKF BOFIDI

What is Sustainable Entrepreneurship?

Sustainable entrepreneurship goes beyond profit-seeking. It includes environmental impact, impact on stakeholders, and good and transparent corporate governance (ESG). Finding a balance between these pillars is crucial for true sustainability.

Are Flemish SMEs engaged in sustainable entrepreneurship?

A HOGENT study reveals that many Flemish SMEs actively communicate about sustainability. The study highlights notable differences between sectors, with transport and trade placing more emphasis on sustainability than hospitality and administrative services. Overall, we can observe that this communication is often still ad hoc and not structured.

What opportunities does sustainable entrepreneurship offer?

• Cost reduction: Sustainable entrepreneurship, such as investing in renewable energy and employee well-being, leads to cost savings.
• Risk reduction: Sustainable entrepreneurship minimizes environmental and collaboration risks, increases attractiveness for future generations, and prepares for regulatory changes.
• Developing new ideas: Sustainable thinking goes beyond operations and can stimulate product innovation, with greener products often receiving more customer acceptance.
• Improving your brand and reputation: Investments in the environment, employee well-being, and good corporate governance attract positive attention and are crucial for value assessment.
• Sustainable entrepreneurs are more resilient and flexible: In line with EU ESG guidelines, sustainable practices become a competitive advantage, increase resilience, and foster rapid adaptation to challenges.

How can entrepreneurs effectively move forward with this?

The HOGENT study shows that many companies are already taking steps towards sustainability. However, it is often a challenge to identify the next steps and communicate transparently about the current sustainability status. Given the discussed opportunities, investing in this process is worthwhile. An expert can help with a thorough analysis, drafting a report, and determining areas for improvement in the coming year. Defining an effective sustainability strategy is crucial for success in the years ahead.