Ahead of the highly anticipated CommBank SmallBiz Week 2023 in Melbourne on 23-25 May, the Commonwealth Bank of Australia (CBA) has taken a major stride in assisting small and medium-sized enterprises (SMEs) in their sustainability journey. The prestigious financial institution has unveiled the groundbreaking Sustainability Action Tool, a game-changing solution designed to embed sustainability practices into the very core of SME operations.
Insights and Solutions to Overcome Barriers in Embedding Sustainability for SMEs
In a recent study conducted by the CBA, it was revealed that the primary pain points hindering SMEs from embracing sustainability are the cost of transitioning to sustainable practices, the challenge of finding reliable sustainable suppliers, and the lack of time and resources. With these obstacles in mind, the CBA Sustainability Action Tool has been developed to address these concerns head-on, empowering small business customers to identify sustainable choices suitable for their unique processes and operations.
The tool leverages a user-friendly interface that presents a series of straightforward questions to SME owners. Based on their responses, the Sustainability Action Tool offers valuable insights, resources, and actionable steps tailored to the specific needs and circumstances of each business. Initially focusing on energy, transport, and waste management, the tool will subsequently expand to cover an extensive range of sustainability topics such as supply chain management, product design, and employee wellbeing.
CBA’s Commitment to Empowerment and Environmental Impact
Kerryn Saward, an executive at CBA, emphasized the growing interest and implementation of sustainable practices within the SME community. She stated, “It’s clear small business owners have a strong interest in sustainability and are already implementing sustainable practices in their business.” This sentiment is reinforced by CBA’s own data, which reveals a doubling of electric vehicle financing for small businesses on a yearly basis.
Furthermore, Saward emphasized that small business owners are seeking practical and tangible sustainability solutions that can be seamlessly integrated into their operations with minimal effort and time. These entrepreneurs also desire access to knowledge and information that will steer them in the right direction when aligning themselves with the right businesses.
By utilizing the CommBank Sustainability Action Tool, small business owners can identify immediate and long-term changes that have the potential to generate a significant positive impact on both the environment and business costs. Such changes include conducting energy audits with energy providers, adopting advanced technologies like cloud computing services, and discovering effective strategies for reducing or disposing of hard-to-recycle waste.
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The initial phase of the CommBank Sustainability Action Tool will be made available to all NetBank users in May, with new content continuously added from July onwards. This launch follows CBA’s recent introduction of Green Vehicle and Equipment Finance, a financing solution designed to support businesses of all sizes in their pursuit of sustainability and increased productivity.
Furthermore, in a remarkable move to stimulate the growth of sustainable practices among small businesses, the Australian government has extended the Instant Asset Write-Off scheme as part of the Budget 2023. This means that small businesses with an annual turnover under $10 million can now immediately deduct the entire cost of eligible assets valued at less than $20,000.
As the countdown to CommBank SmallBiz Week 2023 in Melbourne commences, it is evident that the launch of the Sustainability
