Home topics news Image credit: Canva News Workplace News Small business sustainability in a COVID-19 world: Australia Post and Banksia Foundation Dahlia Jovic February 1, 2021 New research by Australia Post and the Banksia Foundation looks at key issues that SMEs are facing when it comes to small business sustainability in a post-COVID world. The study shows that almost half of SMEs in Australia, which make up 98 per cent of businesses and employ almost half of the nation’s workforce, see sustainability as a key driver for their future growth and success. The Small business sustainability in a COVID-19 world report, which is part of a broader effort by the researchers to advance the UN Sustainable Development Goals (SDGs), suggests that sustainability is critical for the long-term survival, security, and competitive advantage of small businesses . Key findings 1. Operating responsibly The small business sustainability report found that SMEs are motivated to operate responsibly for three main reasons: Balancing purpose and profit: profit is crucial to ensuring financial sustainability for all businesses, but many SMEs are seeking to balance purpose and profit by establishing themselves as a force for good. Changing stakeholder expectations: a shift in generational thinking means more conscious consumers and purpose-driven employees who expect SMEs to be proactive in their sustainable practices. Future-proofing the business: SMEs recognise that sustainable business practices are necessary for long-term survival, but they can only thrive if the communities they serve and operate in are also sustainable. SMEs identified three important issues