To help small businesses across New York State implement sustainability initiatives, two Ithaca College School of Business faculty members, with a grant from HSBC, are exploring what motivates small businesses to adopt sustainability practices. The study, “Sustainability in Small Businesses: Developing a Model of Success,” is the first of its kind and is a collaboration between HSBC and IC’s Narges Kasiri, associate professor of management, and Hormoz Movassaghi, professor of finance and international business.
Sustainability has gained traction throughout the U.S., with an increasing number of businesses adopting best practices including retrofitting existing structures and constructing new “green” buildings, using renewable energy, conserving water and recycling. While many large, multinational companies have been public about their sustainability commitments and the resulting cost savings, more small and mid-sized enterprises (SMEs) are now considering their sustainability efforts when reviewing their annual operating plans.
“SMEs are responsible for most of the pollution on earth; they are collectively culpable for approximately 60 percent of total carbon dioxide emissions and an alarming 70 percent of total pollution,” said Movassaghi. “This study will demonstrate the most successful sustainability solutions New York SMEs have experienced and will uncover the most significant barriers SMEs encountered in adopting such solutions.”