Abstract

In order to develop, continue to grow and remain competitive, companies must start a process of transition towards sustainability with a new management approach, attentive not only to the company’s income and financial values but based on an attitude of openness to dialogue and relationships with internal and external stakeholders, therefore focusing their strategies on ESG factors. SMEs are also involved in this process of change and are increasingly required to communicate information on their sustainability performance to the market, understood as information relating to impacts, risks and opportunities linked to the environmental, social and governance impact of their activities. The current Italian regulatory framework does not require unlisted SMEs to prepare a Sustainability Report, although increasingly SMEs are voluntarily drawing up Sustainability Report or similar document. SMEs, as well known, are a pillar of the Italian and European economy and of global value chains and play a key role in the challenge to sustainability transaction that without their full involvement, simply not occur. For SMEs, this challenge to change represents an incredible opportunity to acquire or consolidate their competitive advantage, not only for the innovative push that a sustainable approach produces, but also to ensure access to certified supply chains, better financing conditions, strategic partnerships with public and private entities. In this context, it becomes essential for SMEs to measure the impacts that ESG factors will have on their activities and, to for this purpose, it will be appropriate to use ESG metrics even if they do not plan to publish a fully external Sustainability Report. To support these companies, EFRAG has developed a draft of voluntary reporting standards for unlisted SMEs (VSME), which not only facilitates dialogue with banks but also responds to the information needs of investors and business partners. However, one of the main obstacles for SMEs in integrating sustainability lies in cultural and mental barriers, often linked to management models rooted in the past. In this context, the support of expert sustainability consultants plays a crucial role in helping SMEs overcome these barriers, proposing a rethinking of business priorities. In conclusion, while SMEs face cultural and structural challenges, the assistance of qualified sustainability consultants can make the difference. Not only do they support the draw up of Sustainability Reports, but they also provide strategic guidance for taking advantage of ESG opportunities. Consulting therefore becomes not only a cost, but an investment capable of generating tangible and intangible value for the company.