Now is the time to innovate for a sustainable future
IF anything, the on-going pandemic has accelerated transformation in the global business landscape, as Covid-19 throws one curve ball after another at the economy.
Despite all the disruptions, the winning SMEs at this year's Enterprise 50 (E50) Awards have all displayed grit and resilience to ride out the challenges.
The top three companies (in descending order) - Reachfield Security & Safety Management; AllAlloy Dynaweld; and Utracon Overseas - received their honours last Friday at the 27th edition of the annual event graced by guest-of-honour, Minister for Manpower and Second Minister for Trade and Industry, Dr Tan See Leng.
But beyond Covid-19 lies another business obstacle - climate change.
As it is, climate change and its devastating effects look set to stay around longer than the virus we are all currently battling.
Establishing an ESG narrative is no longer a good-to-have but a must-have for enterprises.
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Governments will play a critical role in shaping policies that will encourage the adoption of Green business practices; while enterprises strike a balance between sustainability and profitability.
The road will be long but research has shown that companies that have a good ESG strategy in place have a competitive edge over those that don't; so there are compelling reasons to adopt one early.
Utracon Overseas, ranked third in this year's E50 Awards, is one homegrown SME making strides towards greening its business.
By innovating to reduce carbon emissions, the company hopes to lead the construction industry by example and inspire other businesses to also cultivate their own ESG strategies.
Utracon Overseas' efforts have been recognised with a Sustainability Special Mention in this year's E50 Awards.
From the man on the street to the chairman in the boardroom, everybody has a role to play in the fight against climate change.
A culture of sustainability will be more prevalent in the years to come and hence, the theme for E50 2021 is Innovating for a Sustainable Future.
There will be plenty of opportunities for SMEs to collaborate and the time is now before it's too late.
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