Despite the fact that many small and medium enterprises have not yet developed a strategic approach to sustainability, they are still oriented towards some sustainable requirements – employee welfare, environmental issues, and community advancement. There is certainly a need for further guidance towards sustainability, which requires coordinated initiatives and tools, raising awareness of the green and inclusive economy, education, competency transfer, and strengthening capacities for environmental protection, social responsibility, and governance (ESG). International and national institutions have therefore launched various initiatives in this direction, and it is certainly important to improve the transfer of competencies, including technology and digitalization, which can enhance the effects of sustainability in small and medium enterprises. This was assessed in the White Paper ‘SME EnterPRIZE’ prepared by Generali Group and SDA Bocconi School of Management, which showed that sustainability represents a growth opportunity for small and medium entrepreneurs since such orientation can provide key resources and opportunities.
Sustainable Business Solutions
Promoting sustainability presents unprecedented opportunities for small and medium enterprises as numerous financial tools are being launched, especially through the European Union. This will further expand when support tools such as the Next Generation EU recovery plan and national recovery and resilience plans become fully operational. However, according to the White Paper, there are small and medium enterprises in various European countries that still do not have sufficient knowledge and expertise to attract European funds. Therefore, small and medium enterprises need to be taught, advised, and trained to acquire the necessary skills, expertise, and organizational structure to leverage available financial opportunities.
That is why Generali Insurance d.d. in Croatia organized the ‘SME EnterPRIZE’ competition for its clients, small and medium enterprises, (which lasted from May 2 to June 5) to encourage the adoption of sustainable business solutions. ‘SME EnterPRIZE’ is a strategic initiative of Generali Group for small and medium enterprises in Europe, as they are the foundation of the European economy and one of the main drivers of the transition to sustainable business. The initiative is part of Generali Group’s strategic plan ‘Lifetime Partner 24: Promoting Growth’ and promotes a green and inclusive economy in line with the European Green Deal and the aforementioned Next Generation EU initiative. Standardized and tailored key performance indicators (KPIs) are needed according to the White Paper to measure the impact of small and medium enterprises on the environment and society to ensure the assessment of these companies according to ESG criteria. The criteria must be tailored to these companies according to their capabilities, needs, and resources. Although, for now, the criteria set by the World Economic Forum are not intended solely for small and medium enterprises, this is a certain progress towards simplified assessment, measurement, and reporting on sustainability.
