A study by comparison site Money.co.uk reported that 89% of those surveyed said it was important to them that a small business has ethical values.
The survey of 2,002 people also revealed that 70% would be more likely to support a small business that actively communicates its commitment to ethical and green practices, while half would be likely to pay a premium of up to 10% for products or services from a small business that is known for its ethical and green practices.
In addition, 65% said they would be more likely to become a loyal customer of a small business that consistently demonstrates ethical practices compared to one that doesn’t.
Top five tips
The survey also saw two-thirds of the respondents agreeing with the statement: “Small businesses have a responsibility to contribute positively to societal and environmental issues.”
The top five ways that those taking part in the survey think small businesses can be more ethical are:
- Sustainable sourcing of materials
- Fair treatment of employees
- Minimal environmental impact in production processes
- Transparent supply chain
- Community engagement and support
