Mid-tier accountancy firm, Menzies LLP, has extended its business advisory service offering to include Environmental Social Governance (ESG) strategy development. The new ESG service is designed to help businesses to become more resilient and sustainable.
Business owners are facing many challenges, such inflation and rising interest rates, as well as skills shortages. There is also growing concern about the effects of climate change among customers and other stakeholder groups, which is leading many businesses to look for ways to improve their ESG performance. By setting goals and taking a proactive approach to ESG delivery, they are aiming to remain competitive in their target markets and boost their employer brand.
As well as helping businesses to develop and implement a new ESG strategy, the firm’s new ESG services team, led by Richard Singleton, can assess an existing strategy, checking that it is the best approach for their business. Depending on what is found, the firm can help businesses to identify opportunities to improve their ESG performance and capture data to inform their future decisions.
Based on early feedback, one of the most popular services offered in this area is ‘carbon footprinting’. This involves assessing an organisation’s environmental impact, in order to pinpoint opportunities to reduce carbon emissions. Another aspect of the service looks at social value creation and how it can enhance employee engagement and company culture, helping businesses to become better at attracting and retaining talent.
Richard Singleton, Head of Finance and Sustainability at Menzies LLP, said: “A well-considered ESG strategy has become integral to a business’ success – it’s intertwined with their reputation and identity. It’s becoming standard practice for businesses to be asked about their ESG performance when pitching for new business, tendering for contracts or when candidates are applying for jobs – and they have to be able to answer successfully and confidently.
“Businesses don’t have to face this complex issue alone. Taking steps to introduce an ESG strategy now could help to futureproof a business. Setting achievable and flexible short- and long-term goals and demonstrating how the business is delivering against them will enable the business to further its growth plans, whilst cultivating a happy and engaged workforce.”