OREANDA-NEWS. March 01, 2016. Small and medium-sized enterprises (SMEs) in Estonia, Latvia and Lithuania consider sustainable entrepreneurship important and pay particular attention to the responsible sales of products and services and to transparent reporting, the Baltic Business Outlook 2016 survey conducted by SEB has revealed.

“Large enterprises aside, sustainable business activity has also become increasingly important for SMEs. The survey indicates that SMEs are aware of the advantages and opportunities of responsible entrepreneurship. Increasingly, this approach is playing a role in their relationships with their clients and partners. In economic activities, responsibility and sustainable management are seen as competitive advantages,” said Eerika Vaikm?e-Koit, Head of SEB Retail Banking and Technology Area.

The companies that completed the survey attach the most importance to a company’s operations, which include responsible sales and consultation, transparent financial reporting, a strong brand and a strong image, and lower risks in the supply chain. On a scale of one to five, this is rated highest by Lithuanian SMEs (4.5 points), followed by Estonian and Latvian companies (4.3 points).

Contributing to their employees and to society is almost as important for the respondents. This is manifested in the higher engagement and loyalty of employees, lower employee turnover, higher productivity, contributing to the community, and other activities. This principle is also considered paramount by Lithuanians (4.1 points), followed by Estonians (3.9 points) and Latvians (3.8 points).

Compared to the above, a responsible attitude towards natural resources, manifested in the efficient use of resources and environmentally friendly production, is valued slightly less by Baltic SMEs and is rated across the region at 3.5 points.

In the autumn of 2015, SEB Grupp conducted a survey, wishing to map the expectations of small and medium-sized enterprises (SMEs) for the 2016 financial year. The new edition of the Baltic Business Outlook presents a summary of the project and profiles the views of 5119 Baltic SMEs that completed the survey.