Responsible business practices for MSMEs

Starting a small business is a journey with different destinations. You will meet a lot of challenges and struggles in managing your own employees, recording financial data, communicating with your potential customers, operating the business, and so on. It means there is a large amount of work that needs to be done. Through this journey, targeting only profit gains is not enough to be responsible and sustainable for the long term.

In the 21st century, as a business owner, it is your duty to implement a responsible business in your community that creates added value for your business. It can boost the trust level between your business and your stakeholders, including the employees, making your business stand out with positive brand recognition.

How do you see yourself as a business owner? Do you want to do your business with an active concern for people, profit, and the planet?

As an SME business owner, what can you do to be responsible?

• Basically, doing business responsibly means that when you are operating your business, you aim to provide ethical and good working conditions for the employees and eco-friendly products with no environmental harm.

• As a small business, you can raise your concerns for environmental awareness through social media channels or support your society by buying raw materials from the locals. For example, using eco-friendly packages that can be easily purchased in the local market can also create job opportunities for the local people. These are the basic responsible business practices you can easily follow as a small business owner.

Why should an SME care to become a responsible one?

• Being accountable and responsible at all costs can help you gain customer trust in your business, products, and services, which also means profit and advantages for your business. You can win the hearts of your customers because they see your effort and commitment to it.

Building a “Responsible Brand” takes time, but if you are committed to those actions, there is nothing that can prevent you from being a responsible business owner. We believe it is our duty to help you achieve these goals, and we hope there will be a proud moment to celebrate together.

As a purpose-driven company, the Lab is committed to helping businesses and organizations across Myanmar to adapt their business practices sustainably and responsibly.

You can always reach out to us; we are always ready to help your business to walk in a responsible way.