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Pursuing sustainable development goals through creating shared value in small medium enterprise

Year: 2024
Type: article
Abstract: Currently businesses compete in a global economy where great attention has been focused on sustainability issues. How can companies develop business strategies that are used to address environmental and social issues, as well as Small and Medium Enterprises (SMEs). This article presents a comprehensive exploration using a literature review, which aims to explain how shared value creation (CSV) can be used as a business strategy developed by SMEs to realize the Sustainable Development Goals (SDGs) and offer a "win‒win solution", especially for SMEs in Indonesia as a developing country. CSV as a business strategy for SMEs to address social and environmental problems that occur in society while generating economic value for SMEs and society. The methodology in this study uses an extensive literature review analysis. By analyzing literature and focusing on theoretical exploration, this study synthesizes insights into CSV that can be used as a business strategy and create competitive advantages for SMEs. CSV strategy can simultaneously provide increased economic and social value for society and the company. SMEs are expected to be able to identify and analyze problems, then formulate and develop a company business strategy to address sustainability issue. In addition, SMEs can achieve financial success by using strategies that can also generate benefits for society. This article is expected to enrich academic literature by providing a conceptual analysis to understand CSV strategy as a sustainable business strategy. In addition, these findings offer practical support for businesses, especially SMEs, in formulating sustainable business strategies that can provide competitive advantages for companies.
DOI: 10.31893/multirev.2025099
Language: English
Open Access status: diamond
OpenAlex ID: W4404797941
FWCI: 0.349
Cites:
Cited by: 1
Related to: 10