http://www.smallbusinessinstitute.biz A B S T R A C T Keywords: Journal of Small Business Strategy 2020, Vol. 30, No. 02, 106-114 ISSN: 1081-8510 (Print) 2380-1751 (Online) ©Copyright 2020 Small Business Institute® w w w. j s b s . o rg Introduction 1University of North Carolina, Asheville, Carmichael Hall, 400 Theatre Lane, Asheville, North Carolina, 28804, USA, jshields@unca.edu 2University of Maryland Global Campus, 3501 University Blvd. East, Adelphi, MD 20783, USA, joyce.shelleman@faculty.umgc.edu SME sustainability dashboards: An aid to manage and report performance SMEs, Sustainability, Dashboards, Sustainability reporting, Sustainability management, Sustainability dashboards APA Citation Information: Shields, J. F., & Shelleman J. M. (2020). SME sustainability dashboards: An aid to manage and report perfor- mance. Journal of Small Business Strategy, 30(2), 106-114. Small to medium enterprises (SMEs) have large eco- nomic, environmental, and social impacts. A significant portion of the U.S. economy, they represent 99.9% of all U.S. businesses and employ almost half (47.5 %) of work- ers (U. S. Small Business Administration Office of Ad- vocacy, 2018). Concomitant with their prominence in the global economy, SMEs have substantial consequences for the natural environment. For example, in Europe it’s been estimated that SMEs generate two-thirds (64%) of industri- al pollution (Danish Technological Institute, 2010). Thus, sustainability is a growing concern for SMEs as global con- sumers, governments, and businesses awaken and commit to its importance. The concept of sustainability centers around the need for organizations to operate in a fashion that does not di- minish the opportunity for future generations and stake- holders to have their needs met (Hubbard, 2009; World Commission on Environment and Development, 1987). This concept requires a long-term perspective and must, by necessity, encompass economic, environmental, and social factors (comprising the Triple Bottom Line). Not only do SMEs tend to be more values driven (Sloan et al., 2013), but they currently are facing increas- ing demands for sustainability actions in the face of rapidly escalating consciousness and acceptance of the importance of sustainability. There are rising expectations for public disclosure of economic, environmental, and social impacts. This is occurring simultaneously with large corporations’ scrutiny of their SME supply chain partners’ sustainability performance. Driven by a variety of forces, larger SMEs have even joined in the movement to audit their own supply chain partners (see Intel, 2019). Investors and communities increasingly join in the demands for sustainability perfor- mance reporting by SMEs (Caldera et al., 2019; Eccles & Kilmenko, 2019; Jackson-Moore et al., 2019; Mathiyazha- gan et al., 2013). However, despite pressure to adopt sustainability prac- tices and to incorporate them into their business practices, SMEs vary in their levels of commitment (Jansson et al., 2017) and in their integration of sustainability into their business models (Broccardo & Zicari, 2020). A variety of factors have been identified as barriers to implementation of sustainability management, including a lack of aware- ness of environmental and social impacts and issues and a lack of resources to facilitate implementation (Johnson & This applied paper introduces the concept and potential application of sustainability dashboards by SMEs as an aid to meet growing de- mands for sustainability management and reporting. It suggests how dashboards can be integrated into the planning and control systems of SMEs to facilitate data visualization for the purpose of sustainability decision making. The paper highlights benefits including low cost and discusses practical implications, such as use of dashboards beyond sustainability management and the need for policymakers to provide better access to training and software for SMEs. Jeffrey F. Shields1, Joyce M. Shelleman2 http://www.smallbusinessinstitute.biz http://www.jsbs.org 107 J. F. Shields., & J. M. Shelleman Journal of Small Business Strategy / Vol. 30, No. 2 (2020) / 106-114 Schaltegger, 2016). Systems for planning and control to provide feedback on the results of their business can enable SMEs to correct and adapt to changes in their internal and external environ- ment to facilitate meeting sustainability goals (Braun & Tietz, 2018; Datar & Rajan, 2018). One such system, not yet fully explored in the literature, could be the use of “sus- tainability dashboard” technology. A dashboard is a visual display that fits on a computer screen that allows manag- ers to focus on key metrics of performance. Just as it is used to portray other measures of performance (e.g., sales), this technology has been deployed to address sustainabil- ity goals in some larger organizations; however, its use in SMEs appears to be largely untapped. As a management aid or tool to facilitate sustainability in SMEs, a dashboard is a relatively low-cost way to incorporate sustainability into management decisions and reporting, potentially transcend- ing resource constraints. This applied paper offers an introduction to the con- cept and potential application of sustainability dashboards by SMEs for sustainability management and reporting. It highlights some possible benefits and includes a discussion of practical and policy implications. In this way, it raises awareness of this tool and may provide impetus for its ap- plication in SMEs. SME Sustainability Reporting Requirements SMEs are experiencing growing demand for disclo- sures of their economic, environmental and social impacts. Nearly all (93%) of the largest corporations by revenue generate corporate responsibility reports. Fully three quar- ters (75%) of the 100 largest corporations in 34 countries provide corporate responsibility reports (KPMG, 2017). Making public reports on the business’s economic, environ- mental, and social effects is known as the process of sus- tainability reporting (Global Reporting Initiative, 2017). A number of different sustainability reporting agen- cies and frameworks exist. Nearly four hundred (383) sus- tainability reporting instruments existed globally by 2016 (KPMG, 2016). We mention only a few here that are most well known in the United States. The Securities and Exchange Commission (SEC) re- quires the disclosure of material climate-related risk in pub- lic traded companies’ annual legal filing with the SEC. Con- sistent with this, the Sustainability Accounting Standards Board (SASB) provides standards for financial disclosure of material economic impacts related to environmental and social issues (Romero et al., 2014; Schooley & English, 2015). The SASB has been researching the financially-re- lated material issues facing 11 sectors of the economy which comprise 77 industries (Sustainability Accounting Standards Board, 2017). The product of this research is a set of standards for sustainability reporting from the SASB (Sustainability Accounting Standards Board, 2018a). The SASB materiality map provides an overview of the stan- dards (Sustainability Accounting Standards Board, 2018b). The materiality map illustrates that 24% of these 77 indus- tries face financially-related material issues with respect to their supply chains. This adds to the growing demand for supply chain audits by larger entities, which, like the other reporting frameworks for large firms, can directly impact SMEs as sustainability expectations are transmitted down- ward. Perhaps the best known and articulated reporting framework is The Global Reporting Initiative (GRI) meth- odology for sustainability reporting. The GRI’s G4 report- ing framework calls for supplier environmental assess- ments. In response to these forces, large corporations are increasing their number of supply chain audits with respect to their suppliers’ environmental and social impacts (i.e. sustainability performance) (e.g., Intel, 2019; Samsung, 2019). These corporations are working their way down sup- plier tiers by examining dollar purchases per supplier. Some are requiring suppliers to publish their own sustainability reports (see, for example, Intel, 2019). The Financial Stabil- ity Board, associated with G20, has released a report with recommendations for climate-related financial disclosures (Financial Stability Board, 2017). This report mentions the risks that companies are exposed to in their supply chains. These risks increase large corporations’ propensity to audit their supply chains. For a decade, the Carbon Disclosure Project, now known as CDP, has been sending out requests to suppliers to respond and fill out a lengthy online questionnaire to re- port on their environmental impacts. The supplier project started with 19 requesting organizations and has grown to 119 requesting organizations with purchasing of $3.3 tril- lion. Ten years ago, the CDP supply chain project had 634 suppliers respond to requests to report. In 2017, 5,500 sup- pliers responded to request for reporting, 2000+ of which were SMEs (CDP, 2019). On a voluntary basis, SMEs may choose to attain B Corp® status as a way of demonstrating their ongoing com- mitment to sustainability. To become a certified B Corpo- ration, the SME must complete the B Impact Assessment and earn enough points on its environmental and social im- pacts to become a Certified B Corporation as determined by the privately owned B Lab organization (Honeyman, 2014). This sustainability reporting framework is designed explicitly for small businesses and social entrepreneurial startups. As of September, 2019, there were 3,038 business- 108 J. F. Shields., & J. M. Shelleman Journal of Small Business Strategy / Vol. 30, No. 2 (2020) / 106-114 es that were certified B Corporations within 64 countries, representing 150 industries (B Lab, 2019). While a growing number, these are just a small fraction of the total number of SMEs, estimated at roughly 30 million in the United States alone (U. S. Small Business Administration Office of Advo- cacy, 2018). Increasingly, external reporting organizations that pro- vide frameworks are incorporating a requirement for sup- ply chain audits. Many SMEs in supply chains therefore are now facing requests to report on their sustainability perfor- mance. While SMEs are not required to adhere to standards set by the larger sustainability reporting frameworks (e.g., SASB), the larger firms that must adhere to them commu- nicate their expectations to their SME supply chain part- ners. These large firms often are the smaller SMEs’ biggest customers and, as such, create an external incentive for SMEs to adopt related sustainability performance measures (Johnson & Schaltegger, 2016). The large companies’ re- quirements are translated into key performance metrics for SMEs; the SME itself does not have to deal directly with the larger frameworks’ reporting standards. In addition to supply chain requirements, SMEs are driven by competitive pressures, compliance, company ethos, and personal motivation (Oelze & Habisch, 2018) to engage in sustainability practices. Different motivators function to drive implementation of sustainability actions such as green practices (Rekik & Bergeron, 2017). Like- wise, communities, customers outside an SME’s supply chain, and investors are placing demands on SMEs for in- creased sustainability reporting (Caldera et al., 2019; Ec- cles & Kilmenko, 2019; Jackson-Moore et al., 2019; Mathi- yazhagan et al., 2013). As a benefit, SMEs that are transparent in their envi- ronmental, social, and governance reporting incur a lower cost of debt (Dunne & McBrayer, 2019). SMEs with a sus- tainability orientation may also experience an increase in the market performance of their new products (Obal et al., 2020). This empirical evidence is consistent with the busi- ness case for SMEs to adopt sustainability business practic- es (Braun & Tietz, 2018; KPMG, 2017). All of the above factors (i.e., supply chain demands, competitive pressures, and benefits, etc.) are incentives and provide a rationale for SMEs to do more than the minimum and to develop their focus and capabilities. There are a variety of well-known constraints charac- teristic of small businesses such as a lack of abundant fi- nancial and human resources (Nicholas et al., 2011). SMEs typically face time limitations, limited staffing, limited expertise, and limited financial resources and, at the same time, can lack the management and organizational struc- ture needed to develop processes to address sustainability (Schulz et al., 2011). Some evidence suggests that, perhaps due to these constraints, some SMEs adhere to the most ba- sic, simplest form of reporting for their needed certifications (Corazza, 2017). Given the constraining forces, technology that can facilitate sustainability performance management and reporting can be beneficial. There are a number of criteria that sustainability man- agement tools must meet to be viable for use in SMEs. These include simplicity, cost effectiveness, flexibility, and the ability to be adapted to the company (Johnson & Schalteg- ger, 2016). These correspond to the resource limitations that SMEs face and the nature of small businesses as opposed to larger, more highly formalized organizations. Sustainability dashboards are a tool that meets these criteria. Sustainability Dashboards SMEs need systems for planning and control to pro- vide feedback on the results of their business which can be used to correct and adapt to changes in their internal and external environments (Braun & Tietz, 2018; Datar & Ra- jan 2018). Sustainability reporting and performance man- agement relies on the planning and control functions in an organization. Planning includes selecting objectives, strate- gies, programs, and actions to achieve the objectives as well as formulating and implementing budgets (Braun & Tietz, 2018; Datar & Rajan, 2018). Control involves monitoring results and comparing actual to planned results to inter- vene and to provide feedback to the next round of planning (Braun & Tietz, 2018; Datar & Rajan, 2018). Currently, these planning and control systems in small SMEs are facilitated by the use of low cost and easy to use accounting software technology (e.g., QuickBooks). The proven value of such accounting software for an SME is in the ability to readily generate information and reports to monitor variables like sales, accounts receivable, accounts payable, customer revenues, inventory, and bank balance. These same systems can be used for sustainability-related performance. From an accounting perspective, sustainabili- ty-related accounts and performance measures (i.e., metrics) can be added within the accounting software to augment existing accounting and operational information (Braun & Tietz, 2018; Venturelli & Pisili, 2005). Another use of technology that is becoming common is data visualization. Consistent with the adage, “a picture is worth a thousand words”, the ability to see a graphical presentation of information can help in understanding and recall. As cited by Ertug et al. (2018), there is longstanding evidence that people understand (Carney & Levin, 2002) and more effectively recall information when it is presented visually via imagery than when it is provided in written text 109 J. F. Shields., & J. M. Shelleman Journal of Small Business Strategy / Vol. 30, No. 2 (2020) / 106-114 (Shepard, 1967). Modern data visualization technology has emerged from the evolution of the field of data analytics over the past decade or more to facilitate this. One form of data visualization is a dashboard (Few, 2013). Dashboards are the visual display of the most im- portant information needed to achieve objectives (one or more) that fits on a single computer screen (Few, 2006; 2013). This allows the information to be monitored at a glance (Few, 2006, 2013). Dashboards can display a variety of performance-related management information (e.g., total sales, sales by product or location, etc.). Dashboards address the lack of structure that business- es can face in their attempts to incorporate sustainability factors into their business decision making (Kiron et al., 2013). Given the demands on SMEs for reporting their en- vironmental and social impacts (i.e., sustainability), there is a great potential for the use of dashboards in the man- agement of sustainability performance. For example, dash- boards could be used to increase monitoring and adaptation to feedback. They could give visible feedback (i.e., mon- itoring and control) on sustainability-related performance goals. This encompasses performance measures related to sustainability goals such as recycling of outputs, use of re- cycled materials as inputs, energy usage, waste, volunteer hours, donations to community organizations, percent of purchases from local sources, and so forth. Table 1 sug- gests some of the most common performance measures for sustainability reporting (Shields & Shelleman, 2017, 2019) that can be relevant to SMEs’ dashboards. These will vary by type of business, industry, size of the business, etc. The maturity of an SME’s sustainability reporting also will de- termine which of these are relevant. In practice, sustainability dashboards should be used by SMEs in their planning and control systems to actively manage their sustainability performance. During planning, SMEs will need to establish goals addressing reduction in their potentially negative environmental and social impacts. These goals are typically long term in nature. For example, large companies such as Dell, Intel, Samsung, and UPS all use a ten-year time horizon for their environmental goals (Dell, 2019; Intel, 2019; Samsung, 2019; UPS, 2017). The goals established during planning by an SME should include goals that address their largest and thus most significant negative environmental and social impacts. For an SME embedded in a supply chain, it must anticipate be- ing a participant in a large customer’s supply chain audit to assess its suppliers’ environmental and social impacts. This has been rapidly evolving over the past few years (i.e., report cycles). These supply chain audits now are major sections within the sustainability reports of many large cor- porations (e.g., Dell, 2019; Intel, 2019; Samsung, 2019; UPS, 2017). Supply chain audits include information on and discus- sions of a variety of sustainability performance measures like suppliers’ energy use, Greenhouse Gas (GHG) emis- sions, recycling, waste, and water use. Once the goals for these kinds of sustainability-related performance measures are established in the planning process, a reporting structure for the goals and their related programs will have to be de- veloped. New accounts will have to be added to an SMEs’ chart of accounts associated with the expenditures for sus- tainability-related programs (Venturelli & Pisili, 2005). Likewise, a set of performance measures will have to be developed to access the outcomes of these programs (e.g., percent of waste bypassing the landfill, percent of raw ma- terials consisting of recycled content, percent of purchasing dollars spent on local sources). Depending on the industry, such environmental sustainability metrics are applicable to businesses of any size, not just large corporations. From a control perspective, dashboards can play an important role in the monitoring and control of these sus- tainability programs and their associated goals. For dash- boards to function, they need to be attached to SMEs’ data. By selecting performance data from SMEs’ sustainability programs, dashboards can facilitate the control function. A well-designed sustainability dashboard can provide on a single screen the important performance measures for a par- ticular program. This can make salient to a dashboard user anything which needs their attention by way of intervention Table 1 Examples of important SME sustainability performance measures for dashboards Community engagement & contributions Diversity policies & practices Employee development, satisfaction, health, & safety Energy sources & usage Fair compensation ratio & pay equity Fair trade & labor practices Greenhouse gas emissions Landfill diversion Local sourcing Sustainability-related performance measures Product & packaging resource efficiency Recycled inputs Reuse & recycling of waste Sharing & collaboration Supplier audits Water usage 110 J. F. Shields., & J. M. Shelleman Journal of Small Business Strategy / Vol. 30, No. 2 (2020) / 106-114 (Few, 2013; Rikhardsson & Yigitbasioglu, 2018). Exam- ples gleaned from large organizations include Dell’s use of dashboards in its 2019 sustainability report to illustrate its progress on meeting sustainability-related goals (see Ex- hibit 1). Similarly, Harvard University uses sustainability dashboards to help manage its sustainability performance, (see Exhibit 2). In an example from a privately owned and operated Exhibit 1. Dell 2019 Sustainability Report Dashboards Note: Images reproduced from https://corporate.delltechnologies.com/en-us/social-impact/reporting/fy19-csr-report. htm#scroll=off) Exhibit 2. Harvard University Sustainability Dashboards Note: Images reproduced from Harvard (2018) https://pu- blic.tableau.com/profile/greenharvard#!/ (with at least one sustainability-related program) company, the family firm Huon Aquaculture presents its sustainability dashboard on its website: https://dashboard. huonaqua.com.au/. The interactive dashboard opens to un- derlying data and highlights key metrics in three areas: Our Fish (its main product), Environment, and People & Safety. Under People & Safety, for example, it provides data on employee composition and training, research and develop- ment, community relationships, and lost time injuries. The use of dashboards in the planning and control sys- tems of SMEs should help them manage and improve their sustainability performance. This in turn can help them to meet demands by their customers to provide evidence of and to improve on their sustainability performance as an SME. Moreover, the use of dashboards by SMEs can be facilitated by low cost and relatively easy to use software (e.g., Microsoft BI). Such software can link to a variety of other programs such as Excel and QuickBooks (Microsoft, 2019; O’Connor, 2019). There are some specific factors that would assist SMEs and some that would have to be overcome to use dashboards to aid with sustainability planning and control. These are discussed in the following section of the paper. Implications for Practice SMEs can take advantage of several facilitators to im- plementing data visualization in the form of dashboards. Lower cost data analytics software (e.g., Microsoft BI) that about:blank about:blank 111 J. F. Shields., & J. M. Shelleman Journal of Small Business Strategy / Vol. 30, No. 2 (2020) / 106-114 a user of Excel can readily learn (Noonpakdee et al., 2018) is available to facilitate the use of dashboards. The use of dashboards itself can save time during the processes of de- cision-making, monitoring of operations, and identifying goal achievement. This “at a glance” feature of dashboards is a benefit. In addition, dashboards are relatively simple to build, flexible, and can be tailored to individual issues and company-specific considerations, meeting many of the key criteria to facilitate SME adoption and use (Johnson & Schaltegger, 2016). Dashboard technology is relatively inexpensive or even free in some cases, a major benefit that may facilitate its use by even the smallest SME. Thus, it provides a means to overcome the cost barrier faced by many SMEs when they seek to integrate a sustainability tool into their business model (Johnson & Schaltegger, 2016). There are a range of dashboard technologies and plans available, ranging from use by just one or two users to licenses for large companies. For example, Google Data Studio is offered in a free version that provides data visualization and an interactive dash- board (GetApp, 2020). Among other features, it includes: an ability to connect to different data sources; templates; interactive reporting features; drag-and-drop editing to cre- ate charts, tables, and graphs; and collaboration capability. Other comparable software provides similar features free or at affordable rates (e.g., $25/month). SMEs face several barriers to implementing data visu- alization in the form of dashboards that are consistent with the typical constraints faced by SMEs. There is a general lack of knowledge about data analytics (Iqbal et al., 2018). Further, the employees and owners in SMEs may tend to lack expertise at data visualization (Noonpakdee et al., 2018). These barriers can be overcome with the greater awareness and learning opportunities presented by organized programs that we recommend be provided by policymakers and small business development agencies, discussed further below. In addition, low cost online courses are available to teach SME managers the basics of developing and maintaining dash- boards and data visualization technologies. An advantage of implementing sustainability dash- boards is that similar dashboards also can be used for mon- itoring nonsustainability-related variables including key performance indicators such as sales-to-date or sales by product or by customers, receivables, payables, order back- log, order cycle time, or other financial data (see Exhibit 3) (Few, 2013; Noonpakdee et al., 2018). Data mining and data visualization also can be useful to identify opportuni- ties in sales and marketing (Llave, 2017) and to minimize mis-targeting customers (Trieu, 2016). Policymakers and agencies need to establish programs tiered to begin to address the integration of data visualiza- tion and dashboards in SMEs. The vast majority of pro- grams today are focused on basics of how to start a business and manage its growth. The use of big data, data visualiza- tion, and data dashboards as management tools currently is underdeveloped in such programs. Similarly, there appears to be little emphasis on the sustainable performance of an SME. Because SME managers not subject to supply chain pressure often can see little economic benefit to sustainabil- ity practices, they may view tools such as dashboards as costs with no concomitant benefit (Johnson & Schaltegger, 2016). Individual SMEs can be quite small businesses, so the owner/managers may fail to grasp SMEs’ collective im- pacts as a whole with respect to sustainability issues (Bram- mer et al., 2012), as do many observers (Morsing & Perrini, 2009). There is an enormous role for policymakers to provide external incentives to apply management aids that support sustainability practice. The first step is to educate and raise owners’ and managers’ awareness about the environmental and social impacts of SMEs overall and the importance of sustainability practices to their business. Alongside this, the Exhibit 3. Financial Accounting Information Dashboard Note: Image reproduced from Few, 2013. 112 J. F. Shields., & J. M. Shelleman Journal of Small Business Strategy / Vol. 30, No. 2 (2020) / 106-114 implication for policymakers is that, like the Small Busi- ness Development Centers’ push for the use of accounting software technology in the form of QuickBooks in the years around the mid-2000s, a new impetus to deploy data visu- alization and dashboards within SMEs seems imperative. Analogous access to training and software should be a pri- ority. Linking it to sustainability would help SMEs deal with managing their sustainability practices and the burgeoning sustainability reporting incentives they face. Conclusion SMEs stand to gain many benefits by adopting and using sustainability dashboards. By adding dashboards to their planning and control systems, we believe they can better manage their sustainability performance. 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