In this article, we propose a framework for a better understanding of the factors that can influence the implementation of sustainability management tools—that is, sustainable development policy and sustainability reporting—in small‐ and medium‐sized enterprises. Using secondary data, we studied 431 micro‐ to mid‐sized Canadian enterprises and found that stakeholder consultation plays a central role in company implementation of sustainable management tools. This consultation reduces the perception of internal constraints, particularly regarding relevant knowledge‐gaps. This study also demonstrates the importance of the indirect impacts that external stakeholders exert on small‐ and medium‐sized enterprises and the growing need for management education and training about how to increase the adoption of sustainability management tools.