Sustainability can be described as the act or process of maintaining change but in a controlled manner (Azevedo et al, 2012). According to my point of view, in sustainability, there are a number of aspects that must be in harmony and go hand in hand. It ensures that both future and current conditions are well taken care of. Some of these aspects are investment direction and decisions, technology and technological developments.
From the above definition, I am suggesting that business sustainability can, therefore, be defined as the process by which organizations strive to manage their environmental, financial and social risks. It is a way of their impending obligations as well as opportunities (Bansal& DesJardine, 2014). In my thoughts, it is important to note that the impacts mentioned above are sometimes called the business society (comprising of profits and people) and the planet. Business sustainability revolves around meeting the present needs but without creating any possible chance of compromising the coming and future generation from meeting their needs.
My response is that the triple bottom line is simply an accounting framework that comprises of three parts. These three parts; the social part, the financial part and the environmental part (ecological part). Usually this framework is adopted by many organizations for evaluation of their performance. It is important to note that this evaluation is usually meant at a broader perspective so as to create and enhance a greater business value (Gao & Bansal, 2013).
There are different types of capital that are designed and well positioned to increase a business entity’s value as time goes by.
These forms of capital are explained below;
In my opinion, financial Capital-It revolves around analysis and interpretation of data. Reporting on the analysis of this data and therefore providing an avenue for professional development and growth (Galea, 2016).
Manufactured-It is usually implicated in the top management decision making and also in the financial analysis as mentioned above.
Intellectual Capital-This consists of intangible assets such as patents, trademarks, brand equity among others. It is the leveraging of these assets by means of licensing agreements and brand extensions that tends to provide opportunities of increasing the value of the business.
Human Capital-These refers to the manpower that an organization invests on with an attempt to increase its value (Galea, 2016).
Natural Capital-This is commonly available to companies that involve themselves in extraction of natural resources and extractions such as minerals, gas and also oil.
Social and relational Capital-This revolves around social media and the relationship between the organization and other external stakeholders.
Business sustainability often requires that organizations adhere to and strictly follow certain principles of sustainable development to make it a success (Azevedo et al, 2012). According to my point of view, there are therefore a number of practices or procedures commonly referred to as phases of business sustainability that ensure sustainability is fully met in an organization. These phases are discussed below;
In my point of view, stakeholders refer to a group of persons or members in an organization that affects or can themselves be affected by the actions of an organization. They include the employees, the customers or even the surrounding communities. Well, stakeholder engagement is very crucial since it facilitates not only the flow of relevant information but also in the depth and clear understanding of the opposition which in turn helps in settling issues by finding a common ground between the two disagreeing parties. I think this facilitates joint stakeholder’s decision making and this has the advantage of minimizing the chances of putting the business at risk in the foreseeable future (Ledgerwood, 2017).
As we all know the environment is very crucial for the success or failure of any business. Business sustainability, therefore, depends on a great deal upon the existing business environment, in this case, both the external and the internal environment. The external environment is, however the most common one (Rezaee, 2016).
Environment management systems are meant to provide a means by which the existing structures and processes the business culture and its beliefs embed into the existing environment, therefore, reducing the possibility of future risks. The ISO 14001, for instance, is among one of the most recognized and used standards that facilities this. I can say that it is also important to note that different standards and systems can be used depending on the industry and the country (Gao & Bansal, 2013).
From my reaction, life cycle analysis involves carrying out a feasibility study of the products produced by the business entity and the impact they have on the general public. This should also be accompanied by a systematic analysis of the environment in which the business operates. This environmental analysis helps in obtaining the accurate impacts the product has on the public. It is this determination that helps the business in developing ways that would not pose a risk of compromising the business future undertakings (Slawinski & Bansal et al, 2015). Moreover, I think it has been proven that most firms that are sustainable have been known to be in a position to not only attract but also retain employees and actually have a tendency of experiencing a less reputation and financial risk.
Year in year out, measurement and control have been known to be the root of instituting sustainable practices in any business all over the globe. This revolves around not only obtaining information but also being transparent and sharing the information with the general public. This greatly aids in business sustainability (Galea, 2016).
My suggestion is that leadership is very crucial for the survival of any business entity. Business sustainability can, therefore, be achieved by developing active and well responsive leadership development programs so as to see to it that these leaders maximally influence the other employees towards business sustainability. In supportability, there are various viewpoints that must be in a concordance and go as an inseparable unit in order to guarantee that both future and current conditions are well dealt with. A portion of these perspectives are venture course and choices, innovation and mechanical advancements and so forth. From the above definition business maintainability can subsequently be characterized as the procedure by which associations endeavor to deal with their ecological, budgetary and social dangers not overlooking their looming commitments and additionally openings (Bansal& DesJardine, 2014).
I Note that the effects specified above are at times called the business society (involving benefits and individuals) and the planet. Business supportability spins around meeting the present needs yet without making any conceivable possibility of trading off the coming and future age from addressing their requirements. Business manageability regularly necessitates that associations follow and entirely take after specific standards of reasonable improvement to make it a win (Azevedo et al, 2012).
From my perspective, there are consequently various practices or systems usually alluded to as periods of business manageability that guarantee supportability is completely met in an association. These stages are examined underneath; Partners alludes to a gathering of people or individuals in an association that effects or would they be able to be influenced by the activities of an association. They incorporate the workers, the clients or even the encompassing networks. Indeed, partner commitment is extremely pivotal since it encourages the stream of significant data as well as in the profundity and clear comprehension of the resistance which thus helps in settling issues by finding a shared conviction between the two differing parties. This encourages joint partner’s basic leadership and this has the upside of limiting the odds of putting the business in danger within a reasonable time-frame (Ledgerwood, 2017). As we as a whole know the earth is extremely pivotal for the achievement or disappointment of any business. Business supportability in this manner relies upon an awesome arrangement upon the current business condition, for this situation both the outside and the inside condition.
There are certain areas in any business entity that are key towards the general functioning of the business. I may give examples of such areas are the finance area, Management area etc. Firms should, therefore, ensure that sustainability is deeply rooted in this area. This provides an advantage to the firm towards attaining an overall sustainability (Dyllick& Muff, 2016).
References
Azevedo, S. G., Carvalho, H., Duarte, S., & Cruz-Machado, V. (2012). Influence of green and lean upstream supply chain management practices on business sustainability. IEEE Transactions on Engineering Management, 59(4), 753-765.
Bansal, P., & DesJardine, M. R. (2014). Business sustainability: It is about time. Strategic Organization, 12(1), 70-78.
Dyllick, T., & Muff, K. (2016). Clarifying the meaning of sustainable business: Introducing a typology from business-as-usual to true business sustainability. Organization & Environment, 29(2), 156-174.
Galea, C. (Ed.). (2017). Teaching business sustainability: From theory to practice. Routledge.
Gao, J., & Bansal, P. (2013). Instrumental and integrative logics in business sustainability. Journal of Business Ethics, 112(2), 241-255.
Ledgerwood, G. (2017). Greening the boardroom: Corporate governance and business sustainability. Routledge.
Rezaee, Z. (2016). Business sustainability research: A theoretical and integrated perspective. Journal of Accounting Literature, 36, 48-64.
Slawinski, N., & Bansal, P. (2015). Short on time: Intertemporal tensions in business sustainability. Organization Science, 26(2), 531-549.
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