Business Sustainability

Business Sustainability

Introduction

Business leader in a present situation of deteriorating environmental conditions are highly concerned with the development of safety measurements and guidelines for their businesses. Sustainable development of businesses means enhancing the scope of businesses and produce benefits with regards to the financial and environmental condition of the company along with useful human and social resources. Many business leaders have realized the long term benefits of the ecoefficiency movement and trying to base their business practices on reducing the degradation of the environment and integrated sustainable development within their culture and business practices. Wakefield suggests that today the sustainability business practices are accepted by all the leading multinational organizations and forms an important part in their mission and vision. In public sector the importance an integration of sustainable practices far more higher than that of a private organization. Organization operating in public sectors are more eager to introduce eco friendly products and services in comparison to that of private sector organization that mostly use such eco friendly business practices for the sole purpose of marketing and promotion of their product and brand as the customers in the private sector are concerned and worried that they must make a difference to the deteriorating environment with the help of their purchase of a product (Power, 2011).

Sustainable development is a global issue and every organization whether private or public both must participate in such activities that reduce the pollution in the environment. There is a need for well organized and cumulative effort on the part of all social and commercial organizations. Roome suggest that this activity requires involvement of different multiple stakeholders who are affected by such decisions and can help in the alignment of certain factors in the society that are namely industry, civic and politics (Bradbury, 2003).

Business Sustainability

Sustainability means trying to ensure business success in the long term while contributing to economic and social development, a healthy environment and a stable society. According to Writenberg business sustainability has been defined as“"company's ability to achieve its business goals and increase long-term shareholder value by integrating economic, environmental and social opportunities into its business strategies" (Writenberg, 2007).  Corporate sustainability is not new in the business industry anymore and every organization is well aware of its benefits but many fail to apply it in terms of its operations and practices .the main reason behind the failure is that the business leaders do not apply it in the very basis and core of their business activities. Instead they are more interested in using the concept to promote their products and compete against other companies and gain competitive advantage. Additionally it also provides help in positioning of the products and development of reputation in the business industry. It has been said to increase the value of shareholders and share by taking care of the benefits and opportunities present external factors such a economic, social and environment by integrating them in the long term business strategies. Business sustainability has been defined as a social responsibility of ...