According to Dunphy & Griffiths, Benn (2003), business sustainability is a continuous process, which keeps growing in terms of both activity and profile. The businesses are required to focus on the most important subject. Most importantly, it is important to know if their sustainability approach has any impact over the real world. The major sustainability issues in the real world businesses are climate changes, energy, water scarcity, food production, biodiversity, geopolitical instability, changing demographics, global development agenda as well as inequality and lastly, global equity. As per my opinion, it is important to develop a series of pieces for exploring these issues in great detail.
It will help in building an understanding of their importance and how they are related to each of the issues. Moreover, it will give an idea of the implications they are having for the businesses, now and in the near future. Of course, these issues are complex and large, which mainly involves the global citizens, civil society, governments, NGOs and institutions. Most importantly, they have the power to drive policy and public agendas. These issues involve the businesses and therefore, it is highly important to understand how the company is getting a head round to these challenges when the issues occur.
The priorities and the impacts will differ and vary from company to company and business sectors. It mainly depends upon the business resources, how the companies compete among each other, who are their target customers and what is their market positioning. In general, I would like to say that the business activities completely depend upon the impact of the sustainability issues. Moreover, their implications are likely to change as per the company’s product availability, prices, risks and other factors. Furthermore, it also depends upon the public behavior and attitudes, changing requirements of the customers and the dynamic competitive environment (Dyllick & Muff, 2016).
Incorporating the sustainable environment into the corporate strategy can however, raise several questions. These questions typically involve; how the companies measure their sustainability and how they make sustainability work for their businesses, how they define sustainability for their corporation. In my opinion, the triple bottom line can be regarded as one of the major systems, which are being used by the businesses in order to assess their profits through the corporate sustainability solutions. The triple bottom line will ask you to check beyond the business’s traditional bottom line. In addition to this, the profits made by the businesses socially, economically and environmentally are being measured (Upward & Jones, 2016).
Measuring the business by utilizing the triple bottom line system is being regarded as one of the best markers for sustainable business as per Bocken et al. (2014). The triple bottom line approach to the sustainable business takes the overall view of smaller impact the business has on the natural resources and environment, the more successful and the long the business will be. Moreover, controlling the environmental bottom line actually means monitoring, reporting and managing the consumption level of emissions and waste materials. Therefore, I can say that reporting and measuring the environmental bottom line of any business is possible; however, it depends on the size of the business. In addition to this, it can be a difficult process and time consuming.
Moreover, in this context it is also important to know the six forms of capital used by the businesses. The businesses mainly focus on internal economic capital, natural capital, external economic capital, human capital, relationship and social capital and lastly, constructed capital. Additionally, the emerging fields of the corporate sustainability help in translating the ideal sustainable growth of all the stakeholders (Kopnina & Blewitt, 2018). For example; the environmental consultancy Trucost has developed several formulas in order to put the prices over natural capital. Moreover, it can be said that the emissions and carbon pricing trading schemes have evolved over time.
In addition to this, the six phases of sustainable business approaches are rejection, compliance, non-responsiveness, efficiency, sustainable organization and strategic pro-activity. It varies from organization to organization. It mainly stresses upon the effective as well as strategic use of values like integrity and safety, human resources, cultural dynamics like flexibility and adaptability, learning dynamics like mentoring, developing knowledge based systems, culture of innovation and stores of the social capital, which are all necessary to achieve sustainability (Ortiz?de?Mandojana & Bansal, 2016).
Few examples of the businesses which have successfully engaged into sustainable business are; PepsiCo, Coca-Cola, Alcoa, Nike, Ford Motor Company, Starbucks and others. The corporate sustainability helps in measuring the company’s ability to be into the business in an indefinite term. However, it is completely based on the business environment, their relationship with the community, contribution to the economy and other factors. Therefore, it can be concluded that the three major factors playing a major role are healthy workforce with different perspectives, business competitive nature and good stewardship of the natural resources.
Bocken, N. M., Short, S. W., Rana, P., & Evans, S. (2014). A literature and practice review to develop sustainable business model archetypes. Journal of cleaner production, 65, 42-56.
Dunphy, G., & Griffiths, A. Benn,(2003), organizational Change for Corporate Sustainability, a guide for leaders and change agents of the future.
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.
Kopnina, H., & Blewitt, J. (2018). Sustainable business: Key issues. Routledge.
Ortiz?de?Mandojana, N., & Bansal, P. (2016). The long?term benefits of organizational resilience through sustainable business practices. Strategic Management Journal, 37(8), 1615-1631.
Upward, A., & Jones, P. (2016). An ontology for strongly sustainable business models: Defining an enterprise framework compatible with natural and social science. Organization & Environment, 29(1), 97-123.