Financial information for business sustainability
Business industry around the globe is changing after every dawn, this changes in the business industries are encouraged by different factors that affect how business activities are conducted. It is important for the business organization to recognize the impacts of both internal and external business factors. The internal and external business environmental factors are considered to entail several aspects that affect nature of business operations (Schaltegger & Burritt, v).
According to Drury 2016, global competition, new technologies as well as the increasing social and cultural environmental factors are the affecting how business activities are operated. The success of a business organization is based on how the internal and external business factors are collectively correlated (Sambhanthan, et al., 2017). The business industries are advocated to identify the environments which operate and devise relevant policies that could help in designating new business reforms that are relevant to the changing business environment.
Understanding the current situation
Business environment constitutes factors that affect the internal and external activities of business enterprises. Business enterprises have a role to understand the business environments which they operate, the organizational top management has to comprehend the current business situations. By understanding the current business situations, an enterprise management will able to project on different business aspects and prepare for possible reforms. For instance, the business enterprise should consider comprehending the current business competition, it is the responsibility of the business management to implement on measures will allow the particular organization to gain competitive advantage (Rezaee, 2017).
Understanding Change
Business organization around the world is experiencing various business changes. Many business organizations tend to have the low flexibility to adopt new business changes. For instance, the social-cultural changes in the environment have affected how the business activities are conducted, the demand for certain products have precisely affected the business activities. The business firms are recommended to be flexible and willing to embrace change that sublimes from the business environment. On the hand, legal business policies are known to be camouflaged with the environment, therefore, business enterprises are encouraged to be flexible to adopt business legal policies that are within the specific business environments (Sambhanthan, et al., 2017).
Building skills and focusing on new ideas
Understanding current business situation and comprehending the relevant changes requires the business executive to use effective skills and invent on new ideas which they can use to adopt new business nature within the specific business environment. In order to improve their business activities, enterprises are encouraged to learn to build up skills that could help to improve business operations. However, the top executives are advised to invent new ideas which they could use to provide solutions to existing and anticipated business problems (Rezaee, 2017).
Conclusion:
The nature of business activities are witnessed to be changing each and every day. The change in business activities is encouraged by what is embraced by Drury 2016 to be global business competition, change in social cultural aspects and technological changes that exist within the business environment. The business enterprises are advocated to adopt new business sustainability by understanding their current situations, comprehending change and building skills and learning to invent new ideas to solve existing as well as anticipated business challenges.
References:
Rezaee, Z., 2017. Business sustainability: Performance, compliance, accountability and integrated reporting.. s.l.:Routledge.
Sambhanthan, A., Potdar, V. & Chang, E., 2017. Business Sustainability Conceptualization. In Applied Computing and Information Technology (pp. 1-16).. s.l.:Springer International Publishing..
Schaltegger , S. & Burritt, R. L., v. Sustainability accounting for companies: Catchphrase or decision support for business leaders?.. Journal of World Business, 45(4), pp. 375-384..
