Sustainability in Business
Sustainability PowerPoint® Presentation and Paper
Sustainability refers to the capacity of a business to have no significant negative impact on the local or global community, environment, society or the economy. These businesses strive to meet the triple bottom line (TBL) which consists of people, planet and profit. This means that the businesses demonstrate their commitment to CSR through catering for people, the planet and profit. For people, it means that the organization has fair business practices that are beneficial toward the employees and the community at large. For the planet, it means that the practices of the business do not bring any harm to the environment. Lastly, in terms of profit, it means that the business has economic value and it creates an economic impact to all stakeholders in it.
Sustainability and financial success
Sustainability is a key element in the achievement of success for a business. It also creates businesses that have sustainable competitive advantage which propels them into prosperity for the future. The economic environment that today's businesses operate requires sustainable financial planning which is critical for ensuring that the organizations remain profitable and do not face bankruptcy. Sustainability is also about the commitment of the organization to proper planning and implementation of its business strategies and initiatives. To be sustainable, the business needs to be conscious and have organized effort in allocating its resources and spending them to ensure that they are spent in the way that achieves the greatest impact for the business.
In a survey that was conducted by the United Nations Global Compact and Accenture on more than 750 chief executives from close to 100 countries, it was found that 72% of them felt that through the business having sustainability strategies and initiatives, there is strengthening of the brand, creation of trust and reputation with consumers and also other stakeholders. This ultimately leads to the business being financially successful. 66% of the respondents of this survey felt that sustainability was a critical issue in the development of their businesses Lacy, Cooper, Hayward, & Neuberger, 2010()
Many of the large companies in U.S. have continued to introduce sustainability strategies and they have aligned these strategies with their overall business strategy. This is according to a report from Deloitte which was reporting the results of a survey which indicated the importance of sustainability strategies to the future of businesses. 98% of the survey respondents felt that when the sustainability strategies were introduced and aligned with the business' priorities and strategies, there is increase in revenue for the organization that stems from two major directions. The first is from a decrease in the cost of production of services and goods and secondly is by gaining more market share Deloitte, 2010()
A report of another survey conducted by BSR on sustainability found that it influences the business value cycle in three dimensions. The first is product design which leads to a reduction in cost of production as a result of changing the various aspects of the product such as weight of material, packaging, transportation costs and fuel used. Second is consumer engagement and use which leads to an increase in the company's market share and lastly, end of use which leads to increase in value of the company's products and services BSR, 2010()
Lowe sustainability
Financial and non-financial stakeholders
Lowe's financial stakeholders include the company investors and shareholders who provide the capital for the business and have interest in the success of the company. Secondly, there is the government to which Lowe pays taxes and which has an indirect influence to the company's policies by setting national policies which the company must follow. There are also the company employees who provide the required human resources for the company. Customers are also stakeholders since they are the end users of the products of Lowe. Lowe's suppliers are also financial stakeholders who provide the company's products and services to the end users Choi & Wang, 2009()
Non-financial stakeholders include the community at large which is indirectly affected by the activities of the business. There are also the trade unions and other advocacy groups which provide protection for the staff of Lowe Choi & Wang, 2009()
Effect of economic and non-economic business decisions on stakeholders
All business decisions that are made, whether economic or non-economic, have either a positive or negative effect on all stakeholders in the business. These effects come about as a result of the role played by stakeholders in the activities of the business. The various stakeholders of Lowe have a particular interest or concern about the company....
Sustainability: What is required to stop global warming and other negative consequences of industrialization? The need for businesses and governments to be sustainable enterprises is one of the most talked-about subjects in the media today. According to the Environmental Protection Agency (EPA): "Sustainability is based on a simple principle: Everything that we need for our survival and well-being depends, either directly or indirectly, on our natural environment. Sustainability creates and maintains
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