Sustainability And A Business Context - 1230 Words

Sustainability The first thing in relation to this topic is to ask what sustainability is. Well according to the oxford English dictionary Sustainability Is ‘the ability to be maintained at a certain rate or level.’ But how is this relatable to a business context? According to Business world Inc. they define sustainability as ‘Business sustainability is often defined as managing the triple bottom line - a process by which companies manage their financial, social and environmental risks, obligations and opportunities. These three impacts are sometimes referred to as profits, people and planet.’ (Gatley, 2010) So why do businesses need sustainability in relation to finances? This is an interesting point because many people often think that†¦show more content†¦Ã¢â‚¬Å"They didn’t want to hear much of anything negative,† Thomas said, referring to GM management of a few years back. The bean-counting, keep-the-status-quo system came back to hurt GM in the end. As The Examiner put it: â€Å"This approach can only work for a limited amount of time, for it contains the seeds of its own destruction.† Thomas agrees, saying that the auto industry is very product-driven. While GM was obsessing over the bottom-line, it missed the boat on creating automobiles that more people would buy - and love. (Hill, 2010) The broad bracket of sustainability then goes onto mention the second objective of what it is to be a sustainable business and that is social obligation, many argue that there is no need to have a social obligation that businesses should be all about profit, however there is a growing list of people who suggest it has many positive aspects. In the opinion of Michael Crooke a guest columnist at CNBC he suggests that Social responsibility leads to success in the business world. ‘Until now, legal requirements for corporations focused on one goal: profits. Today, benefit corporations add the legal duty of companies to achieve profits while also focusing on socially responsible activities — also known as Corporate Social Responsibility (CSR). As former CEO of Patagonia and now a professor at Pepperdine’s Graziadio School of Business andShow MoreRelatedSustainability Within The Business Context1580 Words   |  7 PagesSustainability, within the business context, has transitioned from a pecuniary model to an ecological modernised ideology. However, such dynamic perspective from external and internal stakeholders, refurbished the sustainable development of businesses, incorporating a more intricate measure of economic, social and ecological perspective. 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