What is sustainability?
A common question for new businessmen is; what is sustainability in business? Sustainability in business refers to using strategies that ensure that the impact it has on the environment and the society is positive. A company that fails to assume its responsibility of sustainable growth can cause environmental issues, social injustice, and inequality. With the help of the three pillars of sustainable development pdf, businesses can flourish in ways that benefit both the environment and the owners.
Why is sustainability important?
Sustainability is not only essential in order to prevent negative global changes but also to guarantee the success of the business. Sustainability is seen as a necessary component in business; investors keep in mind the company’s water usage, broad diversity, carbon footprint, and community development efforts. A reasonable degree of sustainability in business is usually responsible for lower debts, equity, and better financial condition. Most reputable businesses believe that sustainable business strategies improve the company’s mission, reputation, and customer reviews.
3 spheres of sustainability
Sustainability is referred to in three terms when it comes to business. These can be referred to as the 3 spheres, or 3 pillars of sustainability.
This sphere takes into consideration the natural resource usage by the company. This plays a part in pollution reduction.
The social sphere considers how the business and its activities influence the living standards.
In the economic sphere are factors included related to the economy; profit, economic growth, cost, savings, etc.
Principles of sustainable development
Actions related to these three different spheres are essential for sustainable development. These measures are called the 10 principals of sustainable development.
- Consult all participants, including farmers and villagers, to get to know their concerns and take relevant action.
- Make project outlines that are flexible instead of rigid. These should have enough room to make necessary amendments.
- Keep all people involved in the project in the loop. Those benefiting from the project should not be left out.
- It is best to go for solutions that can be implemented in different ways.
- Educate and train people, women and the youth in particular, so that they can lead to a stable future.
- Increase stability and minimize dependency by reducing external agencies involved.
- Support existing practices and do not go against established rules.
- Remember to evaluate the potential impact of all actions. Such sustainability examples would include a multi-disciplinary project that considers the impact on social, cultural, economic, and environmental aspects.
- Keep in mind both the output and the input. In some cases, focusing solely on particular outcomes is more effective than taking many factors into consideration.
- Focus on improving or at least maintaining the living standards of all participants. Problems faced by all members of society must be addressed.
Sustainability is indeed an essential component to guarantee success of, both, the business and the betterment of society on a whole. Businesses must remember the principals of sustainable growth and implement them wisely.