A general definition for sustainability can be described as the ability to create survival tactics within a certain environment, be it in business or any area of operation. In terms of business, sustainability can be defined as the ability of a business to incorporate certain social, environmental and economic factors into its operations. Moreover, the decisions made by the business management must also take into consideration the above mentioned factors. Such decisions can only be successful if they are implemented with the primary target being the achievement of long term goals of the business (CO2 News). In many occasions, business personalities base their decisions on their ability to achieve only the short term goals such as short term profits.
Sustainability is important for business in the current world because it makes the management take into account both the social and the environmental factors. Besides, the business can be able to achieve its long term objectives through such sustainability processes. Moreover, companies that embrace sustainability normally create a very conducive business environment to their stakeholders. For instance the employees of a company normally get the first consideration as the highest stakeholders. Once the employees are treated in the right way, then the company can be sure to get their operations to a near perfection. Other stakeholders such as the customers should also be given a chance to input in the operations of the business so that the management can know where to make adjustments.
Apart from that, sustainability also plays a vital role because it enables the company to develop an appropriate system of external communication. Such external communications is what links the company with the external investors who then boosts the performance of the business through additional capital (CO2 News). In general, companies that create a good social and environmental sustainability have a high chance of experiencing superior financial performance.
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