Business organizations across the world need to follow an effective approach in order to run an environmentally sustainable business. They need to reduce their carbon footprint and also come up with products that will help the consumers in minimizing the same. This will be possible only when they include the environmental aspect in the entire product life cycle.
A sustainable business is one that makes profit without causing any damage to the society or the environment. Traditional business organizations were the worst hit with the recent financial crunch as they used to run in an unsustainable manner. Such companies never took climate change and pollution into serious consideration while running their business. According to experts, the main reason behind this failure was the notion that making a profit is more beneficial as compared to doing business in a sustainable manner.
A sustainable business should meet the triple bottom line and follow progressive human rights and environmental policies. It should make use of natural resources in a balanced manner so that present as well as future needs can be met. One can’t deny the fact that business activities not only affect the company, suppliers and customers but it also has significant impacts on the environment. In order to build a sustainable business, one must identify the reasons for doing business. Do you want to start a business for making money or you want to strike a balance between profit and social and environmental causes? Only when you determine the man objective you will be able to run a successful business.
Industry experts are of view that sustainability should be a combination of people, planet and profit. A business organization should strike a balance among these factors with the help of sustainable development and sustainable distribution for a significant impact on the society, environment and growth of the business. A business can be successful only when it combines the objective of profit making for the stakeholders with socially responsible business activities that will benefit the environment as well as communities.
Read more: https://hbr.org/2017/12/the-top-10-sustainable-business-stories-of-2017