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Requirement
Write about strategic business sustainability.
Solution
Introduction
The broader way of defining sustainability is given by Brundtland et al (1987), "Meeting the needs of the present generation without jeopardizing the ability of future generations to meet their needs."
The definition provided above is beneficial in identifying the balance required between the short and long term needs. In a similar manner, a sustainable business model helps to centers its attention to their needs and needs of the environment. The ISO and the European Union defines sustainability as a balanced methodology for companies for integrating the concerns of stakeholder into their business operations in such a way that the organization is benefitted along with the stakeholders.
The corporations and organizations always operate on a set of guidelines. The objectives of the company are articulated in their missions and visions. Strategy helps the company to give a better vision so that they can carry their mission efficiently and hence is beneficial for realizing its objective (Ward et al, 1995). The inclusion of sustainability in the business strategy to realize its vision has been a debatable topic.
A lot of researching studies have predicted the strategic business studies as win-win scenarios as the inclusion of sustainable business practice helps the company to maximize their returns. Further, many such researches have argued firms should include sustainability into their corporate strategy to remain competitive in the market. The connection between the sustainable developments in business strategy and improved competitive advantage is prominent.
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Hart (1995) has involved in his study that the competitive advantage via the inclusion of strategic sustainable development as it helps to create a shared as well as long-term vision for the organization. This shared long-term would be the cause of increased competitive advantage and further helps to focus on the development of technologies and other methodologies that are considered important for the development of the organization. This further helps to the increases the chances of survival for the organization. Hence, it can be seen that a strategic business sustainability helps to achieve a desirable future state to the organization. In the nut shell, various external and internal sources of competitive advantages can help the companies and its management for integration of sustainability along with the business strategy.
When integration of sustainability takes place into the company and its business sustainability, rather than solely guarding the company against high-risk exposure, it creates significant value for the shareholder (Olson et al., 2003). This methodology is highly beneficial as helps to recruit a skilled talent into the market and further helps to unlock the new markets. One of the primary keys can be to concentrate on the social issues surrounding the business and the company.
This course helped us to focus on the environment and ecological issues, and these issues could be integrated with the strategies of business and its marketing. It further helped me to examine the responsibility of human beings towards the other species of the planet and the planet itself. When integrating with the strategies of the business, a detailed framework has to be developed along with addressing the governance and the decision-making of the company. First the senior level of management should be asked to provide a report of performance along with these strategies. The addressing of governance is highly crucial as it interconnects the increasing accountability along with the senior level of management. While the address of decision-making helps the organization to become highly responsible towards the issues related to sustainable development.
The sustainable business strategies can help to have a social system with long-term economic health which can be easily supported by the ecosystem. The economic activities of the business must be functioned in such a way that the natural as well as social boundaries of Earth within it. Thus, the strategic decision-makers of the organization should operate under the single paradigm according to which economy is meant to serve the increasing needs of the society that too within the limits of nature (Amason, 1996).
The humans are considered to be the dominant organisms present on the planet and hence they possess the supreme ability to make affective and reliable decision regarding their interaction with Earth and other resources along with the judging the impacts these decisions make. Therefore, it can be said that the decisions and assumptions that humans make an impact and influence the society as well as the nature of the planet.
This diagram depicts the industrial ecosystem with eco-effectiveness. This industrial ecosystem shows a system where the transformation of renewable energy and resources taken place into products (Rothschild, 1990). The waste of these products is used as inputs in other industries.
Therefore, there is a dire need to redesign the industrial and business systems and to transform the systems that defy the natural metabolic processes. This way the waste from one industry can be utilized by the other industry and can be reused. Thus, the industry could be designed in such a way that the products either includes biological nutrients or technical nutrients. Hence, the value chain depicted above provides us with a detailed background that should be included by the managers of the high-level management.
The coursework further taught us the three major economies that included the market economy, survival economy, and the economy of nature. In the market economy, the world of commerce was discussed thoroughly giving insights of the ecological footprint person. The levels of pollutions are receding due to the strict regulations gave by the government and the greening of industry by relocating the activities responsible for polluting the environment, especially in the emerging market economies.
The survival economy included the population that was dependent on the nature for gaining their basic needs which included basically the Africans, Indians and the Chinese. The alarming growth of the population and the growth rate of countries is included in the survival economy. Further, the economy of nature consisted of all the natural resources with directly give support to the market as well as the survival economy. It also included the non-renewable resources like oil, minerals, etc. which had to be taken care of due to their limit. While the renewable resources included those resources which can be replenished with time. Nature's economy is facing a massive threat where the renewable resources are over used by the humans, and they are constantly being pushed beyond the limits. One of the major problems is the insufficiency of fresh water.
Therefore, there is a need to conserve their economies especially the economy gifted by nature. One way to conserve these is to decrease the population of humans along with reducing the level of consumption of resources so as to leave them for the future generation. Further, the advancements in technology should be used to improve these solutions and to cope up with the alarming increase in the population of a human.
Nowadays, some companies have incorporated the sustainability to their management level. A lot of focus has been put on their business strategies so as to take care of the planet to prevent the pollution and to save the planet. The companies need to consider their operations and functions so as to provide greener environment and take a step towards sustainable development.
Thus, prevention of pollution, using clean technologies like nanotechnology, renewable energies, IT, genomics, natural products, disruptive technologies, etc. helps the company to take a step forward toward the sustainability. But there should be a framework that could give a proper vision and direction to these activities or else there impacts can be dissipated. The implementation of sustainability for any organization would help the services of the industry to evolve further and would give insight to new proficiencies that are needed in the company. Thus, the industry should have a future road map. These kind of future maps are a must for chemical companies where the issue of sustainable development should be taken seriously.
Emerging markets like Asia and Latin America faced various complications and were searching for ways to conceptualize their business opportunities. These developing countries have been facing issues like poverty, resource depletion and deterioration of their surroundings. Thus, it is predicted that these economies might be faced various issues regarding development of their clean technologies and ways in which they could implement various business strategies that would reduce the burden on the environment. Innovations in public policies at local, national as well as international levels are required as well as the companies need to changes their production and consumption methods for working towards sustainability. Further, the corporates and businesses also need to change the behavior of their consumer so as to adopt sustainability in their work. The corporates need to combine the strategies and should reduce their consumption, retransform their method of production, physical habitat. Further, the humans need to change their assumptions, thought, values and behavior and, therefore, their vision in total for working towards sustainable development. Finally, the business, for their overall development, should work towards sustainable development.
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Amason, A. C. (1996). Distinguishing the effects of functional and dysfunctional conflict on strategic decision making: Resolving a paradox for top management teams. Academy of Management Journal, 39(1), 123-148.
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Brundtland, G., Khalid, M., Agnelli, S., Al-Athel, S., Chidzero, B., Fadika, L., ... & Singh, M. (1987). Our Common Future (\'Brundtland report\').
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Olson, P. D., Zuiker, V. S., Danes, S. M., Stafford, K., Heck, R. K., & Duncan, K. A. (2003). The impact of the family and the business on family business sustainability. Journal of business venturing, 18(5), 639-666.
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Rothschild, M. (1990). Bionomics: Economy as a business ecosystem. Beard Books.
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Ward, C. L., Omura, S., & Kopito, R. R. (1995). Degradation of CFTR by the ubiquitin-proteasome pathway. Cell, 83(1), 121-127.
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Ward, P. T., Duray, R., Leong, G. K., & Sum, C. C. (1995). Business environment, operations strategy, and performance: an empirical study of Singapore manufacturers. Journal of operations management, 13(2), 99-115.
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