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The future of a business and why it depends on sustainable approaches that it adopts - Essay Example

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Name Institution Course Instructor Date Business Sustainability Market characteristics are rapidly changing with the changes in social and economic factors. These effects directly influence the existence of businesses. For instance, many companies keep recycling raw materials with a view of creating a sustainable business-operating environment…
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The future of a business and why it depends on sustainable approaches that it adopts
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The future of a business and why it depends on sustainable approaches that it adopts

Download file to see previous pages... Survival of a company largely, depends on strategies that it develops. Sustainable business approach does not only address how the firm will increase its profit margin, but also addresses planet and people. The only viable future for business is to become a sustainable business in a sustainable society. The future of a business depends on sustainable approaches that it adopts. This concept is quite broad thereby necessitating critical structures that would handle the business towards achieving its goals. This paper will address the following core concepts. The first section will address economic viability of a business that focuses on modalities of creating profit. Ethical viability will focus on the business and its influence in the environment. Social viability will address manageability, system viability, and sustainability. The second section of the paper will address the concept of business sustainability. Sustainability has broad concept that include resource consumption, social mandate, political support, environmental impact, and image. Analysts contend that the definition of viability with respect to business is the ability to survive (Sarkis, et.al. 2010:104). Many entrepreneurs peg viability to profit margin. The projection within the working environment should indicate that the organization would be able to make some profit. Entrepreneur’s expectation is that their businesses will be able to pick up and justify their investment by generating profit. When the business projects its viability into the future the situation would create sustainability. Sustainability means the ability of the business to remain viable into the future. Sustainable activities of the business would not only look at economic viability, but also the environment. Economic viability A business that intends to be viable in the future has to operate within ethical and socially acceptable manner. The idea behind such operations looks at the interest of the consumer with respect to company products. Consumer behaviors influence the profit margin of a firm. It means that the business must produce products that address needs of the consumers without harm or exploitation. When a form engages in a business that depletes the resources with the environment, the survival of the business would be at stake because it would not be able to generate products in the market (Richards, 2009:175). A firm that does not demonstrate sustainable methods of operation does not respect the ethical measures within the society. For instance, business operation has to create a room for the consumers to buy similar product in the future. What would be the condition of the market condition in an event of product depletion? The outcome of the market condition would be economically dead. Thus, economic viability of the business addresses the issues of continuity. Business, which gets huge profit margin for a short term, would not be economically viable because it does not have the capacity to survive in the future. Entrepreneurs evaluate conditions of market or the environment where they intend to create their enterprises. Economic viability as a consideration would address the following factors accessibility of raw materials, costs associated with business operation, government policies, effects to the environment and future development among other factors (Richards, 2009:174). Practices, which influence the ...Download file to see next pagesRead More
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