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Developing business - Essay Example

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This awareness has evolved since the businesses have realized that short-term orientation by the businesses and their respective stakeholders has been a key player in the global financial crisis (CIMA, n,d.). As a…
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Download file to see previous pages be specific considering the underlying report discusses the growing dimensions with respect to different in sustainability in social and environmental factors as well as financial sustainability that is interpreted as going concern for business. In addition, the ways to reconcile the difference between two concepts, obstacles and future implications with respect to the operation and reporting are discussed. In due course, different conceptual aspect is noted and discussed with examples. Finally, the recommendation based conclusion is proposed to adapt the real sustainability imperative that brings financial, social and environmental aspects all on a single page.
The raising concerns related to the adverse impacts that businesses are creating on society traces its history in the 1700. The concerns arose as a result of growing child labor and working conditions in factories and mines in UK. However, it was late in 1970s when the voice gained momentum and finally with the turn of the century, the concept is now set as among the priority concerns of the business (Honeyman, 2007 and Ceres, n.d.). The overall evolution of sustainability has grown from rejection for the concept of the transformation of business as shown waves of sustainability as follows:
According to the definition put forward by United Nation’s Global Compact, a sustainability is an imperative for the for success in the long-term with the assurance that the business also delivers value all across the society (UN Global Pact, n.d.). However, the concept of value varies. For example, Golub, et al. (2000) discussed the value delivery to customers while Hartlen (2014) clearly states that the definition of value varies from the interest of one stakeholder to another. Hence, for providing the direction for value to the business, UN Global impact has identified five dimension of delivering value to the society. The five dimensions are depicted in the image below:
All these collectively result in the ...Download file to see next pagesRead More
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