Sustainable business practicesare those that focus on long-term success by balancing environmental, social, and economic factors. Two key descriptions are:
Are socially responsible (D):Sustainable practices involve conducting business in a way that benefits society, including fair labor practices, reducing environmental harm, and contributing to the well-being of communities. This ensures a positive impact on both people and the planet.
Should be economically viable (E):Sustainability must also be economically feasible. This means that businesses need to adopt practices that ensure profitability while minimizing resource consumption and waste. Economic viability ensures that sustainability can be maintained in the long term, benefiting both the business and its stakeholders.
Environmental Sustainability References:
United Nations Global Compact. (2020).Social Responsibility and Sustainable Business Practices.
World Economic Forum. (2021).The Triple Bottom Line: Environmental, Social, and Economic Sustainability.
McKinsey & Company. (2021).Sustainability: A Business Imperative for Long-Term Growth.
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