Sustainability; the new buzz word which everyone is talking about these days. I am sure we all have heard about it too, but what really is it all about? In the simplest terms, our survival depends on adapting the way we live everyday life and do business accordingly. Often being only linked to environment, the ability to sustain ourselves and the resources we depend on are the basis of Sustainability. This makes all of us responsible for sustainability in our own unique way.
How does Sustainability make an impact on Businesses?
This whole concept of sustainability is here to stay and will make an impact on our day-to-day lives. Most of the companies worldwide are creating sustainable business models as new technologies are challenging the conventional wisdom.
When we say business sustainability we refer to the management of environmental, social and financial resources involved and ensuring their responsible, ethical use. For a long time, this kind of concept has been seen to conflict with financial goals. Not anymore as it’s been proven that sustainability requires a much more planned timeline for return on investment (ROI) as compared to short term gains. Thus, in the long run sustainable business practices are profitable for a company’s future. For example, Unilever has developed washing-up liquid that uses less water—and sales are especially high, in water-scarce markets
How is it’s beneficial for socio-economic development?
Sustainability is leading to interesting synergies & also helping to lower costs as well as provide more efficient use of energy. A sustainable organization demonstrates the link between its strategy and its commitment to a sustainable global economy.
The main challenge is to create new opportunities for the present generation but also keeping in mind the needs of the future generation. In the business world, this also means to create economic value for all the projects you undertake, keeping in mind the social and economic aspects of sustainability.
A lot of governments across the world are now focusing on ‘smart growth’ by combining good business practices and providing strong financial support for sustainable development.