Sustainable Business for Journal of Cleaner- myassignmenthelp.com

Question: Discuss about theSustainable Business for Journal of Cleaner Production. Answer: We are living in a competitive world of business and therefore, companies have to adjust their way of operations to continue in existence. Managing the financial, environmental and social risk and responsibilities are what entails business sustainability. The sustainability of business involves three factors including people, profits, and the planet. One of the major structures adopted by the contemporary businesses is the triple bottom line structure which is meant to evaluate the income generated (Martinez-Alier et al., 2014). This technique requires one to evaluate the profits that ones business generates economically, socially as well as environmentally other than concentrating on the old way of focusing on profits only. The triple bottom line is a good way to evaluate the profit made and the sustainability of your business. Social sustainability measures how the business income influences human capital. It helps to understand how the business provides benefits to the city either through supporting local activities or community health. The employees of the business should also be well informed in terms of financial stability and health issues. The social bottom line helps to promote a good working environment for the employees as well as goodwill from the community at large. Where the business is not cultivating good relations with the community, the customers, and its employees, it starts shrinking. The social bottom line assesses the long-term sustainability of the business (Ortiz Bansal, 2016). The social bottom line structure states that the corporate and labor interests are interdependent. With a desirable workplace, employees under social bottom-line structure will make every effort to be part of the business. Environmental sustainability means observing, controlling and reporting to the responsible authorities about business depletions, wastes, and the discharges. The business environmental resources may include the water sources used, gases and renewable energy. If the business is less involved with negative environmental issues, it has a longer sustainability period. The business ought to establish a sustainability committee meant to enable a smooth flow of the business and intervening for viable solutions whenever sustainability issues arise. Such solution should include recycling of the waste products to reduce pollution. Measuring economic sustainability should entail checking the impact of the business on the suppliers, employees and the community as a whole (Boons et al., 2013). A business that focusses on empowering the economy is the one that will continue to excel in the future. Business owners should evaluate whether the business promotes the local supplier for him to stay in the market if it embraces innovation if employees are getting better salaries and if the materials used are economically acceptable. By practicing the triple bottom line method, the business is able to recognize its current place in the economy and understand its ability to be a going concern (Savitz, 2013).However, none of the bottom lines can sustain a business on its own. There are several kinds of capital in a business. The most common form of capital is finance. Finance may take the form of a debt or equity. Finance plays a vital role in the operations of a business by meeting all financial obligations that are required. Sometimes businesses acquire loans to fund their operations whenever they are financially constrained. be. Skills, knowledge, health and experience are what comprises of human capital (Robb Robinson, 2014). Employees are the most important and incorporated assets of a business. High costs are involved in hiring, placement, training as well as resigning of the workers. The period during which new employees have to adapt to their job can have some effect to the production and growth of the business. No business tends to enjoy the high levels of job turnover. This is because working with experienced and well-known employees is easier, productive and efficient. Intellectual capital includes the intangible assets such as patents, trademarks and the equity of the brand (Stam Arzlanian Elfring, 2014). The net worth of intellectual capital contributes to the sustainability of a business. Concept and tactics established through the intellectual capital give a valued perception into the operations of a business. Social and relationship capital comprises of groups, systems, and individuals who are united for a common goal. Undisputed example of social relational capital is the development and promotion of interactions with universities, philosophers and other bases of intellectual capital. The natural resources and ecosystems like climate make up the natural capital. Natural capital is mainly utilized by the extractive companies. However, that does not mean that it is not useful to other organizations. Manufactured capital includes goods, services delivery, and the supply networks. Manufactured capital is a key driver of the perpetual existence o f every business. The phases of a business approach to sustainability are rejection, compliance, the sustaining corporation, efficiency, strategic proactivity and non-responsiveness (Willard, 2012). When the organization exploits the resources of the company, including the employees for economic gain, it results in the rejection of social practices. Non-responsiveness occurs when a firm concentrates on the daily chores while ignoring its future sustainability. Compliance lessens the risk of approval for not attaining the set standards. Efficiency revolves around creating awareness to the managers on the benefits of adopting and implementing the sustainability methods. Strategic proactivity occurs once sustainability is undertaken to get hold of additional opportunities. The sustaining corporation reveals an adoption of sustainability and contributes to fair, reasonable and independent community practices. Businesses have been seen to be successfully engaging in the sustainable practices in the current world of business (Wiek, Withycombe Redman, 2011). Such may include the Pepsi Which is a food and Beverage Company. It has been revealed that changes in climatic conditions, water shortage, and public well-being are an imminent challenge to business sustainability. General electric via its human resource section is incorporating sustainability into the companys values. Nike is a sports gear international that take part in sustainable designs through its product collection, as designers are able to come up with acceptable cloths in the market. The business managers have to face the task of performing their duties with honesty, standing with bravery towards a healthy society that will practice sustainable methods while truncating along a sustainable world. References Boons, F., Montalvo, C., Quist, J., Wagner, M. (2013). Sustainable innovation, business models, and economic performance: an overview.Journal of Cleaner Production,45, 1-8. Martinez-Alier, J., Anguelovski, I., Bond, P., Del Bene, D., Demaria, F. (2014). Between activism and science: grassroots concepts for sustainability coined by Environmental Justice Organizations. Routledge Ortiz?de?Mandojana, N., Bansal, P. (2016). The long?term benefits of organizational resilience through sustainable business practices.Strategic Management Journal,37(8), 1615-1631. Robb, A. M., Robinson, D. T. (2014). The capital structure decisions of new firms.The Review of Financial Studies,27(1), 153-179. Savitz, A. (2013).The triple bottom line: how today's best-run companies are achieving economic, social and environmental success-and how you can too. John Wiley Sons. Stam, W., Arzlanian, S., Elfring, T. (2014). The social capital of entrepreneurs and small firm performance: A meta-analysis of contextual and methodological moderators.Journal of Business Venturing,29(1), 152-173. Wiek, A., Withycombe, L., Redman, C. L. (2011). Key competencies in sustainability: a reference framework for academic program development.Sustainability science,6(2), 203-218. Willard, B. (2012).The new sustainability advantage: seven business case benefits from a triple bottom line. New Society Publishers.