Business Sustainability and its Important Pillars †Free Samples

Questions: 1.Explain the meaning of Business sustainability and its main pillars? 2.Explain the main impacts of adapting the business sustainability? 3.UAE is working on adapting the concept of sustainability in all businesses; provide an example of this adaption wither from the private sector or the government sector? Answers: 1.Business sustainability and its main pillars Business sustainability can be understood as the approach of administering and controlling the triple bottom line. It is basically a process by which the organisation manages their risks associated with the environmental, social and financial departments as well as also managing the opportunities and obligations relating to these sectors. These are also recognized as 3Ps comprising of Planet, People and Profit. The concept of business sustainability makes the bushiness organisations to follows and sticks to the principles of sustainable development which ensures that the needs of the present are effectively meeting without having any negative implication on the satisfaction of the needs of future generation (Dyllick and Muff, 2016). The main pillars of Business Sustainability Social Pillar: PEOPLE The social pillar has its focus on marinating a balance among the needs of the groups and the needs of the individuals. Environmental Pillar: PLANET The environmental pillar has its focus on reducing the environmental impact of the operations, products and facilities of a business organisation on the environment by the means of innovative systems and processes. Economic Pillar: PROFIT The economic pillar has its focus on promoting the use of social-economic resources for achieving high and competitive benefits. It ensures that there is efficient allocation and equal distribution of the resources so that the organisation can achieve profitability and long-term advantages (Schaltegger, Ldeke-Freund and Hansen, 2012). 2.The main impacts of adapting the business sustainability There are several positive implications of adapting business sustainability over the society, environment and the organisation. Business sustainability helps in reducing waste and additional costs, it offers differentiate competitive advantage to the organisation, helps in promoting the innovative process and products and also offers entry to new markets which are high in sustainability (Willard, 2012). The society is also positively impacted as there is reserved and persevered the natural resources for the coming generations so that they do not have to suffer from the scarcity issues. The environment also have potential impacts as there is reduced use of the natural resources such as plants, water, etc. As swell as because of improved practices, the environment can be saved from hazardous impacts of the business activities in terms of environmental pollution (Hopkins, et al., 2009). 3.UAE towards the adaptation of concept of sustainability in its businesses Across the globe, the organisations are incorporating the business sustainability approach in their business. UAE is one of the countries which is high in taking use of this approach. Most of the private as well as Government organisations are a part of this proves (Norton rose fulbright, 2015). One such example is, Etisalat, a well-known name in the communication industry. Green ICT is a vital and core aspect of the business strategy of Etisalat. The company maintain an efficient balance between the environmental, social and economic needs (Etisalat, 2012). In all its administrative, managerial, commercial and technical services, the company pursue the sustainability practices for minimizing the footprints of greenhouse emissions, waste energy and water. For achieving triple bottom line, Etisalat have used an innovation strategy and has manufactured several products like easyblaze, talkzone, easycliq etc. (Sustyvibes, 2016). To uplift the society, the company also have its continuou s and effective involvement in social practices such as providing educational and health services to the individuals. Etisalat also have its primary focus on reduction in the energy consumption, internal carbon management and principles of eco-efficiency (Unglobalcompact, 2017). References Dyllick, T., Muff, K. (2016). Clarifying the meaning of sustainable business: Introducing a typology from business-as-usual to true business sustainability.Organization Environment,29(2), 156-174. Etisalat, (2012). Etisalat CSR Sustainability Report 2012, Pp.82. Retrieved on: 9th May, 2017, Retrieved from: https://www.etisalat.com/en/system/docs/reports/Etisalat-CSR-Sustainability-Report-2012_lowres.pdf Hopkins, M. S., Townend, A., Khayat, Z., Balagopal, B., Reeves, M., Berns, M. (2009). The business of sustainability: what it means to managers now.MIT Sloan Management Review,51(1), 20. Norton rose fulbright, (2015). 10 things to know about sustainability in the UAE, Retrieved on: 9th May, 2017, Retrieved from: https://www.nortonrosefulbright.com/knowledge/publications/125011/10-things-to-know-about-sustainability-in-the-uae Schaltegger, S., Ldeke-Freund, F., Hansen, E. G. (2012). Business cases for sustainability: the role of business model innovation for corporate sustainability.International Journal of Innovation and Sustainable Development,6(2), 95-119. Sustyvibes, (2016). A Guide to Business Sustainability in Nigeria, Pp.68. Retrieved on: 9th May, 2017, Retrieved from: https://sustyvibes.com/wp-content/uploads/2016/10/AGuidetoBusinessSustainabilityinNigeria.pdf Unglobalcompact, (2017). UN_Global_Compact_COP_Etisalat_2017.pdf, Pp.10. Retrieved on: 9th May, 2017, Retrieved from: https://www.unglobalcompact.org/system/attachments/cop_2017/354061/original/UN_Global_Compact_COP_Etisalat_2017.pdf?1484639509 Willard, B. (2012).The new sustainability advantage: seven business case benefits of a triple bottom line. New Society Publishers.