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Essay / Sustainable Initiatives for Business Success and...
IntroductionIn the contemporary competitive business environment, businesses face a myriad of challenges. If not addressed, these challenges can impact their performance. In light of this, we are witnessing a new paradigm shift that focuses more on sustainable development. As resources diminish and competition intensifies, there is a need to remain relevant and competitive while promoting sustainable approaches to social, environmental and technological best practices. Business sustainability can be defined as managing the triple bottom line. It is a process in which organizations or companies manage their environmental, technological, social and financial risks, while meeting their obligations and using available opportunities. Essentially, it focuses on maximizing profits, people and global interactions. Essentially, business sustainability requires businesses to observe and follow certain sustainability principles. The World Council for Economic Development (WCED) defines sustainable development as development that “meets the needs of the present without compromise »....