Sustainable Approach to Business Strategy and CSR Challenges

This report explores the sustainable approach to business strategy and the challenges faced by organizations in implementing CSR. It discusses different approaches to CSR for micro, small, and corporate businesses and provides insights on measuring success in CSR strategies.

FOUNDATIONS OF
BUSINESS
COMMUNICATION

Table of Contents
PART 1.......................................................................................................................................................3
INTRODUCTION.......................................................................................................................................3
MAIN BODY..............................................................................................................................................3
Sustainable approach to business strategy and management....................................................................3
Different approaches to CSR of micro, small and corporate business with their similarity and
differences and how to measure success in CSR strategies......................................................................6
CONCLUSION...........................................................................................................................................9
REFERENCES..........................................................................................................................................10
PART 2......................................................................................................................................................12
INTRODUCTION.....................................................................................................................................12
REFLECTIVE REPORT...........................................................................................................................12
CONCLUSION.........................................................................................................................................14
REFERENCES..........................................................................................................................................15

PART 1
INTRODUCTION
Sustainability defines as an holistic approach that involves several factors such as
ecological, economic, social dimensions that helps in managing together to get the lasting
prosperity. A sustainable business strategy refers to a vehicle that supports transformation of
unsustainable firm into a sustainable business enterprise. These sustainable strategies present a
pathway that supports an organisation to work for a longer period of time. To delivers a strategy
needs several elements that include recognizing the strategic context, a clear sustainable vision,
proper communication and reporting, timescales etc. that helps in developing positive connection
of company with stakeholders. CSR is a practice and policies that is adopted by corporations to
provide positive influence on word. It is a type of self-regulation business that is highly
responsible socially (Fraser, 2019). This report demonstrates the understanding of sustainable
approach to business strategy including strategic planning and CSR challenges that was faced by
an organisation. It also includes the manner of measuring success by implementing CSR
strategies within the business organisation. It is essential to gain profitable results and attracting
lareg base of customers towards the business products and services so that the company will
enjoy competitive advantage within the marketplace.
MAIN BODY
Sustainable approach to business strategy and management
Sustainable business strategy refers to a combination of economic, social and
environmental aim with the organizational goals, planning and activities to develop a long term
value for business along with its connected stakeholders and the wider society in which the
business operates. Therefore, sustainable approach to business strategy is essential to formulate
and execute because it fulfills the overall needs of stakeholders along with saving natural
resources that is beneficial and needed in future. Sustainable approach to business strategy is
highly contradictory but it is essential for organisation to impact low on environment. This is not
only possible but important and necessary for sustaining in the future. It includes several ways

for business enterprise to become sustainable such as focus on reducing waste, preventing
pollution, conserving water, use sustainable material, implement clean energy at working
premise, developing and producing products in sustainable manner, follow sustainable travel
policies (Sanders and Wood, 2019). Most of the business firms adopts the triple bottom line that
mainly suggest that companies should focus on more than just profits by measuring
environmental and social impact. The sustainable approach to business strategy highly emphasis
on three Ps that are profit, planet and people. This sustainable approach is helpful to boost the
business performance for a longer period of time. In this environmental, governance and social
that is termed as ESG metrics used to determine how a business is sustainable and ethical in
nature. Those companies who rate high in ESG metrics perform the market in both medium and
long term manner. As sustainability approach in business strategy reflects an investments in short
term but it offers the long term benefits to business by attracting and retaining stakeholders
longer time period and provide competitive advantage within business industry. These also
represent the several sustainable approaches to business strategy and management that are
presented below:
 Motivating staff member to take alternative, green transport instead of flying- In
this business manager need to focus on adopting the sustainable approach as a business
strategy by encouraging employees towards greener ways of transport. As many people
prefer air travel that contains approximately 25% of carbon footprints (Fiore and et. al.,
2020). Offer and encourage staff to green ways of transport example “Train” is one of the
best way to prevent CO2 emissions from air travel.
 Limiting travel by hosting video conferences- It is another business strategy that
represents the sustainable approach. According to this, companies need to focus on
offering video conferencing because it positively affects the people by maintaining better
work-life balance and it also beneficial for planet because it does not contain CO2
emission. It is highly profitable because of less travel expenses and less waste of time.
 Offsetting CO2 emissions- It is another strategy that is used by businesses as sustainable
approach. Thus companies need to invest in CO2 reduction projects by encouraging
employees to buy their flights (if necessary) using website bookings such as FlyGRN that
helps in offsetting CO2 emissions for free. FlyGRN educate people about green travelling
and promote green lifestyle. Offering sustainable travel does not only beneficial for

environment and society but also effective and profitable deal to business by saving the
travel expenses and time of members who travel for business meetings.
 Water and electric conservation- It is a sustainable approach to business strategy that
states conserving water by encouraging employees to participate in reducing the
opportunities of wasting the valuable natural resources (Lüdeke-Freund, Schaltegger and
Dembek, 2019). For instance- Converting to energy-efficient faucets, lightening and
toilets are to best way to save water, budget dollars and energy.
These sustainable approach to business strategy included major multinationals and small
businesses. Below are several examples of different businesses that adopting the sustainable
business practice for providing benefits to environment, society and businesses.
 Triodos Bank- This bank is best example that adopts the sustainable business strategy to
operate in ethical and sustainable way. This bank is a type of ethical bank based on
Netherland that also has branches in UK, Spain, Germany, Belgium and France (Sousa-
Zomer and Miguel, 2018). This bank believes on the cultural value that is beneficial for
both people and environment. Therefore they use money of their clients to invest in those
businesses that are indulged in working to create a better world. Triodos mainly invest
their money in renewable energy along with this Triodos also offers sustainable tips to
their customers, partners, and clients for making a better future.
 Tony’s Chocolonely- It is a Dutch company that highly includes in making cocoa
industry free from slave work. This company is working for limiting the environmental
impact by not using the palm oil in making chocolates that reduces the climate change
emissions. Such company’s small move to sustainable approach as a business strategy
helps in gaining profits, saving planet and profits from harmful effects.
 Georganics- This Company is one of the best examples that highly focus on sustainable
approach in ethical manner. This was founded by Alessandro Rocchi in 2015. As this
company is highly dedicates to produce environmental friendly oral care products by
using beech wood toothbrushes to activate charcoal mouthwash. Besides this, the
Georganics highly used natural ingredients in producing their products along with eco-
friendly packaging that locally reduce the carbon emissions.

 ACRE- It is a business that used the sustainable strategy to operate in ethical and
sustainable way (Morioka, Bolis and de Carvalho, 2018). This company is a recruitment
agency that works for environmental recruitment consultants that specialist in
environmental field mainly trusted by NGOs, non-profit organisation and consultancies
to build a strong ethical team that focus on driving cultural and environmental change.
Different approaches to CSR of micro, small and corporate business with their similarity
and differences and how to measure success in CSR strategies
CSR defines as a concept where companies voluntarily decide to invest and contribute to
represent a better society and clean environment. The main aim of implementing CSR is give
back to the society and develops the positive social value. Many businesses are eventually
focused on turning to CSR to make a positive brand around the society and business industry.
The ambition of CSR is to maximize shared value among employees, organizations, shareholders
and community members. It is a process of assessing organisation impact on society by
evaluating the responsibilities (Cillo and et. al., 2019). In terms of small and micro business
enterprises implementing CSR feel overburdened but they also enjoyed the benefits of good CSR
program. In terms of large corporate businesses, CSR policies are highly effective to gain
profitable returns as they are high source of capital and asset due to which they cannot face any
issue in implementing CSR approaches that helps in gaining profitable results. It includes several
approached to CSR of micro, small and corporate business including measures success of CSR
strategies below:
Approaches to CSR of Micro, small and corporate business
For small and micro businesses it seems impossible to them to focus on approaches of
CSR because of time, other expenses and money. Therefore, applying CSR does not mean to
shell out high financial resources. For instance- if a person own a small recruiting agency for
healthcare professionals where this business focus on one approach of CSR that is philanthropic
responsibilities that represents a good corporate citizen. In this business they offer eco-friendly
recruiting practices to the several people who need jobs. It helps in developing environmental
friendly growth of society along with gaining profits. The world is developed with niche
products and services, meeting payroll along with fulfilling demands of customers, helping
community needs etc. to fulfill all these needs small and micro businesses are highly focus on

market opportunities that provides an edge to work tirelessly for sustain in business. As these
types of businesses have limited resources and using these resources small and micro businesses
ensures that they do innovation at all levels by creating and developing new ideas and new jobs
for society people (Theodoraki, Messeghem and Rice, 2018). By providing jobs to the
unemployed local person small and micro business reflects the CSR initiatives. This represents
the philanthropic approach of CSR that states that doing well to people. By offering job
opportunities to unemployed person helps in developing their living standards that shows that
company do good with the society people by maintaining their living standards.
In terms of corporate business, CSR approaches are based on three aspects that are
philanthropic approach, Community approach, Creating shared value approach that is presented
below:
 Philanthropic approach- It is an approach that is being followed by several corporate
business since many years. It represents the contribution of business enterprise towards a
cause that offers benefits to cause and helps company to fulfill their business objectives.
This approach will create a win-win situation for everyone such as community,
environment and business. It is one of the best approaches of CSR that is adopted by
large organisation because it creates a form of alliance and maximizes engagement with
the stakeholders. The best example of this CSR approach is Microsoft Company who
follows the corporate philanthropy program by donates $1.4 billion in services and
software to non-profits worldwide last year. The company mainly works for empowering
people, strengthen society and protect the planet.
 Community approach- It is another approach to CSR that is followed by large
organisation that involves supporting organisation, events, programs that impact
positively on business for longer time period. For large organisation it is necessary to
consider the importance of society while implementing strategy and plan so that it impact
positively on whole community that involve suppliers, customers, employees,
environment and shareholders. In this many large firms will focus on reducing the level
of pollution and adopts eco-friendly technologies, offering quality healthcare facilities to
their employees, highly invest on research and development so that innovation is to be
done that enhances the quality of productivity. Offering respect to workers and ensures

full safety develops the retention of employees within company so that firm will gain
profitable advantage in their long term survival.
 Creating shared value approach- It refers to that approach of CSR which develops the
future market along with strengthen the economics, society and marketplace. it develops
the long term interdependence of success within large companies by balancing the social
systems. This approach helps large companies to strategically invest in environment
conservation, education, healthcare by creating opportunities for long term survival and
growth (Fernando, Jabbour and Wah, 2019). For instance- Nestle is creating the value
approach that brings business and society together, creating sustainable economic value
by providing individual and families help so that they live healthier life. For community
they provide job opportunities to people. In terms of planet they focus on zero
environmental impact manufacturing process so that high profitable results are enjoyed
by organisation.
Mainly CSR approach for small, micro and large business are similar in terms of saving
environment, planet, promotion, people, profit but due to the limited capital and asset small and
micro business cannot offer much in terms of offering benefits to society as they mainly focus on
their profits. Therefore, small and micro businesses only focus on philanthropic approach where
they do good to people of society but the large organisation focus on other ethical and legal
approach to provide benefits to society, environment and business. Hence, it represents that CSR
approach of micro, small and large businesses are differing.
Measure success in CSR strategies
There are several ways of measuring success in CSR strategies within a business
enterprise. These measures are presented below:
 Use key performance indicator to measure the success in CSR strategies- It is
foremost way of measuring success in CSR strategy. The key performance indicator is
very effective tool to understand the difference between outcome metrics and activity
measures within the CSR activity. In this companies need to examine the benefits that
they offered to society people so that they understand the level of benefits that helps in
move forward towards gaining profitable results.

 Employ recognized industry-standard outcomes- When businesses emphasis on
measuring corporate social responsibility that companies need to identify the best issues
to work so that they transfer guidelines within working premise due to which employees
are working for attaining company standard outcomes while fulfilling social
responsibility.
 Revenue- To effectively measure the success of CSR within an organisation, examine
revenue cost is one of the best tools (Fernando, Jabbour and Wah, 2019). In this firm
notices the new customer acquisition, customer retention, and cost saving of business.
 Retention of employees and customers- To effectively measure the success of CSR,
companies examine the retention rate of employees and customers. If firm follow proper
CSR policies and principles than more customers are attracted and retain with the firm
along with employees are also satisfied with the working culture of an organisation.
CONCLUSION
From the above report it is to be concluded that sustainable approach to business practice
is a significant concept for companies to gain profitable results and competitive advantage within
the marketplace. This report inculcates the sustainable approach to business strategy by
reflecting several aspects such as eco-friendly transportation, electric and water conservation,
offsetting CO2 emissions, encouraging video conferencing by using all these sustainable
business strategies companies are attracted large base of customers along with gaining profitable
advantage within their long term sustainability. This report also presents several examples of
different companies that use several business sustainable strategies which is beneficial for planet,
profit, people and promotion. This report helps in understanding the strategies that businesses
used to sustain in marketplace for longer period of time by investing in short term. Further this
report demonstrate the use of CSR approached that is adopted by micro, small and large
companies as all these businesses applied CSR as per their ability and capability to provide
benefits to environment and society along with gaining profits. Therefore it also presents the
ways of success by implementing CSR strategies within business enterprise so that other non-
sustainable firms are also adopting to gain competitive advantage and attracting large number of
customers within business industry.

REFERENCES
Books and Journal
Cillo, V. and et. al., 2019. Understanding sustainable innovation: A systematic literature
review. Corporate Social Responsibility and Environmental Management. 26(5).
pp.1012-1025.
Fernando, Y., Jabbour, C.J.C. and Wah, W.X., 2019. Pursuing green growth in technology firms
through the connections between environmental innovation and sustainable business
performance: does service capability matter?. Resources, Conservation and
Recycling. 141. pp.8-20.
Fiore, M. and et. al., 2020. Stakeholders' involvement in establishing sustainable business
models. British Food Journal.
Fraser, J., 2019. Creating shared value as a business strategy for mining to advance the United
Nations Sustainable Development Goals. The Extractive Industries and Society, 6(3),
pp.788-791.
Lüdeke-Freund, F., Schaltegger, S. and Dembek, K., 2019. Strategies and drivers of sustainable
business model innovation. In Handbook of sustainable innovation. Edward Elgar
Publishing.
Morioka, S.N., Bolis, I. and de Carvalho, M.M., 2018. From an ideal dream towards reality
analysis: Proposing Sustainable Value Exchange Matrix (SVEM) from systematic
literature review on sustainable business models and face validation. Journal of Cleaner
Production. 178. pp.76-88.
Sanders, N.R. and Wood, J.D., 2019. Foundations of sustainable business: Theory, function, and
strategy. John Wiley & Sons.
Sousa-Zomer, T.T. and Miguel, P.A.C., 2018. Sustainable business models as an innovation
strategy in the water sector: An empirical investigation of a sustainable product-service
system. Journal of Cleaner Production. 171. pp.S119-S129.
Theodoraki, C., Messeghem, K. and Rice, M.P., 2018. A social capital approach to the
development of sustainable entrepreneurial ecosystems: an explorative study. Small
Business Economics. 51(1). pp.153-170.

PART 2
INTRODUCTION
A reflection report refers to a collection of all skills and experiences that represents
development of my career in stockbroker and investment banker with the use of several skills
and knowledge and applied in day to day life. To become a stockbroker and investment banker I
start my career by starting my own recruitment agency for healthcare professional. In this several
skills are to be effective that are public speaking and public presentation skill both these skills
are very useful in today’s employability structure. This reflection is to be done by using Gibbs
reflection model in which six stages are included (Gibbs' Reflective Cycle, 2021). All these
stages are very helpful in draw the conclusion to attain the objective of becoming stockbroker or
investment banker in future point of view.
REFLECTIVE REPORT
This refection report is revolves around the six stages of Gibbs refection model that is
essential to examine and understand my inner skills and knowledge along with strength and
weaknesses so that profitable results are enjoyed by me. To become a stockbroker and
investment banker I had to focus on my own recruiting agency business that is for healthcare
professional. By opening this business I had to gain variety of skills and knowledge that are
explained by using Gibbs model. In this using Gibbs model helps in self- analysis in order to
outline better understanding for better employability structure. The six stages of Gibbs model
helps in evaluating information to draw a reliable outcomes.
Description is the first stage of Gibbs reflective cycle that is based on description of
experience that lead to development of concerned skills. I am going to discussed my experienced
under my own business i.e. recruiting agency for healthcare professionals in which I acquire core
two skill that are mentioned above. In this first skill is summarizing public speaking. I had basic
knowledge regarding summarizing public speaking before opening my recruiting agency for
healthcare professional. I always had an interest in how to make things to enhance the audience
engagement by developing the quality of content which I thorough. After a little research that

had conducted on my personal level I come to concept of public speaking. I was analyzed that I
have an ability to inform the information using very few words. This helps in developing the
attraction of people engagement by enhancing quality of overall content. This helps in
developing the quality of communication that I had done with several healthcare professionals
during my business. At this time I realize that public speaking is highly efficient if someone has
the capability of transferring their views to other effectively. Although I think that I learn more
about public speaking by involving in module so that I received the theoretical knowledge about
public speaking that helps in my recruiting business along with also beneficial in stockbroker and
investment banker field. Both this field need speaking in crowd in which my public speaking
skill is highly beneficial.
In second stage i.e. thoughts and feeling is reflected about experience that is associated
with acquisition of public speaking and presentation skills which are useful for me to become a
stockbroker and investment banker. The only thought that I come into my mind is to become a
successful stockbroker by having two skills that enhances my future employability skill. In this
stage I feel that i had an issue in public speaking before understanding the importance of this
skill in my employability structure. During the time of opening my business I was not much
comfortable in beginning. But further I indulged in my own business that helps in developing my
public speaking skills and public presentation skill in order to deliver flawless presentation.
During my first presentation I feel shy and hesitate because I was stepped out of my comfort
zone. But at this time I focused on using all my skills that I gained earlier in subject module that
helps in building confidence and because of this presentation is carry out good. At this time I got
an appreciation from number of people who involves in recruiting agency that is one of the best
feelings that I have ever experienced.
The third stage reflects evaluation of overall experience that includes positive and
negative aspects of story. During my work at my own business I acquired all theoretical
knowledge to create more clients and healthcare professionals with the use of basic two skills.
During this time I even learnt another skills such as time management skills, research skills etc.
in this I only miss the active practice to bush the basic skills. In terms of public presentation skill
the only thing I believed is that it cannot developed by theoretical aspects but it is to be
developed by regular practice and due to opening my business of recruiting agency I would

developed my presentation skill by making presentation on regular basis by interacting with the
crowd. Thus my theoretical knowledge that I had gained in my classroom module helps in
developing the outline of these skills that helps in structuring my career in stockbroker and
investment banker field. In this I had to take participate in several activities to overcome the fear
of communicating in public. This represents the positive aspects of my learning that helps in
providing employment in the stockbroker and investment banker field. I had also put more
emphasis on brush my skills using practical participation so that high opportunities are capture
by me.
Fourth stage reflects around the analysis of situation that represents the strong sense of
establishing an effective conclusion in next stage. If I look back at the situation and examine the
positive and negative aspects than it analyzed that my positive aspects is more powerful to
overcome the negative factors with in the path of employability structure (Taran, Ionel and
Dorrell, 2018). I had a high interest of public speaking due to which I start my own recruitment
agency business for healthcare professionals. This also helps me in come out from comfort zone
due to this I got more opportunities in stockbroker and investment banker field.
The fifth stage is based on conclusion of the above reflection that I had done for examine
my skills for developing employability structure. Consider future employability structure criteria
I noticed that opening my own business is very helpful to gain the profitable results in getting the
job under stockbroker and investment banker because my business is recruitment agency from
where I examined the what type of interview are conducted and in what manner interview would
be cracked. With the use of technology I have gain the employability criteria that strengthen the
future employability throughout my whole life.
The last stage of Gibbs reflection model is Action planning that demonstrates the how I
can deal with same situation in future. If this situation occur repeatedly in future than I would
focus on more practical skills by involving in several activities to the related field so that
problem related to hesitate and shyness would be removed that helps in gaining profitable results
in developing employability structure.

CONCLUSION
From above report it is concluded that reflection done on analyzing personal skills and
knowledge for gaining employability structure in the business world. To become a stockbroker
and investment banker I would involve in opening my own recruiting agency for this several
skills are needed that are demonstrated by using reflection model so that effective results are
attained.
REFERENCES
Books and Journal
Taran, N., Ionel, D. M., & Dorrell, D. G. 2018. Two-level surrogate-assisted differential
evolution multi-objective optimization of electric machines using 3-D FEA. IEEE
Transactions on Magnetics. 54(11). 1-5.
Online
Gibbs' Reflective Cycle, 2021. [Online]. Available through: <
https://www.ed.ac.uk/reflection/reflectors-toolkit/reflecting-on-experience/gibbs-
reflective-cycle>