Effective Ways for Business Development and Ethical Practices

This study highlights effective ways for business development and examines the importance of managing responsibly and sustainably in relation to social, cultural, economic, and environmental issues. It also explores the impact of leadership in modern organizations.

Individual Essay

Contents
INTRODUCTION.................................................................................................................................4
MAIN BODY........................................................................................................................................4
CONCLUSION.....................................................................................................................................6
REFERENCES......................................................................................................................................7

INTRODUCTION
This study will highlight, effective ways which will help in further business
development which will lead to higher operational efficiency, performance and productivity.
This study will examine effective business ethics which help business to adhere with
corporate social responsibility in this changing global business environment. It will help in
effectively analysing the importance of managing responsibly, sustainably and behave
ethically in relation to social, cultural, economic and environmental issues. Lastly, this study
will also include impact on leadership in modern organisation
MAIN BODY
Business environment is changing at a faster pace. It is very dynamic and there are
large number of factors which adversely affect the operational efficiency of the Tesco Plc.
Global business environment leads to higher sustainability growth and development of the
Tesco plc. which leads to higher operational efficiency, performance, productivity and
profitability for the business. Global business environment is highly beneficial for the higher
success of the company which helps in reaching new and emerging markets which leads to
long term growth of the business across the globe (Crowther and Seifi, S. eds., 2018).
It is very important to behave ethically and manage responsibly and sustainably in
relation with social, cultural, economic and environmental issues in order to reach higher
goals and objectives for the Tesco plc. Business environment is changing at a faster pace and
there are various environmental factors like social factors, cultural, economical and
technological factors which affect the operational efficiency and performance of the
company. Company must compliance with corporate social responsibility (CSR) in order to
contribute towards the welfare of the society which eventually helps in creating goodwill and
brand image for the Tesco plc (Grayson and Hodges, 2017). CSR practice helps in retaining
top talent, engaging customers and also helps in effectively maintaining competitive position
in the market for long term sustainable growth and development of the business (Schrempf-
Stirling, Palazzo and Phillips, 2016).
Ethical business practice focus on compliance with various laws, rules, policies,
regulations and standards which eventually helps in smooth functioning of the business.
Ethical business practice like honesty, integrity, loyalty, law abiding, trustworthiness, respect,

confidentiality, helps in achieving goals and objective of the Tesco plc. in a systematic and
timely manner.
Sustainable business development helps in effectively managing the social, financial,
economical and environmental risk, opportunities and obligations in a systematic and timely
manner which leads to higher sustainable growth and development for the Tesco plc
(Schaltegger and Wagner, 2017). Business sustainability is a core for Tesco plc. as it is very
important for the minimizing the negative impact on the growth and success of the company
and it also helps in maximizing the opportunities (WHAT DOES "SUSTAINABILITY" MEAN
IN BUSINESS?, 2018). Sustainable business means business which are socially responsible,
economically viable and environmental friendly. Business sustainability helps in reducing
energy, minimizing cost and wastage for higher operational efficiency, performance and
productivity for the Tesco plc (Charter, 2017).
Social and cultural issues like change in consumer trends, change in lifestyle,
population growth rate, career attitude, age distribution, cultural barriers, health and safety
emphasis are some of the various factors which adversely affect the operational efficiency of
the business and leads to lower productivity for Tesco plc. Company must analyse the market
trend and must analyse the current trend of the population. It must focus on reducing cultural
barriers by encouraging ethical practices into the business (Ortiz‐de‐Mandojana and Bansal,
2016).
Economic issues like change in government policy, trade implications, political
stability, economic stability and instability, tax policy, foreign trade laws, terrorism, fiscal
policy are some of the factors which influence the working of the Tesco plc. every
organization must adhere to various government laws, policies and regulations which helps in
smooth functioning of the business. Payment of tax responsibly on a timely manner leads to
higher operational standards and efficiency of the business (Craft, 2018). Compliance with all
legal laws and trade practices helps in establishing new business in the market which leads to
long term sustainable growth of the business.
Environmental issues like change in environmental laws, policies and legislations,
pollution, non- availability of raw material, climate and weather, etc. are various factors
which hamper the efficiency of the business. Company must compliance with various
environmental laws and legislation and take necessary corrective actions to reduce
environmental pollution (Pearson, 2017). Company must function more responsibly and

focus on green and clean productions of goods and services in an ethical manner. Optimum
utilization of resources leads to higher sustainable practice of the business which helps Tesco
plc. in achieving common goals and objectives of the company.
Leadership is a crucial part in every organization which focuses on guiding employees
which leads to higher operational efficiency of the business and help in achieving goals and
objectives of the Tesco plc. They focus on taking informed and strategic decision to achieve
long term sustainable growth of the business in a responsible, sustainable and ethical manner.
These social, cultural, economic and environmental factors largely affect the operational
efficiency of the business (Kurucz and et.al., 2017). The leader must focus on incorporating
corporate social responsibility into the business and must also compliance with various
ethical practices for attainment of organizational goals and objectives with higher
profitability. Leadership must focus on strategic decision making to reduce the adverse
impact of theses social, economic and environmental factors on the business. Compliance
with various laws and legislation and implementation of corporate sustainable practice and
ethical practice into the business helps leader in long term sustainability growth of the
business.
CONCLUSION
From the above conducted research it has been examined that, organization is largely
affected by the various social, cultural, economic and environmental factors which influence
the working of the business. It has been examined that, the company must work in socially
responsible manner by responsible manner by getting engaged in corporate social
responsibility. Company must also focus on compliance with various laws and standards for
smooth functioning of the business. I have also concluded that, adherence with various
environmental and economic laws and legislations in an ethical and sustainable manner helps
in long term sustainability growth of the business.

REFERENCES
Books and journals
Charter, M., 2017. Greener marketing: A responsible approach to business. Routledge.
Craft, J.L., 2018. Common thread: The impact of mission on ethical business culture. A case
study. Journal of Business Ethics. 149(1). pp.127-145.
Crowther, D. and Seifi, S. eds., 2018. Redefining Corporate Social Responsibility. Emerald
Group Publishing.
Grayson, D. and Hodges, A., 2017. Corporate social opportunity!: Seven steps to make
corporate social responsibility work for your business. Routledge.
Kurucz, E and et.al., 2017. Relational leadership for strategic sustainability: practices and
capabilities to advance the design and assessment of sustainable business
models. Journal of Cleaner Production. 140. pp.189-204.
Ortiz‐de‐Mandojana, N. and Bansal, P., 2016. The long‐term benefits of organizational
resilience through sustainable business practices. Strategic Management Journal. 37(8).
pp.1615-1631.
Pearson, R., 2017. Business ethics as communication ethics: Public relations practice and the
idea of dialogue. In Public relations theory (pp. 111-131). Routledge.
Schaltegger, S. and Wagner, M., 2017. Managing the business case for sustainability: The
integration of social, environmental and economic performance. Routledge.
Schrempf-Stirling, J., Palazzo, G. and Phillips, R.A., 2016. Historic corporate social
responsibility. Academy of Management Review. 41(4). pp.700-719.
Online
WHAT DOES "SUSTAINABILITY" MEAN IN BUSINESS?. 2018. [ONLINE]. Available
through:< https://online.hbs.edu/blog/post/what-is-sustainability-in-business >