Assignment on Sustainable Business

Added on - 22 Jul 2020

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BUSINESS SOCIETY
Table of ContentsBusiness Society.............................................................................................................................1Reflective Journal- sustainable business..........................................................................................1REFERENCES................................................................................................................................4
BUSINESS SOCIETYReflective Journal- sustainable businessI believe that growth is an essential requirement for every organisation.In this societypeopleexpects a great goodwill and great consumer support from the market. As per myperception, this may lead to a challenging state of competition.The number of organisations andcompetitors giving equal challenged to each other.I think as to be great and successful,organisation make strategies of for influencing maximum number of consumers, but in this longrun, the owners of these organisations have started exploiting or damaging the environment forbeing prosperous (Bocken & et.al. 2014). I have observed in this context; the sustainablebusiness is helping the society or the environment to a great extent. This kind of enterprises areknown to create environmental friendly products which are manufactured by using natural rawmaterials with no use of any artificially created materials. Though these organisations are alsomaking profit but without harming the nature.Firms aremaking strategies about how they candesign products which are beneficial for environment and have profitable advantages inconsideration.Socio-culture and environment variations makes difference in the strategies undertakenby the organisation. I have concluded that to be successful in this competitive world,organisations adopt various techniques like Triple bottom line (Bocken & et.al. 2014). This is anaccounting framework which consists of three basic parts namely social, environmental andecological. These concepts refer to the bottom line whether profit or loss can be recorded beyondthe traditional methods of accounting. I believe that many corporations use it as their managerialtool.In my point of view, I think organisations must make planning or strategies to make goodrelationship with the consumers and their other stakeholders. All type of stakeholders areinvestors in the firm who have some sort of contribution behind its success and thus mandatesthe organisations to maintain a favourable relationship with them. I will suggest that to generatea good financial strength of the companies, there must be adequate amount of capital (Boons &et.al. 2013). A strong financial support can help the administration at the time of crisis.Organisations make great amount of reserves just to be able to give payments to the stakeholderseven if at the time when organisation faces the down fall like losses.1
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