Sustainable Business Practices: A Reflective Journal - Assessment 1

This reflective journal explores the critical issues surrounding sustainability in the modern business environment. It delves into the concept of business sustainability, emphasizing ethical practices, effective communication, and adherence to environmental and legal guidelines. The journal discus...Read More

Running head: BUSINESS, SOCIETY AND PLANETS
Business, Society and Planets
Name of the Student
Name of the University
Author Note

1BUSINESS, SOCIETY AND PLANETS
Introduction
In this journal, I will be going to highlight the specific issues that are regarding the
sustainability of the current business issues. It is imperative to note that the business
organizations in the modern competitive business environment should have developed the
viability. If they face business sustainability issues, they might face several challenges to arrange
their business operations smoothly. I will discuss several issues that are encountered in the
business organizations to maintain the sustainability.
Concept of business sustainability
The concept of the business sustainability is a very wide approach to be precise. Some of
the ways in which the organizational sustainability can be achieved is to maintain the integrity of
the managers and make effective communication between the employees and the customers
(Bansal and DesJardine 2014). The business organizations should always act by maintaining the
ethics in their business. This should be one of the most important things to achieve the
sustainability in the business. The different perspectives like the maintaining the ethical
standards should be very effective in this sense as well. The business organizations should
always be very much active in meeting the demands of the customers (Bansal and DesJardine
2014) I also think that the business organizations should be trying to meet all the environmental,
legal and political guidelines so they can keep up their reputation in the good manner. One of the
most important issues that the business organizations face is the fact that they face some social
and environmental challenges while meeting their financial adjectives (Galea 2017).

2BUSINESS, SOCIETY AND PLANETS
Sustainability, the Triple Bottom Line & business
The Triple Bottom Line is considered to be one of the most important things that are said
to be the measure sticks for the sustainability of the business (Elkington 2013). I critically think
that this Triple Bottom Line is the main cause of measuring the corporate sustainability of the
business organizations. I am strongly of the opinion that sustainability is the thing that the
business organizations need to flourish and cope up with the challenges in their industry. One of
the main issues in maintains the securing the business success is to manage the human capital
and utilizing the advantage of a better social position in the business industry. The organizations
should be involved in developing the social status of the organizations. My personal opinion is
that the business organizations should always support the local initiatives for the business indeed.
These issues should be sorted out in the most ways (Elkington 2013). If I can use implement the
Triple Bottom Line method, the organizations can expand in the best ways by keeping the local
economy in the minds. If this method is used in the business, the managers will be able to build a
proper workforce in which they can have faith and those employees can bring out their best
efforts indeed. Their skills will provide the organizations with the best profits and help
maintaining the sustainability of the organization (Savitz 2013).
The Six Forms of Capital used by businesses
There are six types of the capitals which are very much essential for the business
organizations. These things are very much important since they help the business organizations
to get their best place in the industry. They also help the organizations to maintain their
sustainability as well. These six types of business capitals are internal economic capital, external
economic capital, natural capital, human capital, social and relationship capital and constructed
capital. I believe these six types of capitals are indeed very much necessary for the business

3BUSINESS, SOCIETY AND PLANETS
organizations to survive in this competitive business environment. The companies should focus
on building their brand values in a way that they should be able to grab the entire market within
their target audience (Burns 2016). The various climatic resources like the ecosystem and others
should be valued by the organizations as well. According to me, the organizations should also
give more focus on the skills of the employees, motivating the employees to perform better and
give more efforts. I believe these things would really be very much beneficial for the
organizations indeed. The individuals should be given much motivation by the organizations and
their managers. I always believe that the organizations should always build a strong network and
build a strong market. This should be very much effective for them to gather the competitive
advantage over their rival companies (Campbell, Coff and Kryscynski 2012). The strong
teamwork or collaboration should be implemented in the business operations. I have always
asked for the shared intellectual capital that should be practiced in the organizations (Burns
2016).
The six phases of business approaches to sustainability
The business organizations should always practice some measures by which they can
achieve their sustainability in the best ways (Rosemann and vom Brocke 2015). There are six
ways in which the organizations can gain the competitive advantage by practicing the approaches
of business sustainability. These approaches are the managing the uncertainty in the business, the
ability to adapt with changing business environment, openness to changes, using the
participatory cultures and tools, using the value-based approach and managing the systems
change (Benn, Edwards and Williams 2014). I believe if the organizations can practice these
steps they will surely manage the business sustainability.

4BUSINESS, SOCIETY AND PLANETS
Conclusion
I would like to conclude this journal by saying that the organizations need to adapt to
many changes that would be very influential in order to bring in the sustainability in the business
performance. The organizations can perform better if these values are included in their business
operations.

5BUSINESS, SOCIETY AND PLANETS
References
Bansal, P. and DesJardine, M.R., 2014. Business sustainability: It is about time. Strategic
Organization, 12(1), pp.70-78.
Benn, S., Edwards, M. and Williams, T., 2014. Organizational change for corporate
sustainability. Routledge.
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Campbell, B.A., Coff, R. and Kryscynski, D., 2012. Rethinking sustained competitive advantage
from human capital. Academy of Management Review, 37(3), pp.376-395.
Elkington, J., 2013. Enter the triple bottom line. In The triple bottom line (pp. 23-38). Routledge.
Galea, C. ed., 2017. Teaching business sustainability: From theory to practice. Routledge.
Rosemann, M. and vom Brocke, J., 2015. The six core elements of business process
management. In Handbook on business process management 1 (pp. 105-122). Springer Berlin
Heidelberg.
Savitz, A., 2013. The triple bottom line: how today's best-run companies are achieving
economic, social and environmental success-and how you can too. John Wiley & Sons.