BUS101: Principles of Responsible Business Reflection

This essay reflects on the principles of responsible business, emphasizing the importance of sustainability in the current business environment. It explores the impact of globalization, highlighting both positive and negative consequences, and delves into the concept of corporate social responsibility (...Read More

Running head: Principles of responsible business 1
Principles of responsible business

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Principles of responsible business
Table of Contents
Introduction......................................................................................................................................3
Sustainability and its importance.....................................................................................................3
The triple bottom line business goals and sustainability.............................................................4
Globalization and sustainability..................................................................................................6
Corporate social responsibility and sustainability.......................................................................7
Conclusion.......................................................................................................................................8
References......................................................................................................................................10

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Principles of responsible business
Introduction
In the business, it is necessary that there shall be involvement of the concept of
sustainability. There is the need to maintain it in the business as then only the survival will be
ensured in the changing environment. There are various changes which are taking place and to
cope with them sustainability will have to be established. The reflection will be covering all the
aspects in relation to this and in this various other factors will also be taken into account.
Globalization has a great impact on the business and I will be discussing the positive as well as
negative impacts of this in the below-provided section. The corporate social responsibility is the
requirement as per the law in the current environment and so the concept of this will also be
involved and the manner in which it is related to sustainability will be identified. I will be
considering the sustainability and impact which it has made in respect of various other elements.
The triple bottom line business goals will also be described and by that, an understanding of all
of them will be gained which will be of great help in achieving the business goals. It is required
that business shall be carried on appropriate ethics and for that information about them shall be
obtained. The ethics which are to be applied in the business will be determined and with that
employees will also be considered. In that, the ethical requirements to be fulfilled in the context
of employees will be ascertained and the manner in which this will be ensuring sustainability
will be evaluated.
Sustainability and its importance
Sustainability is the concept which has been heard many times in daily life but I never got
the complete meaning of this term. I need to gain an understanding of this topic and made the
research to have the proper knowledge about it. It has been identified by me that the term is used
in various contexts and is very popular. In any activity which is undertaken it is the important
requirement which will ensure that required results will be obtained (Singh et al., 2012).
Sustainability is the maintenance of the operations and events which are taking place for a longer
duration. In this, all the areas are considered which involve the economic, environmental and
social factors.

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I identified that all the resources which are available are to be utilized in the most
effective manner under this and in such way that it will not be affecting the coming generations.
In terms of an individual also there is a need for sustainable development in all the tasks which
are performed. The abilities which are present shall be enhanced in such a manner that they will
provide the benefits for a longer duration (Environmental science, 2019). It is identified by me
that there are mainly three components which are covered in the sustainability and they shall be
taken into consideration so that correct advantages are received. As this is important to all the
organization include the sustainability report in their reports in which the targets which are to be
achieved by them are specified. In that, the benefit for the company and the society both are
involved.
I have noticed that this is used and the improvement in overall performance is achieved
by it (Sustainability Degrees, 2019). The relationship which is present among various
components such as the economy, society and business are explained with the help of
sustainability. I noted that for the attainment of growth all of this is required to be taken into
account in an effective manner. By the help of this is have been able to develop a proper
approach which is needed to deal with the planning, government issues, designing, development,
and other aspects. They all are involved and so are given the appropriate amount of consideration
needed to gain the benefits from them. There are various issues which arise in the country and
outside and by the use of this all of them are dealt in proper manner and the adverse impacts of
them are avoided. The requirements in the current period together with that of the coming
generation are given importance and the procedure which is to be followed is formulated
accordingly. This helps in fulfilling the needs of all the people (Conserve energy future, 2019).
There are positive results which are attained and help in overall development in the environment.
The triple bottom line business goals and sustainability
In this approach, there is the framework which is made to achieve the goals and they not
only include profits but also the other factors. I have learned that there is a need to make the
focus on the environment also in addition to the profitability of the business. Due to this, there
are three goals which are focused on this and they involve people, profit and planet. The
achievement of all the targets will be made in the most sustainable manner and so the approaches

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in relation to that are also taken into consideration (Kenton, 2019). By the use of a triple bottom
line approach, it will be possible to test the sustainability of the business as in this all the
important areas will be evaluated.
The social line is incorporated and by that the manner in which human resources lead to
the attainment of sustainability is accounted for. The society is considered and with that position
which is there in the market of the business is determined. It has been noted that in this the
practices in the favor of workers and other social aspects are prepared and involve by which
business is involved in the society (Era environmental, 2019). The impact which is made by the
business on the society is also determined and that helped me in making further plans. The
working culture is tested by which the relationship with all the employees is evaluated. It is
identified that whether the staff is satisfied with the environment or not. If they will not be
satisfied then it will be affecting the sustainability of the business in the long run.
The natural resources in the environment are declining and are limited. For this, it is
required that they shall be utilized in a most economical manner so that can be preserved for the
coming generation. The resources shall be used in small amount and proper control is established
on that so that the monitoring and management are made in an effective manner. There will be
accurate reporting of the amount which is consumed and by that it is possible to ascertain the
wastage which is made. The identified waste will be avoided by making the change in the
consumption level and this way sustainability is attained (Arowoshegbe & Emmanuel, 2016).
This is carried in all the departments and for that, there is the need to use the correct software as
this is a time-consuming process which can harm other activities.
The impact which is made by the business on the economic environment is measured
under this model. If there will be a positive contribution by the business to the economy then it
will be ensuring long term success and will also be beneficial for the whole nation (Hammer &
Pivo, 2017). This will be ensuring that sustainability will be maintained in the entity.
With the help of this model, it was possible for me to evaluate the efficiency of the
business to achieve growth in the current and coming period. It is identified that whether survival
in the future will be possible or not. All of the elements are covered in this and so the decision
which will be made will be absolute and will ensure sustainability.

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Globalization and sustainability
In the changing environment, it is necessary that there shall be an expansion of the
activities in accordance with the changing technology and other requirements. It is covered under
the process of globalization in which all the activities which are performed are integrated so that
targets can be attained in an appropriate way. By the use of this, the relation among all the social,
economic and cultural aspects is improved (Peoplematters, 2019). In this, the national trade is
linked with the international business so that growth can be attained and also the incorporation of
changes as per the requirements are made. The developing nations achieve the benefits as they
are integrated with the developed economies and by that success is maintained. The development
in sustainability is ensured when the expansion is made in reference to the requirements and in
that all the aspects are recorded (Shopina et al., 2018). The changes are included and by that, it is
possible to manage the work in the new manner and this way the business attains sustainable
development.
I analyzed that by the globalization there will be positive as well as negative impacts on
the business. The consumers are motivated in this as they will be provided with the better
facilities and so customer base will be made strong which will lead to long term sustainability of
the business. There are various new systems and technologies which are included with the help
of globalization and that helps in meeting the requirements in a more effective manner (Bhasin,
2019). The success for the long run is attained and that avoids the dissatisfaction which is the
main cause for the failure of any entity. I faced increased competition in the market due to
globalization but with that pressure was able to make a better governance structure and also
follows the laws in an improved manner.
The process of globalization leads to inequality in the wealth of everyone and by this here
are chances of conflicts and instability. It was not a good factor to ensure sustainability for me as
the coordination was hampered by the whole process (Guogis, 2013). It became difficult for all
the small businesses to survive as there was an increase in the rate by globalization and that
affected them in a negative manner. The sustainability also suffered as with the inflation it
became difficult to survive in the market for long. There is the d which is fixed and shall be
achieved which is difficult for some and they consider this as a negative factor. By that, the loss

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Principles of responsible business
of business is made and also it is not possible for all to cope with the changing environment.
Various workers were not able to deal with the changing technology and left the business (Kilic,
2015). This affected by the production and earning in an adverse manner and so the longevity of
the entity is in danger. So I experienced a great influence of globalization on sustainable
development.
Corporate social responsibility and sustainability
In the business, there are certain responsibilities which are required to be fulfilled by it in
respect of the society and they are identified as its social responsibility. I realized that in order to
attain this there is the law which is prescribed and is identified as the corporate social
responsibility. In the requirement of the business to invest in social welfare is prescribed and the
amount which is needed to be contributed by it is specified. There will be a requirement for all to
make the contribution towards CSR as per the laws which are established (Moon, 2014). The
sustainability will also be managed by the help of this as it contributes to various such factors. I
have attained the improvement in the financial performance and by that the earning of the
business is increased. This leads to higher profits which can be used for various activities adding
value to the business. This will be beneficial for sustainable business development.
The sustainability of the business depends on various elements and they all are achieved
with the help of corporate social responsibility. In this reputation or brand image plays an
important role as by fulfilling the social responsibility it is possible to enhance the image in the
market. This has helped me in attracting more customers and also new investors are attracted.
They invest in the business and by that the expansion is made which is necessary for sustaining
any business (Fontaine, 2013). As the image is improved there is also improvement in the loyalty
by consumers. They now believe that the company will always be working with ethical
consideration and this gives them security. They now are interested in connecting with the
business and use its facilities and products. The overall sale is increased which leads to a rising
in the income of the company and therefore the scope for future growth is enhanced. This is the
main factor for the maintenance of sustainability.
With the undertaking of the corporate social responsibility, it is easy to retain the
employees in the business as they are satisfied and do not think of leaving the entity. There is

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Principles of responsible business
high retention ratio and also the hiring process of the company runs smoothly (Mujtaba &
Cavico, 2013). By the skilled employees, the operations are carried in the most effective manner
and there is the attainment of the required criteria. This leads to better sale and improved image
and therefore again the sustainable development is ensured.
The following of the corporate social responsibility ensures the government that entity is
fulfilling all the requirements in an effective manner. This helps the business as now less scrutiny
is made by the regulatory bodies and there are no legal issues which are faced (Behringer &
Szegedi, 2016). I have come across various such cases in which due to the legal cases many
businesses lost their sustainability and were shut down. So as there will be fewer chances of such
activities in my case there will be a high level of sustainability and business will be free to
operate for a longer duration of time.
I have not faced any difficulty in collecting the capital for my business due to the good
image. In addition to this government was also supportive and due to this the arrangement of
capital is made in an easy manner (Wołczek, 2014). That amount is used by me to make the
expansions in the business which ensures the long term survival of the entity.
All of these aspects which have been discussed are in respect of the sustainability and by
then it was easy for me to access the level of sustainability for my business. In this, there were
several difficulties which were faced but then the amount of the gains which were received were
higher and ensured that profitability will be managed for long. The ethical consideration has also
been made by me, by which it was ensured that by carrying out of the operations in an ethical
manner is also a key component. The policies shall be made to make the workplace ethical and
by that, the interest and rights of all are protected. All feel secured and are ready to continue with
me for more time and this again is the positive factor for sustainability.
Conclusion
The concept involved in sustainability has been provided in the above reflection. There is
the importance to maintain the sustainability and that has been identified above. In this, there is
the consideration of all the relevant facts and elements which are involved. There is the proper
explanation of all the terms which are essential to gain a proper understanding of the concept.

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Principles of responsible business
The importance is evaluated and the manner in which it can be managed is also determined. The
coverage of all the aspects has been made in this and the triple bottom line model is also
incorporated for the same. In that, all the levels which are involved and shall be considered have
been identified. The manner in which they will be required to be managed is identified and the
impact of the same on business sustainability is evaluated. After this, the globalization is
undertaken and the understanding of the same is obtained. There is the determination of the
positive as well as the negative influence which is made by it on the business. There is the
consideration of the manner in which the sustainability of the business is affected by the
undergoing globalization. The impact which is faced due to the following of corporate social
responsibility guidelines is also considered. The benefits which are attained by the use of CSR
which helps in keeping the sustainability intact are identified. The complete evaluation of all the
event is made and by that appropriate conclusion is drawn which will help in utilizing them in
the future for further benefits.

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References
Arowoshegbe, A. O., & Emmanuel, UNIAMIKOGBO. (2016). Sustainability And Triple Bottom
Line: An Overview Of Two Interrelated Concepts. Igbinedion University Journal of
Accounting, 2, 88-126.
Behringer, K., & Szegedi, K. (2016). The role of CSR in achieving sustainable development–
Theoretical approach. European Scientific Journal, ESJ, 12(22), 10-25.
Bhasin, H.. (2019). What is globalization? What are the positives and negatives of
Globalization?. Retrieved from: https://www.marketing91.com/what-is-globalization/
Conserve energy future. (2019). What is Sustainable Development?. Retrieved from:
https://www.conserve-energy-future.com/what-is-sustainable-development-and-its-
goals.php
Environmental science. (2019). What Is Sustainability and Why Is It Important?. Retrieved from:
https://www.environmentalscience.org/sustainability
Era environmental. (2019). Sustainability Management System: The Triple Bottom Line.
Retrieved from: https://www.era-environmental.com/blog/sustainability-management-
triple-bottom-line
Fontaine, M. (2013). Corporate social responsibility and sustainability: the new bottom
line?. International Journal of Business and Social Science, 4(4),110-119.
Guogis, A. (2013). Considering the negative impacts of globalization on the social sphere and
the alternative of the new governance. Health Policy and Management, 1(5), 7-14.
Hammer, J., & Pivo, G. (2017). The triple bottom line and sustainable economic development
theory and practice. Economic Development Quarterly, 31(1), 25-36.
Kenton, W. (2019). Triple Bottom Line (TBL). Retrieved from:
https://www.investopedia.com/terms/t/triple-bottom-line.asp

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Kilic, C. (2015). Effects of Globalization on Economic Growth: Panel Data Analysis for
Developing Countries. Petroleum-Gas University of Ploiesti Bulletin, Technical
Series, 67(1),1-11.
Moon, J. (2014). Corporate social responsibility. (1st ed). United Kingdom: Oxford university
press.
Mujtaba, B. G., & Cavico, F. J. (2013). Corporate social responsibility and sustainability model
for global firms. Journal of Leadership, Accountability and Ethics, 10(1), 58-75.
Peoplematters. (2019). How globalization improves sustainability in organizations. Retrieved
from: https://www.peoplematters.in/article/entrepreneurship-start-ups/how-globalisation-
improves-sustainability-in-organisations-14788
Shopina, I., Oliinyk, O., & Finaheiev, V. (2018). Globalization And Its Negative Impact On The
Global Economy. Baltic Journal of Economic Studies, 3(5), 457-461.
Singh, R. K., Murty, H. R., Gupta, S. K., & Dikshit, A. K. (2012). An overview of sustainability
assessment methodologies. Ecological Indicators, 15(1), 281-299.
Sustainability Degrees. (2019). What Is Sustainability?. Retrieved from:
https://www.sustainabilitydegrees.com/what-is-sustainability/
Wołczek, P. (2014). The concept of corporate social responsibility and sustainable
development. PROBLEMY EKOROZWOJU–PROBLEMS OF SUSTAINABLE
DEVELOPMENT, 9(1), 157-166.

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