Reflective Journal: Sustainability in Business, Society & Planet

This report delves into the critical aspects of sustainability within the business context, examining the triple bottom line approach, the six forms of capital utilized by businesses, and the evolution of business approaches to sustainability. It explores how businesses can integrate social, environmental, and financial considerations, and it also discusses the importance of internal and external economic capital, natural capital, human capital, social and relationship capital, and constructed capital. The report outlines the six phases of business approaches to sustainability, from rejection to sustainable practices, and provides examples of companies successfully engaging in sustainable operations. The report concludes by emphasizing the need for businesses to proactively adopt the triple bottom line, involving employees at all levels in the implementation of sustainable practices to foster long-term success and responsibility.

Running head: SUSTAINABILITY IN BUSINESSES
Sustainability in Business
Name of the Student
Name of the University
Author note

1
SUSTAINABILITY IN BUSINESSES
Table of Contents
Introduction:....................................................................................................................................2
Sustainability using triple bottom line in business organisations:...................................................2
Six forms of capital business organisations use:.............................................................................5
Internal economic capital:............................................................................................................5
External economic capital:..........................................................................................................5
Natural capital:.............................................................................................................................5
Human capital:.............................................................................................................................6
Social and relationship capital:....................................................................................................6
Constructed capital:.....................................................................................................................6
The six phases of business approaches to sustainability:................................................................7
Examples of sustaining business approaches to business operations:.............................................7
Conclusion:......................................................................................................................................7
References:......................................................................................................................................8

2
SUSTAINABILITY IN BUSINESSES
Introduction:
Hunt et al. (2015) define sustainability as the fashion of exploitation of resources,
direction of investments, directions of technological development and role of the stakeholders
are in a way to meet present and future human needs. The authors also point out that the
sustainable operations are also aimed to ensure benefit of world economy and the bio systems
simultaneously. However, it has been pointed out in several publications like international dailies
that the present rate of utilisation of resources by the mankind and its colossal amount of wastes
which human operate generates would ultimately prove fatal for the future human. The
destruction of natural environments would also spell destruction upon the commercial activities
and cause loss worth billions (theguardian.com, 2018). These warnings have made the business
organisations realise the value necessity of embracing sustainable measures to achieve
sustainability. The researcher would explore the three concepts namely, triple bottom line, six
forms of business capital and six sustainability approach to achieve sustainability.
Sustainability using triple bottom line in business organisations:
Sarkis and Dhavale (2015) refer to triple bottom line as an approach in which accounting
of business organisations should take accord for social and environmental impacts besides taking
account their financial implications. Governments and several international organisations like the
United Nations have expressed concerns about the ecological devastations which the actions of
the business organisations bring about due to their inconsiderate exploitation of natural
resources, all aimed to earn high profits. These bodies have mandated the business companies to
operate responsibly and comply with environmental laws, breach of which would attract severe
government actions. According to the United Nations, the business organisations should expand

3
SUSTAINABILITY IN BUSINESSES
the concept of triple bottom line to their product strategies in order to make their products more
environmental friendly (sustainabledevelopment.un.org, 2018).
n ironmentE v
inancialF ocialS

4
SUSTAINABILITY IN BUSINESSES
Figure 1. Diagram showing triple bottom line
(Sourvce: Sarkis and Dhavale 2015)
I can point out that business organisations on their part have realised the importance of
applying the triple bottom line and are taking actions towards applying it in their all areas of
operations (Epstein, 2018). I can also point out that this implementation of the triple bottom line
takes place under stringent guidance of the apex management. Laszlo and Zhexembayeva (2017)
in this regard point out that this implementation of triple bottom is backed by their responsibility
towards stakeholders like the society and the customers. I can point out that implementation of
the triple bottom line has helped the business organisations to strengthen their corporate citizen
which has in turned boosted their market goodwill. I can point out that this strengthening of
market goodwill has helped the business organisations strengthen their market position in the
long run and earn more revenue.
.
Figure 2. TPL implementation and benefit
Triple ottom ineB L
o ernmentG v
ma e lak s ws
nternetionalI
or ani ationg s s
impo e re trictions s s
on commercial
or ani ationg s
Ape mana ementx g
odie ob s f
or ani ationg s s
adopt TPL
tren t enin oS g h g f
corporate
citi en ip ima ez sh g
oo tin o mar etB s g f k
ood illg w
More re en ev u
enerationg

5
SUSTAINABILITY IN BUSINESSES
(Epstein, 2018)
Six forms of capital business organisations use:
The following are the six types of capital business organisations use in the course of
operations:
Internal economic capital:
The internal economic capital of business organisations consists of the financial resources
and non-financial resources which enables them to conduct business operations. The financial
resources consist of capital of the owners, debt and other sources of financial capital which
contribute to the capital base of the firm. The non-financial capital of business organisations
consist of their brand value and goodwill which they hold in the market. I can point out on
analysing these two categories of internal capital that they are dependent on one another. This is
because stronger market goodwill enables the business organisations attract more financial
capital. A strong capital base on the other hand boosts the operations in the business
organisations which in turn strengthens its goodwill (Qadri & Mamoon, 2016).
External economic capital:
The external economic capital consists of financial and non-financial resources which
business organisations use to carry on their businesses. The external financial capital consist of
capital of the investors. I can analyse and point out that non-financial economic capital consist of
subsidiary firms business organisations acquire to strengthen operations.
Natural capital:
I can point out that natural capital of business organisations consist of ecosystems and
climate which business companies use in their day to day businesses. An analysis of the natural

6
SUSTAINABILITY IN BUSINESSES
capital would point out that among business organisations in comparison to the aforementioned
capital have minimum control over nature capital.
Human capital:
I can reflect and point out that human capital consist of the employees which
organisations employ to operate. Guerci et al.(2015) bring into light that human resource
management plays an important in management of human capital. This is because management
bodies form strategies which the lower level employees execute, ultimately attributing the
organisations which their high market performances. I can finally point out that business
organisation today align their human capital with the triple bottom line strategy in order to gain
higher levels of sustainability.
Social and relationship capital:
Farooq, Rupp & Farooq (2017) mention in their work that the relationship which
organisations share with employees both professional and beyond work contribute towards social
and relationship capital. I can reflect upon analysis that this capital forms the base of a healthy
organisational culture and high organisational performance.
Constructed capital:
The constructed capital in business organisations consists of material objects and systems
which business companies use to operate on daily basis (Slack, Corlett & Morris, 2015). I can
point out upon analysis that human capital uses constructed capital which renders organisations
their smooth operations.

7
SUSTAINABILITY IN BUSINESSES
The six phases of business approaches to sustainability:
The first phase of sustainability is rejection when the resources are exploited for
economic gain. I can point out upon analysis that at this stage, the concern for the society is
illegitimate. The rejection phase is supported by the next phase non-responsiveness. The
community lacks awareness about sustainability which encourages exploitation of resources in
form of improper disposal of wastes and wastage of resources available to the community
(Dunphy & Griffiths, Benn, 2003). The business organisations in the third stage compliance tend
to follow environmental policies in order to avoid government actions. Efficiency, is the fourth
phase of sustainability where the awareness grows ultimately contributing to the next phase
strategic proactivity. The management at this stage integrates sustainability with the core
business policies (qls.com.au, 2018). The business organisations in the last stage, sustainable
follow ethical ways of operations and exhibit higher level of stakeholder responsibility.
Examples of sustaining business approaches to business operations:
Multinational companies like Unilever, Toyota, Honda and Procter & Gamble are some
of the companies which engage in sustainable operations. These companies have integrated
sustainability as a part of their core strategies which functions under the stewardship of the apex
management.
Conclusion:
I can conclude from the discussion that business organisations should adopt triple bottom
line in a more proactive manner. They must involve employees of all designations and categories
in execution of the sustainable business practices.

8
SUSTAINABILITY IN BUSINESSES

9
SUSTAINABILITY IN BUSINESSES
References:
Dunphy, G., & Griffiths, A. Benn,(2003), organizational Change for Corporate Sustainability, a
guide for leaders and change agents of the future.
Emmott, S. (2018). Humans – the real threat to life on Earth. Retrieved from
https://www.theguardian.com/environment/2013/jun/30/stephen-emmott-ten-billion
Epstein, M. J. (2018). Making sustainability work: Best practices in managing and measuring
corporate social, environmental and economic impacts. Routledge.
Farooq, O., Rupp, D. E., & Farooq, M. (2017). The multiple pathways through which internal
and external corporate social responsibility influence organizational identification and
multifoci outcomes: The moderating role of cultural and social orientations. Academy of
Management Journal, 60(3), 954-985.
Guerci, M., Radaelli, G., Siletti, E., Cirella, S., & Shani, A. R. (2015). The impact of human
resource management practices and corporate sustainability on organizational ethical
climates: An employee perspective. Journal of Business Ethics, 126(2), 325-342.
Hunt, A. J., Matharu, A. S., King, A. H., & Clark, J. H. (2015). The importance of elemental
sustainability and critical element recovery. Green Chemistry, 17(4), 1949-1950.
Laszlo, C., & Zhexembayeva, N. (2017). Embedded sustainability. In Embedded
Sustainability (pp. 116-140). Routledge.
Life Cycle Management - A Business Guide to Sustainability. (2018). Retrieved from
https://sustainabledevelopment.un.org/index.php?
page=view&type=400&nr=845&menu=1515

10
SUSTAINABILITY IN BUSINESSES
Proctor July 2013 — Queensland Law Society. (2018). Retrieved from
http://www.qls.com.au/About_QLS/News_media/News/Headlines/Proctor_July_2013
Qadri, M. M., & Mamoon, D. (2016). Understanding ‘Shared Valued’and Social Capital Link to
Pave the Path of next Generation of Innovation. Journal of Economics Library, 3(4), 587-
602.
Sarkis, J., & Dhavale, D. G. (2015). Supplier selection for sustainable operations: A triple-
bottom-line approach using a Bayesian framework. International Journal of Production
Economics, 166, 177-191.
Slack, R. E., Corlett, S., & Morris, R. (2015). Exploring employee engagement with (corporate)
social responsibility: A social exchange perspective on organisational
participation. Journal of Business Ethics, 127(3), 537-548..