Sustainability may be defined as the process by which companies strategically interlink their financial, social and environmental risks, obligations as well as opportunities. These three may be referred to as profits, people and planet.
The Oxford Dictionary describes sustainability as follows: Able to be maintained at a certain rate or level – sustainable economic growth.
Financial sustainability may be achieved when a business has the power to provide the market with products and services at a price that covers their expenses and therefore is able to generate a profit. Long term profitability is the main goal in a business’s financial sustainability.
The idea and focus of sustainability has often been applied to the area of resource
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Enough cash needs to enter the business in order to pay for and therefore cover all the expenses of the business. Most purchases or payments are done via the customer’s or patient’s medical aid. Thus, allowing payments via card facilities. In this case all the rules need to be clear and late payments should be followed up. By keeping accurate and clear financial records will help the business to be financially sustainable. Cash flow statements allow one to see the flow of cash through a business. A positive cash flow balance indicates that the business is receiving more cash into the business than they are letting out (to pay for expenses). The balance sheet of a business indicates a snapshot of the business’s financial position. The balance sheet also helps determine what assets the business owns and what liabilities the business owes. The Balance sheet will help monitor the stability and sustainability of one’s business. Having no financial sustainability will result in a business not surviving in the …show more content…
Mediclinic International is solely and globally focused on achieving a sustainable business. The Board of Mediclinic accepts full responsibility for corporate governance. The Board is satisfied that the company meets the requirements of the Companies Act, the JSE and majority of the principles stated in the King Report on Governance for South Africa. The Board is also responsible for Mediclinic International’s risk management. The responsibility includes managing the process and systems of the internal control of Mediclinic. The main goal of risk management is to establish and maintain an effective risk management framework where important and accurate risks are identified and all risk management should be incorporated in day to day systems. Mediclinic aims to uphold the highest standards of ethics and aims to be as sustainable as possible. They aim to gain from the many benefits that sustainability maintain by improving the access to capital by providing a responsibility towards the investment proposition. Mediclinic refers to sustainability as a way of
Sustainability requires the interplay of other disciplines from the fields of science, economy, and social studies. The disciplines must function all together at a go, not in isolation. Once that is archived, sustainable development is also due to be archived. Philosophy is needed to be in practice in order to have an efficient way to approach sustainability. Mostly environmental sustainability is the one that is seen to be important, which includes the following aspects; water, energy, oil and other resources which are finite. The balance between the social, economic and environmental sectors yields sustainable development (Giddings et al., 2002). Sustainable development is classically defined as meeting the needs of the present generation without, in any way compromising the needs of future generations (IISD., 2003). Pragmatism requires us to predict, take actions and to be innovative in problem solving which is done through scientific research, this philosophy teaches us to be practical (Christopher., 2013).
"The term 'sustainability' should be viewed as humanity's target goal of human-ecosystem equilibrium, while 'sustainable development' refers to the holistic approach and temporal processes that lead us to the end point of sustainability." Despite the increased popularity of the use of the term
Sustainability is when something can be used and not be depleted, destroyed, or damaged past recovery. As we work to live sustainably, we are in effect making use of our resources in a fashion that doesn't eliminate them, and doesn't harm their source. Our resources come from the environment around us and we need to make sure that it is not harmed as we use it. According to the EPA, sustainability stems from a single principle that "Everything that we need for our survival and well-being depends, either directly or indirectly, on our natural environment” (Sustainability Information). Considering this, it's obvious why we need to make sure we live sustainably and do not damage the source of our resources, our environment.
Sustainability is about the short and long term; it lies on a fundamental principle of relationships. Businesses and economic interests have to realize that the environment is the bottom line when it comes to a future that works. Sustainability in the fashion industry is the prediction of our abilities to survive as a human culture, and to maintain and improve our way of life. Corporations are aware that turning sustainable is evident. Massachusetts Institute of Technology (MIT)
Sustainability is a concept with a diverse array of meanings and definitions – a widely used glamorous, ambiguous, ambivalent and vague concept that is used by different stakeholder groups in various ways. Presumably to avoid noodling over a terminology or to avoid the confrontation with a definition, most widely the concept is broken down a planning process (c.f. e.g. Döring & Muraca, 2010). That is why most common sustainability is understood as sustainable development.1
7). Their definition was as follows: “ It is in the hands of humanity to make development sustainable… to meet the needs and aspirations of the present without compromising the ability of future generations to meet their own. (SHRM, 2011, p. 7).” Sustainability is the organization’s commitment to balance financial performance with contributors to the quality of life of employees, society at large, and environmentally sensitive initiatives (SHRM, 2011, p. 2). Workplace sustainability requires observation of the following: work force diversity, environmental impact, bribery and corruption, community involvement, ethical sourcing of goods, human rights, product safety, and product usefulness (Epstein & Roy, 2001, p. 588). Creation of a stable, sustainability culture can support the company’s efforts to reach its long term goals; however, sustainable practices are more often found in medium and large staff-sized organizations, publicly and for-profit companies and multinational companies (SHRM, 2011, p.
Sustainability could be defined in many ways. It could be defined as the process to sustain a process or develop new technologies to reduce environment pollution. It also means a measurement how badly the environment is being polluted by other factors. I have to admit that sustainability is a great idea related to many fields such as healthy, economy, food, social, and etc. However, I still remember the first day of “Sustainable Business” class, Professor Laverty showed to my class an example of sustainable product with the idea of “produce more with less waste”. This example narrows me down to one idea of “Sustainable Business”, which is producing the product and services in an efficient and sustainable way without causing harms to environment. In this essay, I want to emphasize into impacts of businesses on environments, profitability of sustainable business, and responsibility of business.
The word “sustainability” means the ability to continue at a certain level for a period.As we all know the human civilization takes resource form environment to sustain our present modern day to day life. For that human civilization has damaged its own environment and there are so many examples throughout the human history. At present
The organizing principle for sustainability includes the four interconnected domains: ecology, economics, politics and culture. Sustainability of the world requires our people to remain within our means proving lesser needs and demands. The important factors are the natural environment quality, population size, resource stock and the chain of food supply must remain constant on a global scale. This state of balance must last long enough so that it will not be merely a blip on the curve of unsustainable growth (Zen,
Environmental sustainability is making decisions and taking actions in the interest of protecting the natural world, preserving the capability of the environment to support human life and ensuring that humans use the environment in a way that does not harm the environment. It also questions how economic development affects our environment vice versa.
Business sustainability consists of three components, these are: social, economic and environmental. The business has to consider these three components as the business must make a maximized profit (economic) but must not in any way damage the environment in the long term (environmental). The business must also take care of social issue and people and communities as they are support the business.
Cash flow statements provide essential information to company owners, shareholders and investors and provide an overview of the status of cash flow at a given point in time. Cash flow management is an ongoing process that ties the forecasting of cash flow to strategic goals and objectives of an organization. The measurement of cash flow can be used for calculating other parameters that give information on a company 's value, liquidity or solvency, and situation. Without positive cash flow, a company cannot meet its financial obligations.
The sustainability of the ecosystems on which the global economy depends must be guaranteed. And the economic partners must be satisfied that the basis of exchange is equitable” (World). This quote demonstrates the complexities of sustainability. Another thing corporations should focus on when trying to be sustainable is their environmental impact.
Sustainability simply defined to me as balancing act between the development of sustainability is necessary for both planet Earth and humans to survive. This is reinforced in the World Commission on Environment and Development report (1987) that sustainable development must meet the needs of the present without compromising the well-being of future generations”. The Earth Charter Organization widened the idea of sustainability to respect for a culture of peace, universal human rights, nature, and economic justice (What is sustainability?, n.d.).
Balance sheets are very important for parties like suppliers, investors, competitors, customers, etc. to know the company’s position, company’s strength and company’s weaknesses. Balance sheets helps to ascertain the amount of capital employed in the business so that we can further calculate different types of ratios. Some important objectives of preparing balance sheets are: