Sustainable Initiatives for Business Success and Development

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Recommended: Critically evaluate the social responsibility of business

Introduction
In the contemporary competitive business environment, businesses are faced with a myriad of challenges. If not dealt with, this challenges can impact on their performance. In light of this there is a new paradigm shift which focuses more on sustainable development. As resources dwindle and competition increases, there is need to remain relevant and competitive whilst promoting sustainable social, environmental and technological best practices approaches. Business sustainability can be defined as management of the triple bottom line. This is a process in which organizations or companies manage their environmental, technological, social and financial risks, whilst meeting their obligation and utilizing available opportunities. In essence it focuses on profit maximization, people and global interactions.
In essence business sustainability requires companies to observe and follow certain principles of sustainable development. The World Council for Economic Development (WCED), defines sustainable development as development that “meets the needs of the present without compromi...

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