explain why sustainable business practices are vitally important, both in society and for successful businesses;(200 words)
Sustainability creates and maintains the conditions under which humans and nature can exist in productive harmony, that permit fulfilling the social, economic and other requirements of present and future generations. Sustainable business, or green business, is an enterprise to be that has minimal negative impact on the global or local environment, community, society, or economy—a business that strives to meet the triple bottom line. Sustainable business practices are the ones which guarantee successful and harmonic development of modern and future generations. They also guarantee the sustainable economy development. Non-sustainable practices are always accompanied with different adverse effects: environmental pollution, non-effective resource consumption etc.
On the other hand, sustainable business practices form positive image and do not need any advertisements. Sustainable businesses are resilient, and they create economic value. A critical element for any business is a requirement of mutual understanding. If your stakeholders understand what you are trying to do and you understand what is important to them, then your ability to ensure both your needs and expectations are met increases. Without this understanding, mistakes can be made which can have negative consequences on the business. Except positive social impact the sustainable business practices can bring some economic results/ They are: standard entry level wage compared to minimum wage; spending on locally based suppliers; financial implications for the organizations actives due to climate change.